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Separated Member Benefits

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Bifurcated Benefits Formula

 

   Tier I  Tier II
 General   Hired before July 1, 2011  Hired on or after July 1, 2011
 Police   Hired before January 1, 2013   Hired on or after January 1, 2013
 Fire    Hired before January 10, 2015  Hired on or after January 10, 2015
 Note: Rehire dates can affect Tier. Please check with the Fund if you have been rehired or you may look up your Tier on the member portal.






Handbooks

 Tier I Handbook   PDF  .mobi eBook .epub eBook  
 Tier II Handbook   PDF  .mobi eBook .epub eBook  
Normal Term Vested Retirement
If you are no longer employed with the City of Fort Worth, you may receive a refund of your contributions plus interest. However, if you are vested (five (5) years of service) you have the option to leave your contributions with the Fund and receive a Vested Termination Pension at a later date.
The Vested Termination Pension is a monthly benefit payable: (1) on the date when the member would have otherwise attained normal retirement had the member remained employed by the City OR (2) in a reduced amount commencing on or after age fifty (50) for Tier I members or fifty-five (55) for Tier II Members. Your eligible retirement date can be found on the Member Portal.

If a member intends to take a Vested Termination Pension, they must complete the "Intent To Vest" application and return it to the Employees' Retirement Fund.

Early Term Vested Retirement
A Tier I member or Tier II Police or Fire Civil Service member who is at least fifty (50) years of age or a Tier II general employee member who is at least fifty-five (55) years of age with five (5) or more years of service may take an early term vested retirement and receive a reduced pension. Early term vested retirement pensions are calculated using a reduced multiplier of 2.75% versus 3.00% for normal retirement. Additionally, a member who leaves early is subject to an early retirement penalty of 5/12% for every month they leave early (or 5% annually). All applications must be received by the 10th of the month in order to go in effect the first of the following month.

Refund
If you terminate employment with the city at any time, you are entitled to receive a refund of your employee contributions plus interest at a rate of 5.25% annually. Employer contributions made by the City of Fort Worth are non-refundable. If you receive a refund, you will forfeit any eligibility you may have for retirement, disability or survivor benefits. In order to receive a refund you will need to complete an Application for Withdrawal of Contributions. Please note that it takes 60 to 90 days upon receipt of your Application of Withdrawal to process your refund. Note: Interest stops accruing at your termination date.

Retirement Options

Designated Beneficiary
If you are a Tier II member or a Tier I member who is unmarried, at the time of retirement, you may elect to provide a survivor benefit for one person at 25%, 50%, 75% or 100% of your benefit. The age of the designated person is a factor in the calculation of the benefit. The Member’s reduced monthly pension shall be actuarially determined, based on actuarial tables in effect on the date of the Member’s election. Your monthly pension is reduced based on the calculation of the actuarial factors of the survivor benefit for that one designated beneficiary. For details on this benefit or calculations, please contact your member specialist.

A separate form is completed to elect this option at the time of retirement and submitted with your application for retirement.

Marriage After Retirement
If you were unmarried at the time of your retirement, did not elect the designated beneficiary option and later marry, you may elect to provide a survivor benefit for your spouse at 75%. After completing two years of marriage you will have a 6 month period in which you will need to complete a form and elect to add the survivor benefit for your spouse and reduce your benefit. The Member’s reduced monthly pension shall be actuarially determined, based on actuarial tables in effect on the date of the Member’s election, to receive a reduced monthly pension. If such an election has been made, the Member’s surviving widow or widower shall receive a monthly pension for life equal to 75% of the Member’s reduced monthly pension (subject to adjustment as provided in the Ordinance).

When electing a reduced monthly pension, a Member may elect either a “Pop-up” or “Non Pop-up” benefit reduction. Each of these two options shall be calculated under tables provided by the Actuary to be actuarially equivalent to each other and to the non-reduced pension. Under the Pop-up option, the Member’s pension will be reduced more than under the Non Pop-up Option, because, in the event the spouse predeceases or divorces the Member, the Member’s pension will be increased to the amount that the pension would have been had the Member not made an election hereunder. The increase in the pension amount under the Pop-up provision will take place the month following notification to the Fund by the member. Under the Non Pop-up Option, the Member’s pension will not be increased if the spouse predeceases or divorces the Member.
be increased if the spouse predeceases or divorces the Member.

Divorce – Qualified Domestic Relations Order (QDRO)
Your pension benefits can be reduced if a court issues a Qualified Domestic Relations Order (QDRO) awarding your former spouse a portion of your retirement benefit. The maximum pension benefit that can be paid to your former spouse is 50% percent of your benefit. The QDRO must either provide the specific monthly amount or designate the percentage of your benefit to be paid to your former spouse. If you find yourself in the process of a divorce, please contact your Member Services Specialist and obtain a copy of the Fund’s model QDRO. Your attorney may also find this information helpful during the process. This legal document must be accepted by both the court granting your divorce and the Retirement Fund once it is complete. The Fund will need a copy of the entire Judgment of Divorce.