FAQs III
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- Will the 2.5% multiplier, that is part of my pension plan, be changed to 2.0% for employees who are vested under the 78 Plan (amended in 2005)?
- If I separate from the City prior to reaching the vesting requirement, am I eligible for any type of pension?
- How will reserved sick leave be calculated in the Mayor’s pension overhaul?
- How do I notify the plan that I have a qualifying beneficiary and must pay the additional 1% contribution for the survivor benefit?
- If I become divorced and no longer have a child under 18 years of age, what happens to the one additional percent that was charged all those years in the event of my untimely death?
- Is a special needs child or disabled child eligible for a survivor benefit?
- Will the 2.5% multiplier, that is part of my pension plan, be changed to 2.0% for employees who are vested under the 78 Plan (amended in 2005)?
The multiplier used to calculate the benefits earned up to this point in time will remain unchanged. Any pension benefits already earned will not be reduced. You will keep what you have earned. However, there may be a change if a multiplier is used for future calculations.
- If I separate from the City prior to reaching the vesting requirement, am I eligible for any type of pension?
Yes. Whenever any DB participant separates from the City with at least five (5) years of active service, or any time thereafter, and not yet have reached the age of 60 years, then the participant may elect not to receive a refund; and upon subsequently attaining 60 years of age begin to receive a monthly pension benefit, otherwise known as a "vested monthly pension benefit,".
If you were employed prior to July 2010, the schedule will be as follows:
• Completion of 9 years = 45%
• Completion of 8 years = 40%
• Completion of 7 years = 35%
• Completion of 6 years = 30%
• Completion of 5 years = 25%
• Completion of less than 5 years = 0%
Under a vested monthly pension, participants do not receive City sponsored health or life insurance benefits.
- How will reserved sick leave be calculated in the Mayor’s pension overhaul?
Currently, under the defined benefit (DB) plan, you may be credited with additional service at the time of retirement for any unused sick leave accumulation. In determining creditable service, accumulated, unused sick leave days credited to an employee are added as work days to the service period. In determining average monthly earnings, unused sick leave days are credited using an average of the highest and lowest daily rate of regular salary earned during the highest three (3) consecutive years' salary.
It has not been determined if or how sick leave will be factored into the pension benefit under the new plan.
- How do I notify the plan that I have a qualifying beneficiary and must pay the additional 1% contribution for the survivor benefit?
If you marry, have a child, either natural or legally adopted, or register a domestic partner you should contact the office of retirement services at 404.330.6036. The office will inform you of the form that you’ll need to submit along with any supporting documents, and make arrangements to deduct the additional 1%.
- If I become divorced and no longer have a child under 18 years of age, what happens to the one additional percent that was charged all those years in the event of my untimely death?
In the event that a member who is not married and does not have a minor child or domestic partner dies either before or after receiving retirement payments the named beneficiary, or the member's estate in the absence of a named beneficiary, will receive a refund in an amount equal to the amount the member paid into the pension fund less the total amount received by the member or beneficiaries in retirement benefits.
- Is a special needs child or disabled child eligible for a survivor benefit?
No child (natural or legally adopted) of an employee shall be entitled to receive any benefits unless such child is less than 18 years of age and unmarried or unless such child is less than 23 years of age and enrolled as a full-time student at an accredited secondary school, college or university, and unmarried.