The City has three retirement plans:
The information about these plans is provided here for general information only, and not all information is included. For details about eligibility and how the rules apply to you, please see the governing ordinances.
General
The General Employees’ Retirement System is governed by these Governing Statutes/Ordinances
- Code of Ordinances for the City of Naples, Florida, Chapter 29, Article III.
- Chapter 112, Florida Statutes
- Internal Revenue Code.
The General Employee Retirement System covers all city employees except
- Those in Police or Fire or Other Pensions
- Contractual employees
- Part-time, temporary & seasonal workers
- The mayor or members of the city council
- Those employed less than 6 months with the city.
For employees in the General Retirement plan, normal retirement can occur when either of these milestones are met:
- Age 60 with 5 years of credited service, or
- Total age plus service equals 85 years
Employees who reach normal retirement are eligible to get a monthly retirement with a multiplier of 2.5% of Final Average Compensation for every year of creditable service. For example, an employee with ten years of creditable service will get 25% of their Final Average Compensation
There is an early retirement option for employees who are 55 and have completed five years of credited service, but the benefit is reduced by 0.25% for each month by which the early retirement date precedes age 60.
Employee’s contributions are 5% of compensation (GSAF member’s contributions are 10.5% of compensation for 2009/120 and 2010/11 per their current contract).
The pension plan is managed by a board of trustees, who serve a 4-year term. They establish the investment policies of the plan, determine the plan administrators, and select counsel and other professionals who serve.
Police
The Police Officers Retirement System is governed by these Governing Statutes/Ordinance
- Code of Ordinance for the City of Naples, Florida, Chapter 29, Article V
- Chapter 185, Florida Statutes
- Chapter 112, Florida Statutes
The membership of the Police Officers Retirement System includes only city police officers, defined as a fulltime state certified police officer employed by the city as a member of the Naples Police and Fire Department.
For employees in the Police Pension Plan, normal retirement can occur when either of these milestones are met.
- Age 50 with 5 years of Credited Service, or
- 25 years of Credited Service
Employees who reach normal retirement are eligible to get a monthly retirement with a multiplier of 3.63% of Final Average Compensation for every year of creditable service. For example, an employee with ten years of creditable service will get 36.3% of their Final Average Compensation
Multiplier. In addition, employees retiring after January 1, 1998 receive a 3% increase in benefits on October 1st starting at age 55 and ending at age 62.
Employees in the Police Pension plan may opt for early retirement either at age 45 or with 20 years of credited service. The normal retirement benefit is reduced by 0.25% for each month by which the early retirement date precedes age 50.
Employee’s contributions are 5% of compensation.
The pension plan is managed by a five-member board of trustees, who serve 2 year terms. They establish the investment policies of the plan, determine the plan administrators, and select counsel and other professionals who serve.
Firefighters’ Retirement System
The Firefighters Retirement System is governed by these Governing Statutes/Ordinance
- Code of Ordinance for the City of Naples, Florida, Chapter 29, Article IV.
- Chapter 175, Florida Statutes,
- Chapter 112, Florida Statutes
- Internal Revenue Code.
For employees in the Firefighters Pension Plan, Normal Retirement can occur when either of these milestones are met.
- Age 55 with 5 years of Credited Service,
- Age 50 with 20 years of Credited Service, or
- 25 years of Credited Service
Employees who reach normal retirement are eligible to receive a monthly retirement with a multiplier of 4.0% of final average compensation for every year of creditable service. For example, an employee with ten years of creditable service will get 40% of their Final Average Compensation
Multiplier: In addition, employees retiring after June, 30, 2005 receive a 3% increase in benefits on October 1st of each year starting at age 50.
Early retirement can occur when a firefighter reaches age 50, but the normal retirement benefit is reduced by 0.25% for each month by which the early retirement date precedes age 55.
Employees’ contributions are 5% of compensation.
This pension plan is managed by a five-member board of trustees, who serve 2 year terms. They establish the investment policies of the plan, determine the plan administrators, and select counsel and other professionals who serve.