Frequently Asked Questions
Frequently Asked Questions
How is the pension calculated?
When does the first pension check start after retirement?
How does accumulated sick time benefit a retiree?
What happens to sick time if not used for early retirement?
If I die after retirement, do the checks go to my beneficiary? For how long?
How do I apply for Retirement Benefits?
How is the number of years figured into the percentage of pension income?
Answers:
How is the pension calculated?
Your monthly pension benefit is calculated on a defined benefit basis (years of service x 2% x average salary).
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When does the first pension check start after retirement?
Your first monthly pension payment will come about the third week of the month. Each and every monthly payment after that will be directly deposited into your bank account on the first working day of each month.
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How does accumulated sick time benefit a retiree?
You will be credited with additional service credit at the time of retirement for any unused sick leave accumulation. Every 21 days of sick leave will equate to one month additional service credit.
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What happens to sick time if not used for early retirement?
Sick leave is automatically credited to your service credit at the time of retirement unless you have the maximum service of 30 years.
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If I die after retirement, do the checks go to my beneficiary? For how long?
Retirees under 8 years of service credit:
- Your beneficiary/spouse would receive the same monthly amount for the remainder of the guaranteed 5-year period.
- Retirees with 8 years or more of service credit:
- Option 1: Your beneficiary would receive the same monthly amount for the remainder of the guaranteed 5-year period.
-OR-
- Option 2: Your spouse could receive up to 60% of your benefit (depending on the spouse's age) if they were married at least one year priod to death; then the monthly benefits would continue until the spouse's death.
- Option 1: Your beneficiary would receive the same monthly amount for the remainder of the guaranteed 5-year period.
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How do I apply for Retirement Benefits?
The pension department needs at least a thirty (30) day notice in order to prepare the appropriate forms and necessary paperwork for your completion. The forms include:
- Cover Letter
- Form “A” - Application for Retirement (requires your Supervisor’s Signature)
- Form “F” - Verification of Birth
- Form “K” - Contingent Beneficiary
- Federal Withholding Form
- State Withholding Form
- Direct Deposit Form
You will need to supply our office with a copy of your birth certificate, your spouse’s birth certificate, and a copy of your marriage certificate.
Once all the forms are completed and you are off the payroll, our office will begin to calculate your monthly benefit. The Pension Chairperson will verify the calculation and sign off on the pension calculation.
You will receive your first pension check directly deposited in to your bank account approximately three (3) weeks into the next month due to this processing. Each check thereafter will be sent directly to your bank account on the first working day of each month.
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How is the number of years figured into the percentage of pension income?
Your years of service are multiplied by 2% times your average salary.
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