POMPANO BEACH POLICE & FIREFIGHTERS' RETIREMENT
SYSTEM
SUMMARY PLAN DESCRIPTION
CONTRIBUTIONS TO THE PLAN
Benefits of the Plan are financed by contributions that are
paid into the pension fund and by investment earnings generated by the
investments of the pension fund. Contributions to the fund are made by:
You
Your contribution rate is 8.6% of your covered salary (see
later page for definition of covered salary). The Employer "picks up"
this contribution through a salary reduction of your base pay.
Your contribution will cease upon your retirement, including
your participation in the DROP, death or employment termination.
State of Florida
Monies are paid each year by the State pursuant to Chapters
175 and 185, Florida Statutes. Said monies are used for the benefit of
police officers and firefighters.
Your Employer
Your Employer must contribute an amount determined by the
Plan's actuary to be sufficient, along with your contribution and the
State contribution, to fund systematically the benefits under the Plan.
The Employer's contribution will vary depending on the experience of the
Plan.
|
