For employees in the General Retirement plan, normal retirement can occur when either of these milestones are met: 

Current Employees

• Age 60 with five years of credited service, or
• Total age plus service equals 85 years

New Employees

• Age 65 with eight years of credited service, or
• 33 years of credited service

Employees who reach normal retirement are eligible to get a monthly retirement with a multiplier of 1.6 percent of Final Average Compensation for every year of creditable service.

There is an early retirement option for current employees who are 55 and have completed five years of credited service, but the benefit is reduced by 3 percent per year by which the early retirement date precedes age 60.  The early retirement penalty is 5 percent for new employees.

Current employees' contributions are 5 percent of compensation and new employees' contributions are 3 percent of compensation.

The pension plan is managed by a board of trustees, who serve a four-year term.  They establish the investment policies of the plan, determine the plan administrators, and select counsel and other professionals who serve.   

The General Employees' Retirement System Actuarial Valuation Report as of October 1, 2012 can be accessed here.

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
• Internal Revenue Code

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 & Fire Department. 

For employees in the Police Officers' Pension Plan, Normal Retirement can occur when either of these milestones are met:

Current Employees (Hired prior to March 31, 2012)

• Age 50 with five years of credited service, or
• 25 years of credited service

New Employees (Hired after April 1, 2012)

• Age 60 with eight years of credited service, or
• 30 years of credited service

Employees who reach normal retirement are eligible to get a monthly retirement with a multiplier of 3.63 percent of Final Average Compensation for credited service through March 31, 2012 and 3 percent for every year of creditable service after March 31, 2012.

The pension plan is managed by a five-member board of trustees, who serve two year terms.  They establish the investment policies of the plan, determine the plan administrators, and select professionals who serve. 

The Police Officers' Retirement System Actuarial Valuation Report as of October 1, 2012 can be accessed here.


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 five years of Credited Service
• Age 50 with 20 years of Credited Service
• 25 years of Credited Service

Employees who reach normal retirement are eligible to receive a monthly retirement with a multiplier of 4 percent of final average compensation for every year of creditable service.  For example, an employee with 10 years of creditable service will get 40 percent of their Final Average Compensation Multiplier.  In addition, employees retiring after June 30, 2005 receive a 3 percent increase in benefits on October 1 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 percent for each month by which the early retirement date precedes age 55.

Employees' contributions are 5 percent of compensation.

The pension plan is managed by a five-member board of trustees, who serve two-year terms.  They establish the investment policies of the plan, determine the plan administrators, and select counsel and other professionals who serve.