Pension

The City has three retirement plans:

General
Police
Fire

The information about these plans is provided here for general information only, and not all information is included. Employees with pension questions can call Pension Senior Accountant Liz Willis, CPPT at 239-213-1814 or email at: ewillis@naplesgov.com.

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 and seasonal workers
The mayor or members of the city council

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

Current Employees (Hired prior to October 1, 2011)

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

New Employees (Hired on or after October 1, 2011)

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, 2022, can be accessed here.

The actuarial disclosures for the General Employees' Retirement System required under Section 112.664(1),
Florida Statutes, and Rule 60T-1.0035, Florida Administrative Code can be accessed here.

The Department of Management Services' Division of Retirement monitors Florida’s local government pension plans for actuarially sound funding under Part VII of Chapter 112, Florida Statutes. An actuarial summary fact sheet is available for each local government pension plan. The General Employees' Retirement System actuarial fact sheet can be accessed here.

General Employees' Administrative Expense Budget for FY 2023.

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 full-time 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 is 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, 2022, can be accessed here.

The actuarial disclosures for the Police Officers' Retirement System required under Section 112.664(1), Florida Statutes, and Rule 60T-1.0035, Florida Administrative Code can be accessed here.

The Department of Management Services' Division of Retirement monitors Florida’s local government pension plans for actuarially sound funding under Part VII of Chapter 112, Florida Statutes. An actuarial summary fact sheet is available for each local government pension plan. The Police Officers' Retirement System actuarial fact sheet can be accessed here.

Police Administrative Expense Budget for FY 2023.

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 is met:

Current Employees (Hired prior to May 31, 2013)

Age 55 with five years of Credited Service
Age 50 with 20 years of Credited Service
25 years of Credited Service

New Employees (Hired after June 1, 2013)

• Age 55 with eight 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 prior to May 31, 2013, and 3 percent of final average compensation for every year of creditable service after June 1, 2013. Current employees retiring after June 30, 2005, receive a 3 percent increase in benefits on October 1 of each year starting at age 50 to benefits accrued prior to May 31, 2013. COLA is not applicable to benefits accrued after May 31, 2013.

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 if hired prior to May 31, 2013, and 3 percent of compensation if hired after June 1, 2013.

The Firefighters' Retirement System Actuarial Valuation Report as of October 1, 2022, can be accessed here.

The actuarial disclosures for the Firefighters' Retirement System required under Section 112.664(1),
Florida Statutes, and Rule 60T-1.0035, Florida Administrative Code can be accessed here.

The Department of Management Services' Division of Retirement monitors Florida’s local government pension plans for actuarially sound funding under Part VII of Chapter 112, Florida Statutes. An actuarial summary fact sheet is available for each local government pension plan. The Firefighters' Retirement System actuarial fact sheet can be accessed here.

Firefighters Administrative Expense Budget for FY 2023.

The last five years' rates of return for all three plans can be accessed here.

The most recent Comprehensive Annual Financial Report (CAFR) for the year ending September 30, 2021
can be accessed here.

The Florida Department of Management Services Division of Retirement website can be accessed here.