General Employees' Retirement System

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 are 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
             below.

       •    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 below. 

       •    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 below. 

General Employees' Administrative Expense Budget for FY 2023 can be accessed below.