Pension
Pension Plans
Provision for retirement income requiring mandatory participation for full-time regular employees. City of Lakeland employees do not pay into Social Security.
General Employees:
Defined Benefit Plan:
| Plan C | Defined Contribution Plan: Executive and New Hires Over Age 52 | |
| Employee Contribution | 4.16% | 8.5% and/or 11% per election upon hire |
| Employer Contribution | 15.66% | 15.39% |
Deferred Comp:
A voluntary plan, the Employees’ Pension Board performs the due diligence on the funds. Employees may reallocate their accounts at any time. The maximum contribution for 2024 is $23,000; employees age 50 or older can also add a “catch-up” amount of $7,500. Additionally, a match of up to 5% of salary is offered by the City in Plan C.
Vesting Period:
An employee is fully vested in their retirement after five years of employment unless they are a sworn Police Officer. Sworn Lakeland Police Officers are vested after ten years of employment.
|
Fire Department (Certified Fire Fighter) |
Police Department (Sworn Officers) |
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|
Fire |
Police |
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|
Employee Contribution |
10.42% |
Employee Contribution |
16.48% |
|
Employer Contribution |
16.54% |
Employer Contribution |
21.09% |
An employee is fully vested in their retirement after five years of employment unless they are a sworn Police Officer or Certified Fire Fighter. Sworn Lakeland Police Officers and Certified Fire Fighters are vested after ten years of employment”.
Please see Retirement Services for details on vesting and investment options.