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Retirement Instructions
All city employees who are considering retirement must contact Cheryl Gallagher at the HR Office. The employee will need to fill out several forms to start the retirement process which would take approximately one (1) hour. All forms must be received by GMA’s office no later than the 5th of the month prior to retirement. If direct deposit is elected, retirement money will be deposited directly to the retiree’s bank account; otherwise, check will be mailed to the retiree’s residence. DD-214 is required if there is any military time served.
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Retirement Notes
Thinking about retiring... here are a few things to think about:
- All paperwork must be to the retirement agency 1 month prior to the employee retiring.
- Once you select a beneficiary, you cannot change it once you retire.
- Military Service – employee must have worked with the City for at least 20 years; then, up to 4 years of service is added for military time.
- Additional Credited Service – If an employee is currently receiving a retirement benefit from any other local, state or federal pension plan, they are not eligible for the additional military service.
- Sick leave – 20 days of unused sick leave = 1 month of additional service.
- Military time and sick leave cannot be used to fulfill any service requirements for vesting.
- Must have birth certificate of beneficiary (if electing a beneficiary).
- Must have birth certificate of employee.
- If electing direct deposit, must have voided check – not deposit slip.
- Employee can only keep up to $20,000 in life insurance.
- Vesting period is 10 years.
- Only the spouse can be added to the medical insurance, not children.
- Spouse can be added only if he/she has been on the insurance at least 5 years prior to employee’s retirement.
- Retiree and Spouse coverage can be purchased for additional cost.
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Last updated: 4/14/2009 10:21:07 AM