Defined Contribution (DC) Pension Plan

Refund of Pension Contributions

If you are discharged or voluntarily separate from the Department, you will be paid an amount equal to your own employee contributions, if any, and as may be effected by investment returns.  In addition you will receive the vested portion of your Employer Contributions Account, which is determined by your years of participation in the Plan (see table below), the amount of Employer Contribution and rate of return.   Generally, you can elect to be paid in either a single lump sum or in monthly, quarterly or annual installments within IRS guidelines. 
 

Vesting Percentage 

Notwithstanding the above, upon attainment of age sixty-five (65), a Participant's Aggregate Account is fully vested.

Notes:

• This is a basic summary of the Defined Contribution (DC) Retirement options. Refer to the Defined Contribution Plan document for any additional questions you may have regarding retirement.