City of Coral Springs Firefighters' Retirement Plan

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Employee Contribution Rate 8.75%
City Contribution Determined annually by Retirement Board Actuary
Vesting 100% after 10 years of credited service
Normal Retirement Eligibility Any age with at least 25 years of credited service
Age 52 with 20 years of credited service
Age 55 with 10 years of credited service
Age 56 with 3 years of credited service (only applies to members in the plan as of 12/31/2002)
Early Retirement Eligibility Age 50 with at least 10 years of Credited Service
Normal Form of Benefit 10 Year Certain and Life Thereafter
Benefit Formula (multiplier) 3.5%
Average Monthly Earnings (used to determine pension benefit) Highest three consecutive years out of the 10 years prior to retirement date
Definition of Earnings Earnings include only base compensation
Maximum Benefit 87.5% of average monthly earnings
COLA 1% which commences five years after retirement or DROP entry date
DROP 5 Years

Assumptions Used:  
Assumed Return Rate(interest rate) 7.5%
Cost Method Entry Age Normal
Salary increase 4.75%
Mortality Table RP-2000 (projected to 2015 by Scale AA, as published by the IRS)