R. Vested Termination

June 12, 2026 Police Officers' Pension & Retirement · 2026-06-12 · agenda_item

This item concerns the Police Officers' Pension & Retirement plan for the City of Mount Dora. It outlines the rules for vested terminations, detailing that members earn a non-forfeitable right to benefits after 6 years of service. The benefit amount is the accrued Normal Retirement Benefit at termination, payable at the Normal Retirement date, with an option for an early retirement benefit after age 50. Members with less than 6 years of service will receive a refund of their contributions with interest. This is a review of existing pension plan rules and does not involve new construction or development. Therefore, there is no direct construction work or related trades opportunity at this time. Local contractors, trades, suppliers, and service providers should monitor future city agendas for potential development projects.

Credited Service

6 years

Early Retirement Age

50 years

Interest Rate Cap

4 %