3. Direct transfer or rollover of an eligible rollover distribution from a qualified or eligible plan, in

City Commission Meeting · 2026-04-13 · agenda_item

This notice is for local contractors, trades, suppliers, and service providers regarding a civic agenda item. The City Commission of St. Augustine is reviewing changes to the St. Augustine Police Officers Retirement System. This review involves updates to rules regarding creditable service, including military service, and the management of the retirement fund. The process is currently under review, indicating an early stage for potential involvement. The changes primarily concern administrative and financial regulations for the police retirement system, not new construction or infrastructure projects. Businesses that provide legal, financial, or actuarial services may find opportunities to engage with the city or the board of trustees as these reviews progress. Early engagement could be beneficial as the system defines its needs and potential service providers.

creditable service limit

3 years

salary limitation

150000 dollars

annual compensation limitation

200000 dollars

city contribution percentage

5 percent

member contribution rate

5.5 percent

additional member contribution rate

3 percent

normal service retirement - years of service

10 years

normal service retirement - age

55 birthday

normal service retirement - years of service

25 years

normal service retirement - age

52 birthday

early retirement benefit multiplier

2.0 percent

early retirement reduction

3 percent

post-2005 service multiplier

3 percent

disability retirement benefit - in line of duty

42 percent

disability retirement benefit - not in line of duty

25 percent

DROP interest rate

6.5 percent

maximum annual benefit

90000 dollars

basic limitation - pre-1995

160000 dollars

minimum benefit adjustment age

55 age

minimum benefit adjustment

75000 dollars

minimum benefit adjustment - less than 55

75000 dollars

minimum benefit for less than 10 years service

10 percent

ten thousand dollar limit

10000 dollars