The City has three Pension Funds, one for police officers, another for firefighters and one for all other employees. The pension funds are defined benefit plans which means that retirement payments are based upon total years of service, a multiplier for each year of service, and the final average compensation which is the average of the highest 3 years of the final 5 years of an employees tenure.
Each employee is required to pay 6% of their taxable wages into the pension fund that they participate in. The City is required to pay a percentage of each employees wages into each fund as well. The percentage is determined annually by an actuarial study. Copies of these studies can be downloaded at the link below.
Also included at the link below is other documentation that is now required by State Statute to be presented on a government’s website.