After I retire, can I change the payment option I selected when I retired?
No, you cannot change your option. This is an irrevocable decision that you make upon retirement.

Can I change my beneficiary for my pension after retirement?
If you choose a joint and contingent option, you cannot change your beneficiary under any circumstances. If you choose a life only or one of the period certain options, you can change your beneficiary at any time. Please keep in mind that, if you choose life only, your beneficiary will only receive the balance of what you paid into the pension plan plus interest less any benefits that have been paid to you.

What happens if I resign but do not retire?
If your employment with the City ends before you are eligible for normal or early retirement benefits and you have participated in the Pension Plan for at least five years, you have earned a non‐forfeitable right to receive benefits at a future date when you reach retirement age. This is known as being "vested" in your benefit.

What happens if my spouse is my beneficiary and I get divorced?
Getting divorced does not change your benefit option nor does it change your beneficiary. If you choose a joint and contingent option, upon your death, payment would be made to your spouse named at the time of your retirement. If you choose a life only, or one of the period certain options, you may change your beneficiary.

What happens when both my beneficiary and I die?
If you choose a joint and contingent option and both of you die, the balance between the contributions you paid plus interest and the total amount of benefits you have received will be paid to the estate of the last to die. If you choose the life only option, the balance between the contributions you paid plus interest and the total amount of benefits you have received will be paid to your estate. If you choose a period certain option and both of you die prior to the end of the period certain, payments will continue to the estate of your beneficiary until the end of the period certain option you chose.

Will my Social Security benefit be reduced because I have a City pension?
Your earnings from this job are not covered under Social Security. When you retire, or if you become disabled, you may receive a pension based on earnings from this job. If you do, and you are also entitled to a benefit from Social Security based on either your own work or the work of your husband or wife, or former husband or wife, your pension may affect the amount of the Social Security benefit you receive. Your Medicare benefits, however, will not be affected. Under the Social Security law, there are two ways your Social Security benefit amount may be affected. For more detailed information, download SS Notice Form SSA‐1945.

What if I terminate employment, but leave my money in the MAP plan, will I still be eligible for the 50% match if I had seven years of service?
Yes, however payments cannot start prior to age 55 and payments must follow the payment provisions of the MAP Plan.

Do I have to draw my 401(k) when I retire?
Upon termination of employment, you can defer making a decision until a later date, but the year your turn age 72 you must begin a Minimum Required Distribution (MRD) required by the IRS.

Is the City of Tallahassee pension plan mandatory?
Yes you are required to become a member of the City of Tallahassee Pension Plan on your first day of employment as an elected official, or as a full‐time or part time employee in an approved, budgeted position.

Do I have access to my retirement accounts while I'm still actively employed?
The only access to funds as an active employee is through the loan provision under the MAP 401(k) and RSVP 457 plans.

Why does the City of Tallahassee take out 20% for federal taxes on refunds of my retirement accounts?
Under current law, if you choose to receive a refund, the City is required to withhold 20% of the payment and send it to the IRS as income tax withholding to be credited against your taxes. The amount of tax that is due depends on several factors; including the type of distribution you receive, your age at termination, and your tax bracket. Detailed information about the tax treatment applicable to your refund will be provided to you at the time you terminate your employment. You should consult with your personal tax advisor for more information concerning your personal situation.

Is there any way to avoid the 10% penalty when taking a withdrawal from your retirement accounts after retirement?
You would need to discuss the particulars with a tax professional. However, under IRS guidelines, if you take a withdrawal from a qualified plan before you reach normal retirement age, which is 59 1/2, or retire under disability, you will be subject to the penalty. There is a provision referred to as early retirement with exception where you will not be subject to the 10% penalty if you terminate/retire during the year you reach age 55.

Will I still have a death benefit coverage when I retire?
When you retire you choose a payment option which has a death benefit coverage for your spouse or beneficiary. If you choose a life only or one of the period certain options, you can change your beneficiary at any time. Please keep in mind that, if you choose life only, your beneficiary will only receive the balance of what you paid into the pension plan plus interest less any benefits that have been paid to you.

After retirement can I return to work?
If you are retired and receiving benefit payments and return to work with the City in a permanent, budgeted position, the payments will cease. You may accrue additional benefits during your period of re-employment, depending on your length of service. In any event you terminate, your previous benefits will resume. If you return to work in a temporary position your benefit payments will cease if you work more than 2,080 hours in any fiscal year. You should contact the Retirement Office upon your re-employment for more information about these rules.