Exhibit_E_-_Clearwater_Employees'_Pension_Plan_Employee_Benefit_Statement.pdf
PDF 274 KB Posted
- Attached to
- Actuarial and Related Services
- Solicitation number
- 52-26
- Issued by
- Pinellas County, Florida
About this file
This is an Employee Benefit Statement from the City of Clearwater Employees Pension Fund, a defined benefit pension plan administered by the City of Clearwater, Florida. The statement provides personalized retirement benefit projections for employee Alyssa A. Gagliardi, who joined the plan on March 18, 2019, and is classified under the Non-Hazardous Duty status. Based on current service credit and earnings assumptions, the employee's projected monthly pension benefit at the normal retirement date of November 1, 2048, is $4,269, representing approximately 72% of average monthly earnings. As of January 1, 2025, the employee has accrued a monthly pension benefit of $596 with 100% vesting rights, having already met the five-year vesting requirement. Total employee contributions without interest total $24,683.50.
The benefit projections are contingent upon the employee maintaining full-time employment status until the normal retirement date with no changes to current earnings levels. The City of Clearwater retains the right to amend the pension plan in the future, and actual pension benefits may differ materially from these estimates based on plan provisions in effect at the time of termination or retirement. Optional benefit payout forms beyond the standard monthly annuity will be explained to the employee prior to retirement. These projections are provided for informational purposes only and do not constitute a legally binding obligation against the City.
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Text version
City of Clearwater Employees Pension Fund A Personalized Employee Benefit Statement
Prepared for GAGLIARDI, ALYSSA A Department FN10
According to our records, your:
Date of Birth is October 27, 1988 Pension Service Date is March 18, 2019 Normal Retirement Date is November 1, 2048 Employee Contributions Without Interest at January 1, 2025 are $ 24,683.50 Pension Plan Status is Non-Hazardous Duty
Based on the above information, your:
Projected Monthly Pension Benefit at Your Normal Retirement Date is $ 4,269 This benefit will be the following percent of your Average Monthly Earnings 72%
This is only an estimate -- and assumes the following:
- you will work full-time until your normal retirement date;
- your present earnings will not change;
- your retirement plan status has always been as stated above.
Your actual pension benefits will likely vary from the amount shown.
Your Accrued Monthly Pension Benefit as of January 1, 2025 is: $ 596
Your Vested Right in Your Accrued Benefit is: 100%
Your Projected Year of 100% Vesting is: N/A
If you have already reached your Normal Retirement Date, the calculations have been made as though you retired on January 1, 2025.
You accrue a benefit each year based on your service with us. You also earn a right to this benefit based on your service. This is called vesting. You must have 5 years of service to be vested.
Please note: The pension plan benefits shown are the normal form of benefit. The normal form of pension benefit is an annuity paid monthly for your life. All payments start at your normal retirement date. The plan has optional forms of benefit payout, and those will be explained to you before retirement.
Your actual pension benefit will be determined under the Plan in effect when you terminate employment or retire.
These estimates are based upon available information and the current Plan. The City retains the right to amend the Plan in the future. These estimates are not legally binding against the City and are provided solely to give you an estimate of your benefits under the current Plan.
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