|
What does 'vested status' mean?
- Once you have achieved Vested Status you have earned a non-forfeitable right to a pension when you leave the fire service.
How many years must I participate in the Fund before I am vested, fully vested?
- Any eligible member becomes vested, (has a right to a pension,) after 15 years of creditable service and becomes "fully" vested, (has a right to a full pension,) after 25 years of creditable service. Such benefits shall become payable when the member reaches 55 years of age, (50 on early retirement,) or when he or she terminates employment as a firefighter or volunteer firefighter, whichever is later.
Is there a waiting period?
- Normally, no. However, we require 60 days to process an application for retirement. During that period, the staff conducts an exhaustive physical audit of your record to ensure that your benefit is computed correctly. You are furnished a letter acknowledging your request for retirement and detailing the results of the audit. You are then afforded an opportunity to contest and correct the record if it is not correct.
If I fail to apply for my pension in a timely manner, will my benefits be awarded retroactively?
- No, pension benefits are awarded as of the date approved by the Board of Trustees, which is normally the date the application is received in the Pension Fund office or the date of retirement from the fire service, whichever is later.
On what day of the month will I receive my pension check or direct deposit?
- Your check or direct deposit should arrive by the first of each month. We make every effort to make sure that your benefit payment arrives on time. If you are receiving your benefit by check (we strongly encourage members to receive their benefit by direct deposit) and you have not received your payment by the 10th of the month, you should Contact Us at the Pension Fund office.
Can I still participate as a firefighter and retire?
- According to OCGA 47-7-100 (b), a firefighter must retire and separate from the fire service to be eligible for a service pension. According to OCGA 47-7-101 (b), a retired firefighter that is re-employed in any capacity as a firefighter by an ISO rated fire department will have benefits suspended by the Fund for the period of re-employment. However, the Board of Trustees has ruled, on advice of counsel, that a retired firefighter may volunteer his/her service pro bono, (that is without compensation,) and continue to receive benefits.
I am one of the healthiest firefighters in this state and would like to continue working as a firefighter after the age of 55 even though I am already fully vested. Can I continue to do so?
- You certainly can. However, you will not receive any pension benefit until you retire as a firefighter. You will receive an additional 2% for each year of creditable service in excess of 25 years.
After retirement, I plan to seek employment with another entity and will not immediately need my pension payment for sustenance. Can this payment be rolled into an IRA account without tax consequences?
- No. The IRS code specifically prohibits rolling periodic payments such as a pension benefit annuity like this into a tax advantaged retirement account such as an IRA.
Are benefit payments taxable and, if so, are paid in dues deductible?
- Benefit payments are taxable as ordinary income. Paid in dues are deductible based on a schedule provided by the IRS. After retirement, a member will receive information from the Pension Fund Office regarding the amount of dues that were paid over the course of membership. Advice regarding how the dues deduction is to be handled should be sought from the IRS or a qualified tax advisor.
|
|
