Invest in Your Future
The City of Peachtree City has adopted a retirement plan. The Plan provides for the payment of monthly benefits to you after retirement. The City administers the Plan. The Plan is designed to help you prepare now for financial security in later years. It supplements your Social Security benefits and your personal savings by providing additional income at retirement.
WHO PARTICIPATES IN THE PLAN?
- Full-time employees of the City participate in the Plan when they have completed one year of continuous employment. Participation in the Plan begins on the first working day of the month. If your hire date is on the first working day of the month, you are eligible to participate on the first of the month one year later; otherwise, you begin to participate on the first of the month following your anniversary. All part-time employees and volunteers are excluded from participation in the Plan.
WHAT DOES IT COST ME?
- The City provides the Plan to you and bears most of the expense of the Plan. As a participant, you are required to contribute 3% of your earnings to the Plan. Should you leave the City prior to vesting in the Plan, you will be reimbursed your contributions with interest according to the Plan document.
HOW DOES THE PLAN BENEFIT ME?
- After you retire, the Plan pays you a monthly retirement benefit for as long as you live. Your annual Normal Retirement benefit is 2.5% of your earnings to the Plan. Should you leave the City prior to vesting in the Plan, you will be reimbursed your contributions with interest according to the Plan document.
- Final Average Earnings multiplied by your Credited Service. Early Retirement is also available with reduced benefits.
Benefit Formula - The Benefit Formula is a percentage that is multiplied by your Final Average Earnings and your Credited Service to produce an annual benefit, which is then divided by 12 to give you your monthly Normal Retirement benefit. It is calculated as follows:
The City of Peachtree City offers employees an opportunity to make contributions to a 457 retirement savings plan account managed by Mission Square. The plan is designed to supplement the city’s pension plan and provide additional financial and retirement options. The 457 plan is a public-sector equivalent to the private sector’s 401k plans. Payroll deductions are made pre-tax. Your investments can be customized as your needs require, and you can work with our Mission Square retirement plan specialist to tailor your investment options. The city does match deferred compensation contributions up to 2% if the employee is contributing 4%. Matching contributions are deposited into a separate 401a account with Mission Square.
The City of Peachtree City participates in E-Verify.
Federally issued user identification number: 132802
Date of authorization: 06/30/08
On January 1, 2010, all cities that are required to participate in E-verify* must permanently post their federally issued user identification number and date of authorization on their website. Covered cities that do not maintain a website must annually publish the identification number and date of authorization in the legal organ for the county.
(*O.C.G.A. Section 13-10-91 requires that all public employers register and participate with E-verify).