Firefighter's Pension Plan
The City of Palm Coast Firefighter's Pension Plan is a single employer defined benefit pension plan.
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The City of Palm Coast Firefighter's Pension Plan is a single employer defined benefit pension plan that provides pensions for certified career firefighters and qualified volunteer firefighters pursuant to Florida Statute, Chapter 175. The City adopted a "local law" plan, and benefits are provided through a State contribution from collections of a Fire Insurance Premium Tax. Membership in the plan is mandatory, and members must contribute a percentage of their base pay through payroll deduction on a pre-tax basis.
A Board of Trustees administers the plan. The Board has administrative authority over the plan, and acts as supervisor and plan administrator. The Board consists of five members, two are appointed by City Council, the career and volunteer firefighters appoint two, and the final member is selected by the four appointed Board members and appointed by City Council (as a ministerial duty). The authority to establish and amend benefits as well as the funding policy rests with the City Council.
The City of Palm Coast Firefighter's Pension Plan provides retirement, disability, and death benefits. Normal retirement benefits are the earlier of (a) age 55 with 10 years of credited services, or (b) 25 years of credited service regardless of age.