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Retiring With the Pension System
Deciding when to retire and choosing your pension
benefit options are very important financial decisions.
By reading this information, you are already taking
an important step toward planning your retirement!
When
can I start receiving benefits?
Your years of Pension Service and, in some cases,
your age determine when you can begin receiving pension
benefits.To receive full service pension benefits,
you must have at least five years of Pension Service
credit and have reached age 50. You can receive a
reduced pension benefit at age 45 with five years
of Pension Service or at any age with 20 years of
Pension Service.
How will I receive benefits?
You can choose to receive a monthly pension benefit
or you can defer your monthly pension benefit into
a Deferred Retirement Option Plan (DROP) account.
Even if you are not in DROP, you may join when you
retire. If you have a DROP account at retirement,
you may add to your DROP account, leave your money
in DROP, or you may take part or all of your money
out of DROP.
What are my next steps?
| 1. |
Attend educational programs provided
by the Pension System—such as a Pre-Retirement
Education Program (PREP) session—to learn
about your options and to begin planning for
retirement. |
| 2. |
Schedule a meeting with a Benefits Counselor
two to three months before you plan to retire.
You will need to bring the following documents:
• Birth certificate
• Marriage license
• Spouse’s birth certificate
• Birth certificates of your children age 19 or younger |
| 3. |
Meet with the City of Dallas Human Resources
Department to learn about other City benefits
you may be entitled to receive after retirement. |
What will happen in my
counseling session?
A Benefits Counselor will provide a Pension Benefit
Application Form and explain:
| • |
Your retirement options |
| • |
Estimates of your benefits |
| • |
Survivor benefits |
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Post-retirement increases |
When do my benefits start?
The Board of Trustees reviews and approves all
retirements during its monthly meetings. Your
first benefit payment
will be made at the end of the month in which the
Board approves your retirement. Payments will be
made at the end of each month thereafter.
• Call
the Pension System for more information
• FAQs
This is a general overview
of retirement from the Pension System. It is intended
to increase your awareness
of the options available to you, but it does not
give legal or financial advice or provide enough
details for you to make decisions. For additional
information, refer to your Member
Handbook,
the Plan
Document, or attend the Pension System’s
educational programs. You also may contact a Benefits
Counselor via e-mail,
or call the Pension System office at 214.638.3863
or 1.800.638.3861.
You also should consider obtaining advice from a
tax consultant or financial advisor of your choice
before deciding when to retire and how to receive
your pension benefit.
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