Defined Contribution (DC) Option for General Employees
Employees hired after May 1, 2009 who are eligible to participate in the General Employees Pension Plan (GEPP) have a Defined Contribution or “DC” option to consider when planning for retirement. They may participate in either the GEPP or DC Plan , but not both concurrently. (the GEPP is also known as the Defined Benefit or DB Plan)
Employees hired on or after October 1, 2017 will have the DC Plan as their sole, mandatory option for retirement.
The city continues to offer the traditional pension plan (also called a 'defined benefit' or 'DB' plan) to employees hired before October 1, 2017. However, employees hired before October 1, 2017 have a choice between the existing DB plan and the 'defined contribution' or 'DC' within the retirement system. Employees hired before October 1, 2017 will have 3 additional chances to switch choices after their initial retirement plan choice, but they must be settled on their final choice, DB or DC, before the start of their 5th year.
The Defined Contribution (DC) Plan is similar to a 401(k) Plan and is geared toward individuals who are more comfortable with making their own personal investment choices. This option can help serve as an important tool to help the city retain valuable employees and attract new workers in an increasingly competitive labor market.
In addition, the Retirement Disability Program, which was included with the General Employees Pension Plan, is now a distinct fund that covers all participants of both the Defined Benefit and Defined Contribution Plans.
More information and resources are available on our "Questions You Might Have" and "Comparison of Plan Features" pages or by contacting the Pension Office at (904) 255-7280 or at City Hall – St. James, 117 West Duval Street, Suite 330, Jacksonville, FL 32202