Eligibility

All current employees are eligible to participate, with the exception of employees who are seasonal or temporary, individuals not subject to withholding of federal income tax or FICA tax, sworn police officers and firefighters who are nonretired participants in other retirement plans, and former participants of the Defined Benefit Retirement Plan who are reemployed by the city after Oct. 1, 1998.

Enrollment

You have a one-time opportunity to enroll in the plan. Once you have enrolled, you can’t elect to stop participating.

Contributions

The City of Orlando will make a contribution of 7% of your compensation weekly or biweekly.

You can choose to make an irrevocable election to contribute an additional 1%–3% of your salary on a pretax or after-tax basis that will be matched by the city. If you choose not to contribute at this time, you can elect to make a 3%, after-tax contribution, at a later date, that will also be

matched by the city. You can elect to contribute from 1% to 25% of your after-tax salary. You can change your Optional Matched Contribution election, but not more frequently than annually.

Vesting

Vesting refers to your ownership of the money in your account. You’re always 100% vested in your own contributions and their earnings. You’re gradually vested in employer contributions: 0% for less than one year, 25% in one year, 50% in two years, 75% in three years, and 100% in four years.

Investments

Your contributions will be invested in the funds you select, and the value of your account will fluctuate based on the performance of the funds. Carefully review your investment options before making your selections. You can make changes to your investments at any time.

Withdrawals

After you separate from service, you’ll be eligible to withdraw your money at any time. However, you won’t be required to take any withdrawals until age 73.*While you’re still employed, your withdrawal options are limited to attaining the plan’s normal retirement age and voluntary after-tax contributions.

Loans

Your plan allows you to borrow money from your account while you’re still employed. The maximum loan amount is limited to 50% of your vested account balance or $50,000, whichever is less.

Beneficiaries

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Account Information

You can review your account information by logging in to your account at . You can

also use the automated phone system at (800) 669-7400. Log in to sign up for eDelivery to receive email notifications when your quarterly statements and transaction confirmations are available online.

Summary Description. The full rules governing your plan are contained in state retirement laws and the federal tax code. This publication provides a summary of the rules

and isn’t a complete description of the law. If there are any conflicts between what is written in this publication and what is contained in the law, the applicable law will govern. This plan introduction is designed to provide you with general plan information. If there’s a conflict between the information in this summary and the plan document, the plan document will be the controlling document.

*Age 70½ (if you were born before July 1, 1949), age 72 (if you were born after June 30, 1949, and before Jan. 1, 1951), or age 73 (if you were born after Dec. 31, 1950).