The City has three Pension Funds: one for police officers, another for firefighters, and one for all other employees. The pension funds are defined benefit plans, which means that retirement payments are based upon total years of service, a multiplier for each year of service, and the final average compensation, which is the average of the highest three years of an employee's final five years of tenure.
Each employee is required to pay 6% of their taxable wages into the pension fund that they participate in. The City is required to pay a percentage of each employees wages into each fund as well. The percentage is determined annually by an actuarial study. Copies of these studies can be downloaded at the link below.
The link below also includes other documentation that is now required by State Statute to be presented on a government website.
City Of Palatka General Employees' Retirement Plan — Section 112.664, Florida Statutes Compliance Determined As Of The October 1, 2023 Valuation Date
Palatka Police Officers' Retirement Plan Section 112.664, Florida Statutes Compliance Determined As Of The October 1, 2023 Valuation Date
Palatka General Employees Actuarial Summary Fact Sheet (PDF)
Palatka Police Officers Actuarial Summary Fact Sheet (PDF)
Palatka Firefighters Actuarial Summary Fact Sheet (PDF)