OP can ignore my previous post. I found the city he works for in another post. Here is the appropriate information:
https://www.dallaserf.org/benefitTierB"Any employee who has contributed to the Fund for five years or more is considered to be vested in the Fund."
This means you qualify for the pension after only 5 years of working there"If you leave the City before completing five years of service, you are not vested and must take a refund of your contributions or roll them over into another qualified plan."
This means they aren't keeping your money.
Following is the formula used to calculate your pension:
(Years of Service) x (2.50%) = % Monthly Salary Earned
(Average Monthly Salary) x (% Monthly Salary Earned) = Estimated Monthly Pension
This means if you worked full time at $20 per hour for 5 years, you qualify for a pension of $433 per month.Every year, ERF uses the Consumer Price Index to calculate a cost of living adjustment. These adjustments are made in January and may not exceed 3% of your base pension, the pension amount you received when you first retired.
This means your benefit is protected from inflation.There are three ways to retire from the City of Dallas:
Normal Retirement - Under Normal Retirement, you can retire at age 65 with five years of pension service credit.
Service Retirement - Service Retirement states that you can retire after 40 years of credited pension service, if you are under age 65 at retirement, your pension will not be reduced.
Rule of 80 - The rule of 80 states that if your age and years of credited pension service add together to equal 80 or more, you can retire. If you are under age 65 when you retire, your monthly benefit will be reduced.
The first way you can collect your pension at age 65, but there are other ways of collecting earlier if you have lots of years of service.