Vesting Requirements
The member must serve in the capacity of Sheriff and be an active member of the Fund for a minimum of eight years to be vested for retirement benefits. Only after the completion of eight years of qualifying Sheriff’s service is prior service as a peace officer or military service creditable.
Retirement Benefits
The following qualifications must be met for a member to receive benefits:
- Paid the required monthly dues
- Served as sheriff for at least eight years
- Reached the age of 55
- Terminated capacity as Sheriff
- Filed application for benefits within 90 days after meeting these requirements.
Monthly benefits shall be payable upon approval by the Board of Commissioners based on years of service claimed. As of January 1, 2023, monthly benefits are based on $172.47 per month, per year of service. The maximum monthly benefit is $5,174.10.
The pension benefits may be increased in the amount of 3% per year without legislative approval, if benefit is actuarially sound.
Three payment options are available.
Option one pays monthly benefits to the member for life with no spousal benefits.
Example:
Member age 57; Spouse age 55; 12 years of service
Option one: $172.47 x 12 = $2,069.64.
Options two and three provide for spousal benefits, which are based on a mortality table adopted by the Board, after the death of the member. Options two and three are payable to the spouse until death or remarriage.
Option two pays reduced monthly benefits to the member for life and allows 100% of the monthly benefits to be paid to the spouse upon member’s death.
Option two: full benefit multiplied by a factor based on ages of member and spouse
above example: $2,069.64 x 0.8750 = $1,810.94.
Option three pays a reduced monthly benefit to the member for life and allows 50% of the monthly benefits to be paid to the spouse upon member’s death.
Option three: full benefit multiplied by a factor based on ages of member and spouse (spouse receives ½ of benefit amount)
above example: $2,069.64 x 0.9333 = $1,931.60; after participant’s death spousal benefit = $965.80.
If option two or three is chosen and the spouse predeceases the member, the member may request to be adjusted to the benefits offered in option one. If a member deceases before an option is chosen, option two will be effective.
Death Benefits
Upon the death of an active sheriff, who is not vested, the legal beneficiary shall receive a $15,000 lump-sum payment plus return of dues paid.
Upon the death of an active sheriff who is vested, the legal beneficiary shall receive a $15,000 lump-sum payment. The surviving spouse will receive a monthly pension based on credited service at the time of death, in lieu of the return of dues paid. These benefits are payable under option two.
The legal beneficiary, upon the death of a retired sheriff, shall receive a $15,000 lump-sum payment plus the return of the difference of any dues paid and the total pension received, if any. A surviving spouse pension will be paid only if the member chose option two or three.
The legal beneficiary is determined in the following order: surviving spouse, named beneficiary, estate of member.
The benefits are subject to 20% federal withholding and are adjusted accordingly. Therefore, the final benefit amount to the beneficiary is $12,000.
Please notify our office upon the death of a member and the appropriate paperwork will be mailed to you for your completion.