Participation in the GESE Trust is a mandatory condition of employment for all employees except for those employees who are eligible to opt out of participation in the plan pursuant to the City of Miami Code Section 40-351. Employees working in the office of an elected official have the ability to opt out of participation in the plan.
The plan provides for Service, Rule of 70 or 80, and Disability retirements depending upon the Normal Retirement age based on the member’s date of hire. Additionally, some retirement payment options may allow for the member to choose a beneficiary.
DROP – Deferred Retirement Option Program
Any member eligible for a Service Retirement (55 years of age and 10 years of service, 55 years of age and 30 years of service, 60 years of age and 10 years of service), or Rule of 70 or Rule of 80 Retirement is eligible to participate in the DROP.
BACKDROP
A BACKDROP benefit option was implemented on January 1, 2013. Employees are eligible to elect the BACKDROP option after completing one year of creditable service following the normal retirement date.