By Dave Schafer

At 58, Veronica La Chappelle plans to live a long time, maybe another 40 years. Years of freedom, unencumbered by demands of work-a-day duties. Years for travel, for gardening, and for enjoying the slow pace of the day.

That’s because La Chappelle, a former Human Resources administrative specialist, retired Jan. 31 after almost 28 years with the city. As a reward for her years of service, the city’s pension benefit will pay her enough each month to cover her regular bills for the rest of her life.

“I have always loved traveling,” she said. “It’s nice to be able to leave when I want and return without having to worry about work.
“I’m so thankful for the city’s pension plan. It makes retirement planning so much easier.”

Some employees don’t think about the importance of setting aside money for retirement. But the city does, so much so that it long ago made the pension plan a key part of employees’ compensation, right up there with biweekly paychecks and affordable health insurance.

In Fiscal Year 07, the city contributed $72 million to the municipal pension, $58 million to the police pension and $45 million to the fire pension.

“You probably can’t get as much money in a retirement plan in the corporate world, or get it as early,” said Craig Mason, the city’s chief pension executive. “Generous is relative, but the city’s pension plan is much more generous than employees can get most anywhere else.”

Along with your voluntary investment from your paycheck into the 457 deferred compensation plan and your social security benefits, the pension plan is one leg on the stool of retirement financial stability.

Work past your earliest retirement date and participate in the Deferred Retirement Option Plan, and you can gain another leg to stand on in what could be a retirement flush with cash.

“I’m very grateful for my tenure with the city,” said Rosalie Davis, a retiree who came back to work part-time. “During my time here, my children grew up, got married, started their own families, and the city provided me with a job and with all these benefits – vacation, sick pay, medical insurance. And now, it’s paying my bills in retirement.”

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