Frequently Asked Questions

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No distribution will be approved prior to the applicant separating from service with the City of Miami Fire Department. 

Prior to any distribution, a Participant or Beneficiary must complete an 

Participant Election Distribution Form and submit it to the Board for approval. To be processed, applications must be received at the office of The Miami Firefighters’ Relief and Pension Fund. Applications will be reviewed at the next regularly scheduled meeting of the Board. A change to an application, which results in a change to the distribution amount, must follow the same rules as a new application for benefit form, and must be submitted in the same timely manner. For direct rollovers or lump sum payments of entire vested account you can receive 75% of your balance and the remainder the following quarter. 

Yes, you will continue to receive earnings based on your full balance (based on average daily balance)

You will need to fill out an installment election form which can be found on the website. 

Participants can expect quarterly statements at least 6 to 8 weeks after the quarter ends.

Public safety officers, including firefighters, have a special provision that allows them to withdraw from their retirement plans without the usual 10% early withdrawal penalty if they separate from service in or after the year, they turn 50 or have at least 25 years of service. This exemption applies to qualified public pension plans and maintains its status when transferred to another qualified plan such as a deferred compensation account or 457 plan, preserving the penalty-free benefit. However, if these funds are rolled over into an Individual Retirement Account (IRA), they lose this specific exemption, and any withdrawals made before reaching age 59½ may incur the 10% early withdrawal penalty. 

The administrator will process distributions after the Trustees meeting. Distributions for larger dollar amounts during unusual market periods may take slightly longer to process. You can receive either a check, wire or a direct deposit to your checking/savings account. 

You must take distributions of at least $500.00, up to the entire balance of your account.

You will need to complete a Share Account Distribution Form. You may also need to update your checking account information or wish to change your tax withholding.

• Share Account Distribution Form
• Direct Deposit Form (if this is your first distribution or your account has changed)
• IRS Form W-4P Tax Withholding (only if you want to withhold more than 20%)
• Special Tax Notice (this form includes required IRS disclosures)

Of course you can. You will need to provide the proper payment instructions on your Share Account Distribution Form. The administrator will issue a check for all transfers or rollovers. You may incur new IRS restrictions or penalties on your money if you rollover your account to an IRA before age 59 ½, so you should always seek your own qualified legal, tax, or financial counsel when you make these important decisions. 

The IRS requires 20% tax withholding on all withdrawals, so you will receive $8,000 if you apply to withdraw $10,000. You can choose to withhold more by filing an IRS Form W-4P. 

You must begin to take distributions from your account no later than age 72. If you close your account, the Administrator will distribute 90% of your account balance immediately and hold the remaining 10% until final earnings are posted to your account after the quarter period ends. Your account will continue to receive credits of earnings at the same rate as the plan assets based on your average daily account balance during each quarter. 

You can expect to receive a letter by mail by September. 

The Pension Fund allows surviving spouses to continue the account. A beneficiary other than a spouse must withdraw your Share Account balance. 

You must first fill out the application of death benefits form and new beneficiary form. You can find the forms on our website. You will need to provide a copy of the death certificate, marriage/domestic partner certificate and have the form notarized. 

Please visit the website where you can find the beneficiary form. Please fill it out and return it to the plan administrator.  

Please visit the website where you can find the change of address form. Please fill it out and have it notarized and return it to the plan administrator. 

You will need to fill out the form which can be found on our website. The funds earnings is based on a money market account, and you must remain in safe harbor for 3 years.  

Distributions will follow the plans policy and must be initiated by the plan participant. Rollovers will need to go to the participants IRA. Qualified Domestic Relation Order (QDRO): Florida law does not require public pension plans to recognize QDRO’s. Members should advise their attorney that this plan is not subject to these orders. Legal fees born by the plan in defending an unlawful order may be charged against the participants account for failure to notify 

his/her attorney.

The plan falls under IRS code 401(a).