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FLORIDA RETIREMENT SYSTEM

FLORIDA RETIREMENT SYSTEM. CREATED DECEMBER 1970 DEFINED BENEFIT PLAN 401(A) IRC NON-C0NTRIBUTORY SYSTEM DROP ESTABLISHED 1998. F l o ri da Retirement System. 900 + Public Employers. 665,000 + Active Members. 288,000 + Retirees. Over 390 Million Dollars in Monthly Benefits.

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FLORIDA RETIREMENT SYSTEM

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  1. FLORIDA RETIREMENT SYSTEM • CREATED DECEMBER 1970 • DEFINED BENEFIT PLAN 401(A) IRC • NON-C0NTRIBUTORY SYSTEM • DROP ESTABLISHED 1998

  2. FloridaRetirement System 900 + Public Employers 665,000 + Active Members 288,000 + Retirees Over 390 Million Dollars in Monthly Benefits More than $26 Million in Health Insurance Subsidy (HIS)

  3. System Benefit Types SERVICE RETIREMENT DISABILITY RETIREMENT SURVIVOR BENEFIT

  4. Service Retirement Normal Retirement Early Retirement Deferred Retirement

  5. Effective July 1, 1998 Vested and Eligible for Normal Retirement Benefits Twelve (12) Months to Decide Must establish Future Termination Date Maximum of 60 Months Deferred Retirement Option Program (DROP)

  6. Regular Class Membership Example: Age 51 30 Yrs of Service 1st Window- December 1, 2009 (Full Five Yrs) 2nd Window- Anywhere between December 1, 2009 and 57 for the Full Five Years

  7. Special Risk Membership Example: Age 48 with 25 yrs of Special Risk 1st Window- October 1, 2009 (Full Five Yrs) 2nd Window- Anywhere between October 1, 2009 and age 52 for the full five years.

  8. Retirement benefit is “Banked” while you continue to work Earn interest compounded monthly at an annual rate of 6.5% DROP benefit increased July 1 for 3% Cost-of-Living Increase (COLI) DROP Deferred Retirement Option Program

  9. Upon termination of employment lump-sum payment of DROP benefits Rollover provision to reduce taxes Receive lifetime monthly benefit Deferred Retirement Option Program DROP

  10. Reemployment after Retirement • After retirement or DROP termination, retired FRS members may be employed by any private employer or any public employer not participating in the FRS without affecting his/her FRS benefits. • However restrictions apply to employment with an FRS employer.

  11. Reemployment after Retirement • Currently, any retired FRS member who is reemployed by an FRS employer during the first calendar month after retirement or DROP is not considered to have terminated employment. • July 1, 2010, this changes to first 6 months. • Currently, any retired member who returns to employment with an FRS employer during the 2nd through 12th months must suspend their benefits until they have been retired for 12 months. • July 1, 2010, this changes to the 7th through 12th months.

  12. Renewed Membership • An employee that establishes a renewed membership (2nd retirement) before July 1, 2010, is covered by an FRS retirement plan until they retire again. • Renewed members who have had a break in service and return to FRS-covered employment after July 1, 2010, are still covered by renewed membership. • Retirees who initially return to FRS-covered employment on or after July 1, 2010, will not earn another retirement benefit.

  13. Ira L Gaines State Retirement Benefits Administrator 850-488-6491 1-888-738-2252 Ira.Gaines@dms.myflorida.com

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