Contact: Rachel Archangel 850-400-7400 ext. 4278
New employees filling a regular position, are enrolled in the Florida Retirement System, a dual system offering coverage under the Federal Social Security System. The Santa Rosa School Board contributes to the Social Security System and the Florida Retirement System for all employees. In addition, a mandatory 3% pretax contribution is directed from your paycheck into your retirement account, regardless of the plan you choose.
The Florida Retirement System currently offers two retirement plan options for employees to choose from:
Pension Plan
The pension plan, often referred to as a defined benefit plan, guarantees a retirement benefit that is predetermined. The employer contributes a specified percentage or amount to the plan. The amount of retirement benefit is based on a formula that takes into account the years of service and average final salary.
Normal Retirement under the FRS is thirty years of creditable service regardless of age or age 62 with six years of creditable service if initially employed under FRS prior to July 1, 2011. OR, if initially employed under FRS after July 1, 2011, thirty-three years of creditable service regardless of age or age 65 with eight years of creditable service. Four years of eligible military service may be included as part of the thirty years if proper application is made to the Division of Retirement.
Investment Plan
The investment plan, often referred to as a defined contribution plan, guarantees a set contribution made by the employer. The employer contributes a fixed amount toward the plan. Employees usually choose their preferred investment options, and therefore, the employee usually assumes the risks of those investments. The amount of the retirement benefit will depend on the investments and account accumulations the employee has chosen.
Reemployment/Renewed Membership After July 1, 2010
Members with a retirement date of July 1, 2010 or after must stay terminated for six months before returning to work. There is an option to return to work after the six months but the member would have to suspend their retirement benefit for the remaining months (seven-twelve months). There are no exceptions to this rule. If member decides to return to work in an FRS covered position after being retired for the first twelve months, they would still continue to receive their monthly benefit check. Anyone who retires after July 1, 2010 and takes distribution from his or her retirement will not be eligible for renewed membership in the Florida Retirement System. To be eligible to participate in a 2nd retirement with the FRS you must be initially reemployed in an FRS covered position no later than June 30, 2010.
Regular Disability Retirement benefits are covered under the FRS if:
The Florida Retirement System currently offers two retirement plan options for employees to choose from:
Pension Plan
The pension plan, often referred to as a defined benefit plan, guarantees a retirement benefit that is predetermined. The employer contributes a specified percentage or amount to the plan. The amount of retirement benefit is based on a formula that takes into account the years of service and average final salary.
Normal Retirement under the FRS is thirty years of creditable service regardless of age or age 62 with six years of creditable service if initially employed under FRS prior to July 1, 2011. OR, if initially employed under FRS after July 1, 2011, thirty-three years of creditable service regardless of age or age 65 with eight years of creditable service. Four years of eligible military service may be included as part of the thirty years if proper application is made to the Division of Retirement.
Investment Plan
The investment plan, often referred to as a defined contribution plan, guarantees a set contribution made by the employer. The employer contributes a fixed amount toward the plan. Employees usually choose their preferred investment options, and therefore, the employee usually assumes the risks of those investments. The amount of the retirement benefit will depend on the investments and account accumulations the employee has chosen.
Reemployment/Renewed Membership After July 1, 2010
Members with a retirement date of July 1, 2010 or after must stay terminated for six months before returning to work. There is an option to return to work after the six months but the member would have to suspend their retirement benefit for the remaining months (seven-twelve months). There are no exceptions to this rule. If member decides to return to work in an FRS covered position after being retired for the first twelve months, they would still continue to receive their monthly benefit check. Anyone who retires after July 1, 2010 and takes distribution from his or her retirement will not be eligible for renewed membership in the Florida Retirement System. To be eligible to participate in a 2nd retirement with the FRS you must be initially reemployed in an FRS covered position no later than June 30, 2010.
Regular Disability Retirement benefits are covered under the FRS if:
- You have completed eight years of creditable service; or
- You became a member of the FRS before July 1, 1980 and completed five years of creditable service by that date; or
- You were a member of the FRS on July 1, 1980 and have a total of five years of creditable service, and are not fully insured for Social Security Benefits.
Please be advised there is currently pending legislation that could bring about changes to the Florida Retirement System. Visit www.myfrs.com for legislative updates.
IMPORTANT RESOURCE INFORMATION
The MyFRS Financial Guidance Line - a toll-free help line at 1-866-44-MyFRS (1-866-446-9377 or TTY: 1-888-429-2160) staffed by experienced financial planners.
MyFRS.com - your online resource for account information and to connect to the Advisor Service and the second choice Choice Service.
MyFRS.com - your online resource for account information and to connect to the Advisor Service and the second choice Choice Service.
Click here for information regarding DROP.
Click here for information regarding the Financial Wellness Program.
Click here for information regarding the Financial Wellness Program.
