All regular employees are eligible upon employment, for enrollment in the Florida Retirement System program. There are two (2) plans available: Pension Plan or Investment Plan, which is paid 100% by the County. New employees are enrolled automatically in the Pension Plan on date of hire. Choice period to select the Investment Plan runs until the end of the fifth month after date of hire. Employees are vested in the program after six (6) years for the Pension Plan and one (1) year for the Investment Plan, and there is a provision for disability pensions.

• Florida Retirement System (FRS)
• Login to your FRS Account
• Florida Division of Retirement
• FRS Investment Plan Summary

Important Notices:

FRS recently released information regarding the status of the Pension Plan. This informational release was in response to reports made regarding the status of the Pension Plan Trust Fund. Please take a few minutes to read the FRS Pension Plan Funding Status flyer (link below) as well as view the Pension Plan Asset/Liability Study Update presentation (see link below).  Hopefully this information will answer some questions that you may have as well as give you some peace of mind regarding the Plan.

• FRS Pension Plan Funding Status Flyer
• Pension Plan Asset/Liability Study Update

The IRS sets a limit to how much money can be contributed to a 457 plan. For 2009, the annual deferral limit is $16,500, “Pre-Retirement” catch up limit is $16,500 and the “Age 50” catch up provision limit is $5,500. There are two providers to choose from: Nationwide Retirement Solutions or ICMA:

• ICMA Retirement Corporation

  Patty Nichols, Retirement Plans Specialist
  Phone: 1-866-731-1071 x5929
  Cell: 202-295-7575
  Fax: 407-682-4500
  Email: pnichols@icmarc.org
  Web: http://www.icmarc.org/xp/rc/
  ICMA 457 Deferred Compensation - Legislative and Regulatory Changes Amendment
  ICMA 457 Deferred Compensation - Plan and Trust Amendment
  
  ** UPDATE
  The following information summarizes the proposed change to ICMA’s default investment option. If an employee does not make a selection when first enrolling, he/she will automatically be put into Milestone Funds, a series of target-date funds. Below are questions and answers that should aid in your review and understanding of the changes being made. If you have any further questions please contact ICMA-RC.

  • ICMA Default Investment Option (Brochure)
  • ICMA Default Investment Option (Question & Answers)
    

• Nationwide Retirement Solutions

  Jennifer Massey
  Phone: (407) 967-1880
  Email: masseyj3@nationwide.com
  Website: http://www.nrsforu.com
  Important information about changes coming to the Nationwide Plan
  Give Your Retirement a Raise
  Nationwide Privacy Statement
  NRS 457 Deferred Compensation Plan Document

Refer to online training calendar to see when a representative from Nationwide or ICMA will be here next.

Lake County employees may choose to participate in a deferred compensation program through payroll deduction. Both ICMA-RC and Nationwide offer programs designed for retirement saving which allow pre-tax contributions. Presentations are offered by these providers to explain the deferred compensation plan(s) available. The presentation is in a noontime workshop setting and employees are encouraged to bring their lunch to enjoy. Employees can register to attend these presentations by going to the online training calendar.