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.
For information about your FRS account call the MyFRS Financial Guidance Line at (866) 446-9377, or visit their website at www.MyFRS.com. Members can also find more information at the Division of Retirement’s website.
FRS offering Workshops on April 10, 2012
The Florida Retirement System (FRS) is holding two informational workshops for employees on Tuesday, April 10, 2012 at the Agricultural Center Auditorium located at 1951 Woodlea Road in Tavares.
- FRS Investment Plan: Understanding Your Benefits
For all employees
9 to 10:30 a.m.
- Nearing Retirement in the FRS
For employees within 5-10 years of retirement
11 a.m. to 12:30 p.m.
View Flyer for Workshop Details
The Florida Legislature has passed legislation that made changes to the Florida Retirement Systems (FRS). One of the changes is that employees covered under the FRS pension or investment plan must begin making 3% contributions effective July 1, 2011. This is in addition to the employer paid contributions. Participants in DROP (Deferred Retirement Option Program) are exempt.
For information about other changes made as part of the new legislation, please refer to the Florida Retirement System (FRS) website at http://www.myfrs.com or you may also review a copy of the actual text of the legislation at http://www.flsenate.gov/Session/Bill/2011/2100/BillText/er/HTML
How will the contribution be made?
- The contribution will automatically be withheld from your paycheck beginning on pay period 14 (pay date July 8th).
- The new deduction code that will appear on your paycheck is "RET" which represent the 3% FRS withholding.
- The County will forward all employee contributions along with the employer paid contributions to the FRS on a monthly basis.
Will the deductions be withheld as pre-tax?
- Yes, the contributions will be deducted prior to the calculation and withholding of federal taxes.
Will the 3% contribution include my overtime?
- Yes, the 3% employee contribution is based on gross wages, which includes overtime.
Is the 3% employee contribution mandatory? What if I don't want it deducted from my paycheck. May I send in my payment directly to the FRS?
- The contributions are mandatory and employees do not have the option of paying the contributions directly to the FRS. The contributions must be payroll deducted and paid by the County to the FRS.
If I separate from the County prior to being vested in the FRS, am I entitled to a refund of my employee contributions?
- You may be eligible for a refund, however, it would be determined by the FRS (not the County). We recommend that you contact the FRS to discuss the eligibility and the potential impact if you are ever employed by a participating employer in the future.
Who do I contact if I have questions?
- If you have specific questions about how the recent legislative changes may affect you, you may contact the FRS at 1-866-446-9377.
- Here are some Frequently Asked Questions(FAQ's) on the recent changes with Legislation.
For payroll related questions, please contact Human Resources at 343-9596.
This and other important employee information can be found on the new Lake@Work Live newsletter webpage.
- See the attached Press Release and Annual Investment Report released from the State Board of Administration. The report details the performance of the Florida Retirement System Pension Plan and Investment Plan during fiscal year 2009-2010.
An electronic supplement, which will be released in the near future, will provide additional detail and charts for those desiring a more in-depth look at the SBA's performance. The supplement will be available at: www.sbafla.com