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 Lake@Work Newsletter
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FRS UPDATE
Posted: June 01, 2011

 

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.
 
For payroll related questions, please contact Employee Services at 343-9596.
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