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- May 26, 2011 TO FROM SUBJECT Certifying Officers Of The State-administered Retirement Systems
Get May 26, 2011 TO FROM SUBJECT Certifying Officers Of The State-administered Retirement Systems
And Training Requirements Under Chapter 52, P.L. 2011 Chapter 52, P.L. 2011, (N.J.S.A. 43:3C-15) establishes new procedures and employer training requirements for the enrollment and/or transfer of employees into the Stateadministered retirement systems. This letter outlines the changes contained within the law and provides guidance to employers for meeting the new requirements. The provisions of Chapter 52, P.L. 2011, become effective June 19, 2011. Because of the brief implementation time fra.
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18a FAQ
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Thirty-three years of service, regardless of age. Thirty years of any creditable service, regardless of age. Special Risk Class normal retirement requirements apply to service in this class if member has eight years actual special risk service; otherwise Regular Class requirements apply.
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Under the FRS Pension Plan, normal retirement is the time when you are first eligible to receive an unreduced retirement benefit based on your age or years of service. You have 30 years of creditable service before age 62. You have 33 years of creditable service before age 65.
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Normal Retirement You have 33 years of creditable service before age 65. You have 30 years of any creditable service before age 62.
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You will be eligible for a Pension Plan benefit (i.e. be vested) when you complete six years of service (if you were enrolled in the FRS prior to July 1, 2011) or eight years of service (if you were enrolled in the FRS on or after July 1, 2011).
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For normal retirement and to receive your full monthly benefit, you must be age 62 with at least 6 years of service or have 30 years of service regardless of age.
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Yes, you can retire in Florida on $3000 a month. A GOBankingRates study found cities like Pensacola and Panama City where living on $3000 or less each month is feasible, suggesting a comfortable lifestyle in certain areas of Florida on this budget.
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Who is eligible to participate in DROP? To participate in DROP, you must be vested and eligible for normal retirement (based on your years of service or age) as an active member of one of the following: The FRS Pension Plan; or • The Teachers' Retirement System (TRS).
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The state sets specific windows when teachers can retire with benefits based on age and years of experience. New teachers starting out in Florida can retire with their full benefits at age 65 and with 8 years of service, or at any age after accruing at least 33 years of service.
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