Time Extension For Higher Pension In Hillsborough
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FAQ
Deferred Retirement Option Program (DROP) Expansion DROP is expanded as follows: Time Period: The maximum time for eligible members to participate in DROP was expanded from 5 years to 8 years. This includes those currently participating in DROP. Election Window: The restricted 12-month election window was removed.
Effective July 1, 2024, HB 151 allows retirees to be reemployed with an FRS employer and receive both compensation and retirement benefits after meeting the termination requirements (six calendar months after date of termination) in Section 121.021(39), Florida Statutes.
HB 151 has passed the House. Governmental Oversight and Accountability Committee.
To extend your DROP participation, you must obtain authorization from the appropriate authority at your employer and the division must receive your completed Form DP-EXT Page 5 prior to the end of your initial period of DROP participation.
Extend the maximum time a member can participate in DROP from 5 years to 8 years, regardless of class membership and occupation, and from 8 years to 10 years for certain K-12 instructional personnel. Increase the DROP interest rate from 1.3 percent to 4 percent on DROP accumulations held on or after July 1, 2023.
Q: Can I retire in Florida on $3,000 a month? A: Yes, ing to a GOBankingRates study, there are several cities in Florida where you can live on $3,000 — or even less — each month, including Pensacola and Panama City.
What are some disadvantages of DROP? One disadvantage of participating in a DROP plan is that the monthly pension an employee receives will be substantially lower than the amount the employee would receive had the employee retired under a normal retirement calculation performed at the end of the DROP period.
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).
These can range from immediate vesting, to 100% vesting after 3 years of service (as defined by the plan, generally 1,000 hours worked over 12 months), to a vesting schedule that increases the e mployee's vested percentage for each year of service with the employer.
