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Retirement Plans With Highest Return In Broward
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State:
Multi-State
County:
Broward
Control #:
US-001HB
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FAQ
Florida's pension plan has about $38 billion in unfunded liabilities and still relies too much on generating higher-than-realistic investment returns, even after taking a $14 billion loss in fiscal year 2022.
Retirement Salary in Florida. $34,400 is the 25th percentile. Salaries below this are outliers. $63,519 is the 90th percentile.
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).
You must be vested. If you enrolled in the FRS prior to July 1, 2011, you must have 6 years of service to vest. If you enrolled in the FRS on or after July 1, 2011, you must have at least 8 years of service to vest.
Both the discount rate and the long-term expected rate of return used for FRS Pension Plan investments is 6.70%.
Final answer: The NEBF has a strong financial status, which is recognized as healthy. The highest possible status awarded to retirement plans is Green, indicating optimal financial health. Other statuses like Blue, Yellow, and Red represent varying levels of stability, with Green being the best.
You must be vested. If you enrolled in the FRS prior to July 1, 2011, you must have 6 years of service to vest. If you enrolled in the FRS on or after July 1, 2011, you must have at least 8 years of service to vest.
The basic limit on elective deferrals is $23,000 in 2024, $22,500 in 2023, $20,500 in 2022, $19,500 in 2020 and 2021, and $19,000 in 2019, or 100% of the employee's compensation, whichever is less.
Based in part on this ratio, pension plans fall into one of four “zones,” or categories, indicating their relative strength. These four zones are Green (the strongest category), Yellow (endangered status), Red (critical status), or Deep Red (critical and declining).