21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Florida Retirement Benefits Plan
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US-CC-21-166
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FAQ
You will lose any non-vested Investment Plan or prior Pension Plan service. You can eventually be reemployed by any FRS employer but, as the timeline on page 6 shows, you might not be eligible to receive additional distributions from your Investment Plan account.
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.
The FRS Pension Plan Plan differences will vary slightly based on hire date, but the basics computation of the plan is as follows: *Years of Service x 1.6% of Average annual compensation for highest 5 years of salary during tenure = Annual benefit amount.
Benefits are reduced 5 percent for each year you are under the normal retirement age to reflect that they will be paid to you over a longer period of time. You have four payment options to select from when you retire. Each option includes a monthly lifetime benefit.
FRS Investment Plan If you leave before reaching normal retirement and elect to begin receiving your vested benefit, it will be subject to an early retirement reduction. Your benefit will be reduced 5% for each year your age at retirement is under your normal retirement age.
Tax Benefits of Retiring in Florida Florida has no state income tax. No state taxes on pension income & income from an IRA or 401K. No state taxes on Social Security. In Florida there is no inheritance tax or estate tax.
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 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).
