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Retirement
Retirement
The County provides an employer-funded retirement benefit through the Florida Retirement System (FRS).  FRS offers two types of plans: The Pension Plan which pays a guaranteed lifetime monthly income and the Investment Plan which is based on how well our investment choices perform.  Some of the key differences in the two retirement plans are:

 

The FRS Pension Plan
(Defined Benefit plan)

The FRS Investment Plan
(Defined Contribution plan)

Designed For

A traditional retirement plan designed for longer-service employees.

 

A retirement plan designed for a more mobile workforce.

 

Vesting

You qualify for a benefit after 6 years of service.

 

You qualify for a benefit after 1 year of service.

 

Contributions

FRS employers contribute an amount determined by the state legislature. Members cannot make contributions to this plan.

FRS employers contribute an amount determined by the state legislature to the member’s account. Members cannot make contributions to this plan.

Benefit

Pays a guaranteed lifetime monthly benefit using a formula based on your service and salary while you are working for an FRS employer.

 

Benefit depends on the amount of money contributed to your account and its growth over time. You decide how to allocate the money in your account among the available investment funds.

Visit the FRS website for current information on both plans along with setting up your secure online account to view your account, calculate retirement estimates, change your investments, view the current newsletter, legislative updates, etc.


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