The Retirement Department is committed to assisting employees

 in their retirement planning, by providing vital information

 in a comprehensive and customer focused manner.

 

 

 

 

Florida Retirement Benefit Plan
Retirement Plans       Florida Retirement Benefit Plan        Social Security       Bencor National Plan      Retirement Articles

 

 

 

NEW HIRE VIDEO

Available on-line is an FRS New Hire Video. This video provides new or prospective employees a quick comparison between the two FRS retirement plans.  Please follow this link to the FRS Web site and select "New Hire Video". 

Click Here!

 

Florida Retirement System

Prior to 2002, the Florida Retirement System offered one retirement option: the FRS Pension Plan. It provided a retirement benefit based on years of service at retirement, an employees' highest five years of pay and FRS membership class during the time an employee is with an FRS employer.  

Today, employees have a choice to either participate in the FRS Pension Plan or participate in the FRS Investment Plan. The FRS Investment Plan lets employees decide how to allocate employers' monthly contributions among one or more investment funds. 

Both FRS options are funded by the School Board of Broward County, Florida and the employee.  Below is a summary of the key differences between the FRS Pension Plan and the FRS Investment Plan.

 

FRS Pension Plan

FRS Investment Plan

Plan type

Defined benefit retirement plan.

Defined contribution retirement plan.

Who contributes

Monthly contributions are employer-employee paid.

Monthly contributions are employer-employee paid.

How it works

Monthly contributions based on a percent of salary and FRS membership class - paid to a trust fund for all FRS members.

 

Benefits are based on a formula (years of service, highest 5 years of salary, FRS membership class).

Monthly contributions based on a percent of salary and FRS membership class - paid to employees' accounts.

 

Benefits are based on employees' account value (contributions plus investment earnings less expenses and losses).

Who invests

The State Board of Administration (SBA) invests the Pension Plan Trust Fund by choosing investment strategies and investment firms.

Employees choose how contributions are allocated among various investment funds.

 

The SBA chooses private investment firms to manage the investment funds.

Who assumes the investment risk and rewards

FRS and employers.

You.

Other factors influencing employees' benefit levels

The length of an employee's FRS service is the most important, but so are other factors, including salary growth, FRS membership class, vesting, inflation and DROP participation.

Vesting (benefit ownership)

After six years of FRS service.

After one year of FRS service.

Amount of benefit paid at retirement

Amount fixed by formula and employee's choice of payment option.

Amount based on employee's account value and employee's choice of payment option.

Will benefits continue to grow if employee changes employers?

Yes, if an employee moves to another public sector employer participating in the FRS.

 

Otherwise, benefit is frozen until retirement.

Yes, employee's account can be left in the plan or rolled over to another retirement plan.

 

Either way, employee's account remains invested.

Retirement income options

Monthly lifetime payments, guaranteed by the FRS.

 

Benefit reduction for early retirement.

 

Other lifetime options provide for payments to surviving beneficiary.

 

Under current law, benefits increase 3% each July.

Employee decides how and when the account balance is withdrawn after termination.

 

Employee can use some or all of account to buy monthly lifetime payments guaranteed by a private sector insurance firm.

 

Payments include survivor benefit options and a 3% annual benefit increase option.

Deferred Retirement Option Program (DROP) participation

Employees are eligible to participate in DROP after reaching normal retirement eligibility.

Employees are not eligible to participate in DROP.

In addition to the above information, the Florida Retirement System also offers individuals an opportunity to increase their retirement benefit by purchasing: 

  • prior service (as approved by the State of Florida, Division or Retirement)

  • certain military service

  • board approved leave of absence

  • in-state and / or out-of state service (as approved by the State of Florida, Division of Retirement) 

To obtain more information on the Florida Retirement System, call the Benefits Department at 754-321-3100, or call “My FRS Financial Guidance Line” at 1-866-44-My-FRS (1-866-446-9377)

Reemployment After Retirement - Charts

Reemployment After Retirement - Video

Social Security
Retirement Plans          Florida Retirement Benefit Plan        Social Security       Bencor National Plan      Retirement Articles
 

The three major elements of your retirement portfolio are benefits from pensions, savings and investments, and Social Security benefits.

To help you plan for retirement, each year the Social Security Administration sends you your personal Social Security Statement, which gives you an estimate of the monthly benefit amounts you and your family may qualify for now and in the future.

Choosing the month you start to get benefits is an important decision. Social Security Administration representatives will be glad to discuss it with you and answer any questions you may have.

To obtain more information on Social Security or related services, you may contact Social Security Administration at 1-800-772-1213. 

 

BENCOR National Plan
Retirement Plans          Florida Retirement Benefit Plan        Social Security       Bencor National Plan      Retirement Articles

The BENCOR National Plan includes two tax-qualified, defined-contribution retirement investment plans.  Approved by the Internal Revenue Service (IRS) and offered by BENCOR, Inc. (BENCOR), the Plan is divided into two parts: the FICA Alternative Plan and the Special Pay Plan.

To obtain more information on the BENCOR National Plan, you may contact BENCOR, Inc. at 954-425-0665 or toll free 1-888-258-3422. 

Click here for more information from the Florida Division of Retirement, Social Security Administration or the BENCOR National Plan

 

Lannie Santiago
Personnel Administrator III
"Administers Retirement, Bencor"
Office: 754-321-3100
Fax:    754-321-3280
 

lannie.santiago@browardschools.com