Melanie Pattullo, Personnel Assistant II
New employees filling a
regular position, are enrolled in the Florida Retirement System, a
dual system offering coverage under the Federal Social Security
System. The Santa Rosa School Board contributes to the Social
Security System and the Florida Retirement System for all employees.
In addition, a mandatory 3% pretax contribution is directed from
your paycheck into your retirement account, regardless of the Plan
The Florida Retirement System
currently offers two retirement plan options for employees to choose
The pension plan, often
referred to as a defined benefit plan, guarantees a retirement
benefit that is predetermined.
The employer contributes a specified percentage or amount to
the plan. The amount of
retirement benefit is based on a formula that takes into account the
years of service and average final salary.
Normal Retirement under the FRS is thirty years of
creditable service regardless of age or age 62 with six years of
creditable service if initially employed under FRS prior to July 1,
2011. OR, if initially employed under FRS on or after July 1, 2011,
thirty-three years of creditable service regardless of age or age 65
with eight years of creditable service. Four years of eligible military service may
be included as part of the thirty years if proper application is made
to the Division of Retirement.
The investment plan, often
referred to as a defined contribution plan, guarantees a set
contribution made by the employer.
The employer contributes a fixed amount toward the plan. Employees usually choose their
preferred investment options, and therefore, the employee usually
assumes the risks of those investments. The amount of the retirement
benefit will depend on the investments and account accumulations the
employee has chosen.
Membership After July 1, 2010
Members with a retirement
date of July 1, 2010 or after must stay terminated for six months
before returning to work. There
is an option to return to work after the six months but the member
would have to suspend their retirement benefit for the remaining
months (seven-twelve months). There
are no exceptions to this rule.
If a member decides to return to work in an FRS covered position
after being retired for the first twelve months, they would still
continue to receive their monthly benefit check. Anyone who retires after July 1,
2010 and takes distribution from his or her retirement will not be
eligible for renewed membership in the Florida Retirement
System. To be eligible to
participate in a 2nd retirement with the FRS you must be
initially reemployed in an FRS covered position no later than June
Regular Disability Retirement benefits are covered under
the FRS if:
You have completed
eight years of creditable service; or
You became a member
of the FRS before July 1, 1980 and completed five years of
creditable service by that date; or
You were a member of
the FRS on July 1, 1980 and have a total of five years of
creditable service, and are not fully insured for Social
Please be advised there is
currently pending legislation that could bring about changes to the
Florida Retirement System. Visit MyFRS.com for legislative
The MyFRS Financial
Guidance Line - a toll-free help
line at 1-866-44-MyFRS (1-866-446-9377 or TTY: 1-888-429-2160)
staffed by experienced financial planners.
MyFRS.com your online
resource for account information and to connect to the ADVISOR
SERVICE and the Second Choice CHOICE SERVICE.