Florida Retirement System (FRS) - Pension Plan
Pension Plan - participants are fully vested after 6 years of creditable service. The college pays all contributions. Normal retirement age is 62 with a minimum of 6 years of service or at any age with years of creditable service. Early retirement is possible. FRS also offers a Deferred Retirement Option Plan. You may visit http://myfrs.com for more information.
| Florida Retirement System (FRS) - Pension Plan |
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| Type of Plan: |
A defined benefit plan. |
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| Eligibility: |
Full-time and regular part-time employees. |
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| Vesting: |
You vest after earning six years of creditable service. |
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| Employer Contributions: |
The college pays all contributions toward your retirement plan. |
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| Benefit: |
The monthly retirement benefit is based upon a formula, which considers your years of creditable service, age at retirement, average final compensation, and the membership class (Seminole State is in the regular class) percentage factor. The retirement benefit is also affected by the benefit option you select. |
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| Normal Retirement: |
You must meet the vesting requirement and either have attained age 62, or have at least 30 years of creditable service regardless of your age. |
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| Deferred Retirement Option Program (DROP): |
Once you qualify for normal retirement, you may elect to participate in the DROP. If you elect the DROP, the Division of Retirement will invest your monthly FRS pension benefit into a DROP interest-earning account, while you continue to work for the college for a period not to exceed five years. Upon your termination from employment, which must occur by the end of the five-year DROP period, your monthly FRS pension benefit will be paid to you and your accumulated DROP balance will be made available to you. |
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| Other Plan Features: |
This retirement plan has provisions for disability retirement, survivor benefits, and a retiree health insurance subsidy. It also has an early retirement feature, however there is a 5% per year penalty for early retirement. |
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