|Florida Retirement System (FRS) Pension Plan|
||Participants are fully vested after eight years of creditable service. Normal retirement age is 65 with a minimum of eight years of service or at any age with 33 years of creditable service. Early retirement is possible. FRS also offers a Deferred Retirement Option Plan. The vesting requirement and normal retirment age is different for employees hired before July 1, 2011. You may visit http://myfrs.com for more information.
|Type of Plan
||A defined benefit plan.
||Full-time and regular part-time employees.
||Employees hired after July 1, 2011, vest after earning eight years of creditable service.
||Effective July 1, 2011, Florida law requires you to make pretax retirement contribution of 3 percent of your gross salary to your retirement plan.
||The amount contributed by the College toward your retirement plan (called the "blended contribution rate") is the same whether you participate in the investment plan or the pension plan and is a percentage of your gross monthly salary, based on your employment class (e.g., regular class, senior management service class, special risk class, etc.)
||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.
||Employees hired after July 1, 2011, must meet the vesting requirement and either have attained age 65, or have at least 33 years of creditable service regardless of your age.
|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.
|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 percent per year penalty for early retirement.