The Florida Retirement System For Public Servants
The Florida Retirement System was founded in 1970, to provide public servants with a viable retirement plan. The fourth largest system of it’s kind, the Florida Retirement System provides benefits and services to over a half million public employees. There are over 900 different agencies that are a part of the Florida Retirement System, and they are working hard everyday to ensure that the retirees who qualify are being taken well care of.
Benefits Of The System
The Florida Retirement System offers a wide range of services and information to its members; including death and disability, and retirement benefits. There are also a number of retirement investment plans in the Florida Retirement System. These include:
The Florida Retirement System Investment Plan, a plan established for a Florida public employees as a means to invest in their future,
The Senior Management Service Optional Annuity Program, which provides benefits for the legislative, executive, and judicial department of Florida State government, and,
The State University System Optional Retirement Program, which was established for state university faculty and administrators.
The Florida Retirement System also offers a deferred retirement plan, in which a public employee may choose to retire without actually quitting their job. They are allowed up to five years for their retirement benefits to accrue and earn interest.
Who Benefits?
Established for Florida’s public employees, there are a number of different divisions that qualify for the Florida Retirement System. Teachers of all Florida’s public schools, including the state funded universities, are eligible for retirement benefits through the Florida Retirement System. Police, firefighters, and other highly trained public servants meet the criteria necessary to receive benefits as well. Employees of local and state agencies, such as parks and recreation and similar departments, also qualify for benefits under the Florida Retirement System.
However, if you are no longer a Florida public employee, you should check into the new regulations regarding vesting. If you did not work for the state for a specified number of years, you may not be eligible for benefits. Contact your local division of the Florida Retirement System to determine your eligibility.
Regardless of which department you worked for within the state system, you should check to make sure you are taking full advantage of the benefits that are being offered to you. The people in the Florida Retirement System are dedicated to ensuring that your retirement is enjoyable, and to answering any questions you may have regarding your benefits from the Florida Retirement System.