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The department serves a diverse clientele that includes state agencies, state employees, state retirees, universities, community colleges, and local governments, along with their retirees. Additionally, DMS products and services are utilized by the residents, visitors, and businesses of Florida, encompassing over 1.1 million customers. [1]
The Florida Retirement System (FRS) Pension Plan, a defined benefit plan, is one of the largest public retirement plans in the US. [13] At year-end, it comprised over 80 percent of total assets under SBA management. [3] The FRS Pension Plan serves a working and retired membership base of nearly one million public employees. [14]
In many states, public employee pension plans are known as Public Employee Retirement Systems (PERS). Pension benefits may or may not be changed after an employee is hired, depending on the state and plan, as well as hiring date, years of service, and grandfathering. Retirement age in the public sector is usually lower than in the private sector.
The Florida Legislature is looking to boost the pay for a depleted state work force and for the third consecutive year has inserted a pay raise in a $116 billion state budget it will soon send to ...
Seeing this threat to the long-term viability of Florida's retirement system, Gov. Ron DeSantis proposed that state employers raise their contributions to their employees' defined contribution plans.
Florida Gov. Ron DeSantis announced that state workers will get three extra days off this month. "In addition to Christmas Day and New Years Day, our state workers will get three extra days off ...
There are five classes of state employees for pension investment: Regular and Special Risk Administrative employees accrue retirement benefits at 1.6–1.68% per year; Senior Management, 2%; Special Risk employees, such as police and firefighters, 3%; and elected officers, including judges and legislative at 3% to 3.3%.
It's no secret that Florida is a mecca for retirees. While the Sunshine State's endless beaches and year-round agreeable weather make it an attractive option for many seniors, the state's many tax...