As you are aware, the July 15, 2011 paycheck is the first paycheck reflecting the mandatory employee 3% contribution. With this paycheck, many employees have also noticed that the County’s employer contribution amounts have also changed and it may “seem” that the overall contribution going the FRS has decreased. However, you need not worry because the total going to your account at FRS is not changing (see further explanation below). The difference is being picked up from the FRS Trust Fund as it has been in previous years.  Please review the below information as it clarifies how much is being sent from the employee and the employer as well as percentages from the FRS Trust Fund.

Investment Plan Contribution Rates (See Next Chart for Pension Plan Members)

*HIS = Health Insurance Subsidy (an additional benefit you may receive at retirement to help offset health insurance costs).

bottom line for investment plan  members: As you will see, the Total Paid into the Investment Account is the same now as it was before the new legislation took effect July 1, 2011.  To Verify the actual dollars that have been placed into your investment plan account, call FRS directly at 1-866-446-9377 so they can walk you through the process.

pension Plan Contribution Rates

*HIS = Health Insurance Subsidy (an additional benefit you may receive at retirement to help offset health insurance costs).

bottom line For Pension plan members: the benefit you will receive once you retire is still going to be the same because the formula that determines your pension payment amounts did not change with the legislation. Eventhough less is going to the frs, the expected pension benefit was not decreased due to the legislative changes. Any shortfalls will be made up from the frs trust fund.

Still have questions?  

• · Call the Florida Retirement System (FRS): 1-866-446-9377

• · Attend an FRS Info Session Next Week (schedule below):

Don’t forget to obtain supervisor’s approval if attending on County time.