Details: Created on Friday, 06 May 2011 14:29

Tags: legislation | pension

This legislation session, the House and Senate agreed to legislation making multiple changes to the Florida Retirement System, which includes each of our members in county sheriff and tax collector offices. Though the legislation still must be implemented by the Division of Retirement, below are some of the key provisions affecting our members:

Employees will contribute 3% to the pension. Contribution is pretax.
DROP will remain, but the new interest rate for members entering DROP on or after July 1, 2011 is 1.3%.
The COLA accruals for active members will be suspended from July 1, 2011 to June 30, 2016. After July 1, 2016, the COLA accruals will resume for the 3% annual increase in retirement.
New hires on or after July 1, 2011 will vest after 8 years.
New hires on or after July 1, 2011 will have a best 8 years of salary to calculate the AFC.
New hires in special risk will be required to work 30 years or until age 60 after vesting.

Please continue to monitor www.cfpba.us for the latest information on this issue.