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FL agencies and transferring retirement

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  • FL agencies and transferring retirement

    Does anybody know of any agencies that will accept/transfer out of state retirement? I know that Kissimmee PD will consider this, any other FL agencies?

  • #2
    I believe here in Broward County they do. Plantation, Sunrise and some others have retired NYPD guys.

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    • #3
      Transfer of retirement

      The State of Florida is set up very differently than a lot of other states when it comes to retirement. First of all, all counties, school districts, Florida Highway Patrol, some cities, and most university Police agencies participate in the Florida Retirement System. The system is non contributory on the part of the employee, the employer pays 20% a year into it, and you vest in 6 years if go with the traditional retirement system. They also offer an investment plan for those individuals who wish to control their own investments, based on the stock market, and the vestment time is (1), year. The Florida Retirement system for law enforcement is separate from other employees retirement systems in that you are considered high risk, and they use a 3% multiplier per year. If you work 25 years, you will retire with a pension of 75%, based on the highest 5 years of salaries you earn. The Florida retirement system does accept state to state transfers of other retirement systems, but their are certain rules that apply. First of all, you can not be vested already in your old retirement system, and you can not be drawing a pension from that system. Also, if they let you buy back your time, it will be credited on the end but at the civilian rate, not the high risk rate, which is a 1.6% multiplier, example, if you had 4 years of service in you old system, you would come into the FRS System with 6.4%, which would be equivalent to just over 2 years added to the end of your retirement. For more information on this, you may contact the Florida Retirement System at myfrs.com.

      For those who are looking to work for a municipal police agency, most do not participate in the Florida Retirement system because the cost to the cities is enormous, and the city councils have less control. Most have their own private pension system, and most, both the employee and city contribute into it. Some will accept transfers of time, but the easiest way to find out is to contact the human resources or personnel department for that agency or the department recruiter.

      I hope I was able to answer some of you questions as to how the Florida system works, I transferred to Florida 4 1/2 years ago from New York, and I will retire in 25 years with a 75% pension, overtime included, instead of a New York State Tier 3 retirement system, after 25 years with 50%.

      Most Florida agencies also offer DROP options, wherein you either do 25 years or hit the age of 55,and you can enter into the drop program, signing a contract, locking in your pension benefits, and continuing to draw a salary for 5 years.

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