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Florida Retirement System

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  • Florida Retirement System

    Whats up with the Florida retirement system??? are all departments a required 25 yrs age 55 to retire? Does anyone know any specifics about Tampa police or the hillsboro county sheriff, do they participate in the state retirement program or are the 20 yrs and out? I am contemplating relocating after 12 yrs in PA but I dont know if I want to start from scratch again and have to do 25 years. Anyone have any info for me?????
    Come and get them!! (leonidus)

  • #2
    all sheriff's offices
    all state law enforcement
    all county fire dept and law enforcement

    are fla retirement system

    25 yrs to retire at any age
    06 yrs to vest for a pension

    start at older age ?? , 6 yrs minimum and age 55 to retire

    you collect 75% of yr 5 highest years

    tampa has their own retirement, 10 yrs to vest
    " if you talk in your sleep, don't mention my name....
    " if you walk in your sleep, forget where you came....

    Comment


    • #3
      The thing that is so great about FRS is that you pay NOTHING into your retirement (meaning you can use that money to invest in something like a 401K plan). Not sure what the deal with Tampa is, but I think OPD is something like 70% at 20 or 80% at 25 years, and you pay something like 10% into retirement (those numbers arent exact but pretty close). Like whoever said, you don't have to work for 25 years to retire, you just have to wait 25 years to retire if you want 75% of your top 5 years.

      Comment


      • #4
        FRS also has a market plan. All the $ is put into the stock market which you can manage via a website with the aid of an investment firm, or have your own financial planner do it. You vest in 1 yr and when you leave/retire, you can take/transfer all your money with you.

        Comment


        • #5
          So is it possible to be in FRS pension and the FRS 401k plan?

          ::if this questions doesnt make sense, its o.k, i have no idea about the FRS system::

          Comment


          • #6
            Originally posted by damode View Post
            So is it possible to be in FRS pension and the FRS 401k plan?

            ::if this questions doesnt make sense, its o.k, i have no idea about the FRS system::

            you have to decide on one or another. you can also invest in other outside plans in addition to frs as you pay nothing into it.

            Comment


            • #7
              Wrd up, thanks for the info

              Comment


              • #8
                question

                Originally posted by ftlaudcop View Post
                all sheriff's offices
                all state law enforcement
                all county fire dept and law enforcement

                are fla retirement system

                25 yrs to retire at any age
                06 yrs to vest for a pension

                start at older age ?? , 6 yrs minimum and age 55 to retire

                you collect 75% of yr 5 highest years

                tampa has their own retirement, 10 yrs to vest
                So if you are retiring with less than 25 years, you will still get the 75%?

                Comment


                • #9
                  every year is 3% so 20 years is 60%. At 20 years you can go into the DROP and retire at 25 years with 80%. You vest at 6 years(6X3=18% pension)

                  Comment


                  • #10
                    Originally posted by nickels41 View Post
                    So if you are retiring with less than 25 years, you will still get the 75%?

                    if you start at a older age, you will get 3% with a minimum of 6 yrs in.....

                    if you decide to quit, with less than 25 and age less than 55, you get

                    a penalty of 5% for each yr yr not 55, if you take the pension.....

                    if you ' cash out ' yr best bet is switch to tax deferred annuity unless ya wanna get hit with tax's hard.

                    i have 24 yrs 7 months in now......and i am 48

                    if sumthing happened and i took the pension route, i would get 35% of

                    my 75 % top pay penalized for not waiting 5 months.

                    I could switch out to the investment plan and not be penalized, depending
                    how i manage my money.
                    " if you talk in your sleep, don't mention my name....
                    " if you walk in your sleep, forget where you came....

                    Comment


                    • #11
                      Just come a little farther north and and apply for the NCSHP they pay 100% and full medical......
                      NCSHP
                      APPLICATION SUBMITTED OCT 2007
                      PHYSICAL AGILITY AND WRITTEN 156 T-SCORE
                      POLYGRAPH PASSED
                      BACKROUND COMPLETED
                      REVIEW BOARD NO GO
                      CONDITIONAL OFFER
                      PHYSICAL
                      PSYCHOLOGICAL
                      ACCEPTANCE LETTER
                      ACADEMY DATE NOV 12 2008

                      ---------------------------------------------------
                      SUCCESS IS EARNED NOT GIVEN
                      sigpic

                      Comment


                      • #12
                        Full medical? That's like a $20K bonus every year after retirement!
                        Airborne Cops are closer to God.
                        Arms and legs are just extensions of flight controls.

                        THESE BIG RED LETTERS HELP ME FIND MY POST.

                        Comment


                        • #13
                          I know this is an old post I'm bringin back here. But what is "drop" that this fellas talking about ?
                          If life gives you lemons....Go find someone who life gave vodka. {Ron White}

                          Comment


                          • #14
                            Originally posted by ftlaudcop View Post
                            if you start at a older age, you will get 3% with a minimum of 6 yrs in.....

                            if you decide to quit, with less than 25 and age less than 55, you get

                            a penalty of 5% for each yr yr not 55, if you take the pension.....

                            if you ' cash out ' yr best bet is switch to tax deferred annuity unless ya wanna get hit with tax's hard.

                            i have 24 yrs 7 months in now......and i am 48

                            if sumthing happened and i took the pension route, i would get 35% of

                            my 75 % top pay penalized for not waiting 5 months.

                            I could switch out to the investment plan and not be penalized, depending
                            how i manage my money.
                            ************************************************** **************

                            did my 26 yrs...gettin 78 %..of my 5 highest....
                            and making more now than wheni was working thanks to overtime..
                            =
                            and...goof offf all day .......
                            " if you talk in your sleep, don't mention my name....
                            " if you walk in your sleep, forget where you came....

                            Comment


                            • #15
                              Originally posted by ftlaudcop View Post
                              ************************************************** **************

                              did my 26 yrs...gettin 78 %..of my 5 highest....
                              and making more now than wheni was working thanks to overtime..
                              =
                              and...goof offf all day .......
                              And well earned I am sure.

                              Comment

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