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Benefits For Retired Seniors In Miami-Dade
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State:
Multi-State
County:
Miami-Dade
Control #:
US-001HB
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FAQ
What are some disadvantages of DROP? One disadvantage of participating in a DROP plan is that the monthly pension an employee receives will be substantially lower than the amount the employee would receive had the employee retired under a normal retirement calculation performed at the end of the DROP period.
If initially enrolled in the FRS on or after July 1, 2011, you qualify for normal retirement when one of the following applies: You are vested and age 65 or the age after age 65 when you become vested; or • You have 33 years of creditable service before age 65. You have 30 years of any creditable service before age 62.
FERS is a retirement plan that provides benefits from three different sources: a Basic Benefit Plan, Social Security and the Thrift Savings Plan (TSP). Two of the three parts of FERS (Social Security and the TSP) can go with you to your next job if you leave the Federal Government before retirement.
Who is eligible to participate in the DROP? To participate in the DROP, you must be vested and eligible for normal retirement (based on your years of service or age) as an active member of one of the following: The FRS Pension Plan; or • The Teachers' Retirement System (TRS).
Miami-Dade County provides retirement benefits for eligible employees through the Florida Retirement System (FRS). The FRS is qualified under Section 401(a) of the Internal Revenue Code and provides a defined benefit (FRS Pension Plan) and a defined contribution plan (FRS Investment Plan) option.
Limited Income Seniors Exemption (Save Our Seniors) Seniors that qualify receive a $50,000 exemption on county taxes, and a $25,000 exemption on city taxes for participating municipalities.
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You must complete and submit a Retiree Insurance Application to the Benefits Administration Unit to continue your coverage into retirement. Miami-Dade County provides retirement benefits for eligible employees through the Florida Retirement System (FRS).The Department of Elder Affairs administers programs and services for elders across the state of Florida through 11 Area Agencies on Aging. It is recommended that you submit your retirement applications to the Retirement Office three to six months prior to your retirement date. To enroll in a Medicare Supplemental Plan offered by. UnitedHealthcare, please contact them directly at 1-800-. If you do not wish to enroll and would prefer to decline the benefit, select "Waive". 2. Select your eligible members that you would like to enroll in the plan. Retirement benefits are payable on the last state business day of each month. Mission Statement: To promote the well-being, safety, and independence of Florida's seniors, their families, and caregivers. Vision:.