Elder Form For Pension In Miami-Dade
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FAQ
A pension is a type of defined-benefit plan. An employer guarantees a set payout in retirement based on a formula that typically takes the employee's years of service and highest-earning years into account.
The FRS Pension Plan Plan differences will vary slightly based on hire date, but the basics computation of the plan is as follows: Years of Service x 1.6% of Average annual compensation for highest 5 years of salary during tenure = Annual benefit amount.
You receive a set, monthly benefit based on your age at retirement, salary, position, and how long you worked for the FRS. You receive the balance of your investment account; based on how well the plan performed. What do I contribute? 3% of your gross salary.
Under the defined benefit plan, an employee's annual benefit will be determined by multiplying the years of service by a percentage value and by the average of the five highest years of creditable salary.
For normal retirement and to receive your full monthly benefit, you must be age 65 with at least 8 years of service or have 33 years of service regardless of age.
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.
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.
Forms NameTitleCurrent version Form 5500 & Schedules Annual Return/Report of Employee Benefit Plan Standard Form 5500-EZ Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan Fillable PDF Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan Standard PDF58 more rows •