This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.
Retirement Plans With 401k In Miami-Dade
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State:
Multi-State
County:
Miami-Dade
Control #:
US-001HB
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FAQ
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).
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.
The FRS Investment Plan is similar to a 401(k) plan. Members own all employer contributions and earnings in their Investment Plan account after completing 1 year of service. Employee contributions are immediately vested.
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.
The Deferred Retirement Option Plan, commonly known as DROP, is a retirement benefit that allows Tier 1 public safety members who are already eligible for retirement to continue working while collecting a salary and accumulating monthly pension benefits that will become available upon retirement.
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.
You must meet the following criteria in order to begin receiving your retirement benefit. You must be vested. If you enrolled in the FRS prior to July 1, 2011, you must have 6 years of service to vest. If you enrolled in the FRS on or after July 1, 2011, you must have at least 8 years of service to vest.
You will be eligible for a Pension Plan benefit (i.e. be vested) when you complete six years of service (if you were enrolled in the FRS prior to July 1, 2011) or eight years of service (if you were enrolled in the FRS on or after July 1, 2011).
Florida Members of public pension plans must forfeit their entitlement to future retirement benefits when they commit certain crimes, including commission of any felony under laws governing misuse of public office, any felony against a victim younger than 16 years of age, or any felony involving sexual battery against ...