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USLF Multistate Elder and Retirement Law Handbook - Guide

Retirement Plans With Life Insurance In Miami-Dade

Category:

Family Law - Elder Law

State:

Multi-State

County:

Miami-Dade

Control #:

US-001HB

Format:

Instant download

Description

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.

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FAQ

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.

Before you are vested, your account balance is held in a suspense account for up to five years. If you do not return to work for an FRS employer within five years, you forfeit your account balance.

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.

Option 1 provides a monthly benefit for your lifetime, but does not provide a continuing benefit to a beneficiary. Option 2 provides a reduced monthly benefit for your lifetime, with a guarantee that your beneficiary will be eligible for a continuing benefit for 10 years from the date you retire.

The FRS Pension Plan is a defined benefit plan. That means that your retirement benefit is set by a fixed formula.

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.

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You must complete and submit a Retiree Insurance Application to the Benefits Administration Unit to continue your coverage into retirement. Additionally, the County provides retirees optional dental, vision and basic life insurance benefits.The County will host three in-person regional meetings. The Florida Retirement System (FRS) offers two retirement options: FRS Pension Plan, FRS Investment Plan. A properly completed Application for Service Retirement, Form FR-11. The FRS Pension Plan is a defined benefit plan, in which you are guaranteed a benefit at retirement if you meet certain criteria. The completed application form must be signed in the presence of a notary public. Find out if you are eligible for these benefits. Basic Term Life Insurance Coverage. This plan allows eligible employees to: Set aside money towards their retirement.

Retirement Plans With Life Insurance In Miami-Dade

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FAQ

What is the retirement system in Miami Dade County?

What happens to my Frs if I resign in Florida?

How many years to be vested in the Florida retirement system?

Is the Florida retirement system a lifetime benefit?

What type of retirement plan is the Florida retirement system?

Who is eligible for the Florida retirement system?

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