Broward Florida Retirement Benefits Plan (BFR BP) is a comprehensive retirement program designed to provide financial security and benefits for retired public employees in Broward County, Florida. It offers various plans tailored to meet the diverse needs of its members, ensuring a comfortable and stress-free retirement. One type of BFR BP is the Defined Benefit (DB) Plan, which guarantees a specific amount of retirement income based on a formula that considers factors such as years of service, final average salary, and age at retirement. DB plans offer retirees a steady stream of income throughout their retirement years, which helps maintain their standard of living. Another type of plan available under BFR BP is the Deferred Retirement Option Program (DROP). This program allows eligible employees to continue working beyond their normal retirement age while simultaneously accumulating retirement benefits in a separate account. The funds in the DROP account grow over time, offering retirees a lump-sum payment upon their eventual retirement. Additionally, BFR BP offers a Deferred Compensation (457) Plan, which allows employees to contribute a portion of their pre-tax earnings to a retirement account. These contributions grow tax-deferred until withdrawn during retirement, providing retirees with an additional source of income during their golden years. The BFR BP also includes healthcare benefits, such as medical, dental, and vision coverage, ensuring retirees have access to quality healthcare services. The program provides a range of options, allowing retirees to choose the plan that best suits their healthcare needs and preferences. Members of BFR BP can also benefit from various ancillary perks, including life insurance coverage, survivor benefits, and disability benefits. These additional benefits help protect retirees and their families, providing financial security in case of unexpected events. Overall, Broward Florida Retirement Benefits Plan is an extensive retirement system that offers multiple plans catering to the individual needs of Broward County's public employees. From guaranteed income through the Defined Benefit Plan to flexibility and choice in the Deferred Compensation Plan, BFR BP aims to provide its members with a secure and prosperous retirement.
Broward Florida Retirement Benefits Plan
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FAQ
Defined contribution plans include the FRS Investment Plan, as well as 403(b), 457 and 401(k) plans.
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.
Retirement & Banking Pension program offers enrollment after one year of employment, with vesting after five years of employment, and a benefit which equals 5% of your cumulative annual salary up to the IRS compensation limit.
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).
You may retire early, that is, before your normal retirement age if you are vested and within 20 years of your normal retirement age. Benefits are reduced 5 percent for each year you are under the normal retirement age to reflect that they will be paid to you over a longer period of time.
When you work for the state, the Florida Retirement System (FRS) offers two retirement options: The FRS Pension Plan provides a monthly benefit to you when you retire. The FRS Investment Plan lets you choose how your money is invested and how you want to receive payments.
FRS Investment Plan Step 1: Years of Creditable Service Multiplied by Percentage Value (Percentage amount you receive for each year of creditable service based on your membership class. For example, Regular Class members receive 1.60% and Special Risk members receive 3% for each year of service.)
The FRS Pension Plan is a defined benefit plan. That means that your retirement benefit is set by a fixed formula. No matter how well or poorly the trust fund investments perform, you are guaranteed to receive your accrued benefit for your lifetime.
To receive your full retirement benefit under the FRS Pension Plan you must meet the required age or service requirements. If you enrolled in the FRS prior to July 1, 20111, normal retirement is age 62 with at least 6 years of service or 30 years of service, regardless of age.
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.
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If you qualify, employees can contribute as much time as needed to get benefits. A full-time employee is eligible to take a retirement benefit of 60 months of base pay while employees are enrolled in the FRS retirement plan. See FRS information on FRS retirement benefits. Other Retirement Savings Options. Employee contributions toward the FRS retirement plan are funded through the FRS Retirement Fund. Find out more about retirement-related benefits available to eligible employees. Employees may be eligible for: Medical benefits Dental services when enrolled in the FLH Dental Plan Educational benefits Health care coverage Housing benefits, if the employer owns or leases a home Vacation & Sick Leave Accrual Plan Vacation Time Accrual Plan (VT APP) Additional Benefits Eligible employees can save towards their pension. Employer's health insurance premiums are also eligible.
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