Broward Florida Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Broward
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service 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 These contributions grow tax-deferred until withdrawn during retirement, providing retirees with an additional source of income during their golden years.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 (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.