Hillsborough Florida Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• County: Hillsborough
• 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 Hillsborough Florida Retirement Benefits Plan, also known as the Hillsborough County Retirement System, is a comprehensive retirement program established to provide financial security for eligible employees working in Hillsborough County, Florida. This plan is designed to support the retirement needs of current and former public employees, including educators, law enforcement officers, firefighters, and other local government workers. The retirement benefits plan offers a range of benefits and options to ensure a comfortable retirement for its members. One of the key components of the Hillsborough Florida Retirement Benefits Plan is the pension plan, which provides a guaranteed monthly income for life based on the employee's years of service, salary, and retirement age. This pension plan aims to provide retirees with a steady stream of income throughout their retirement years, allowing them to maintain their standard of living. Additionally, the retirement benefits plan offers a defined contribution plan, which enables employees to contribute a portion of their salary to a retirement savings account. These contributions are usually matched by the employer, thus providing an opportunity for employees to accumulate substantial savings over time. Another option available within the Hillsborough Florida Retirement Benefits Plan is the deferred compensation plan, allowing employees to defer a portion of their pre-tax salary into an account for retirement purposes. This plan offers tax advantages, as the contributions are not subject to income tax until withdrawn during retirement. For those employees who may need to retire early due to certain circumstances, the Hillsborough Florida Retirement Benefits Plan also offers disability retirement plans. These plans aim to provide financial support to individuals who are unable to work due to a disability or other qualifying conditions. It is important to note that the specific details and eligibility criteria for each of these retirement benefits plans may vary depending on the employee's job classification, years of service, and other factors. Employees are encouraged to closely review the plan documents and consult with the Hillsborough County Retirement System to understand the options available to them. Overall, the Hillsborough Florida Retirement Benefits Plan strives to ensure a reliable and secure retirement for its members. With its diverse range of plans and options, this retirement benefits program aims to meet the unique needs and goals of Hillsborough County's public servants, providing them with peace of mind as they transition into the next phase of their lives.

Hillsborough Florida Retirement Benefits Plan, also known as the Hillsborough County Retirement System, is a comprehensive retirement program established to provide financial security for eligible employees working in Hillsborough County, Florida. This plan is designed to support the retirement needs of current and former public employees, including educators, law enforcement officers, firefighters, and other local government workers. The retirement benefits plan offers a range of benefits and options to ensure a comfortable retirement for its members. One of the key components of the Hillsborough Florida Retirement Benefits Plan is the pension plan, which provides a guaranteed monthly income for life based on the employee's years of service, salary, and retirement age. This pension plan aims to provide retirees with a steady stream of income throughout their retirement years, allowing them to maintain their standard of living. Additionally, the retirement benefits plan offers a defined contribution plan, which enables employees to contribute a portion of their salary to a retirement savings account. These contributions are usually matched by the employer, thus providing an opportunity for employees to accumulate substantial savings over time. Another option available within the Hillsborough Florida Retirement Benefits Plan is the deferred compensation plan, allowing employees to defer a portion of their pre-tax salary into an account for retirement purposes. This plan offers tax advantages, as the contributions are not subject to income tax until withdrawn during retirement. For those employees who may need to retire early due to certain circumstances, the Hillsborough Florida Retirement Benefits Plan also offers disability retirement plans. These plans aim to provide financial support to individuals who are unable to work due to a disability or other qualifying conditions. It is important to note that the specific details and eligibility criteria for each of these retirement benefits plans may vary depending on the employee's job classification, years of service, and other factors. Employees are encouraged to closely review the plan documents and consult with the Hillsborough County Retirement System to understand the options available to them. Overall, the Hillsborough Florida Retirement Benefits Plan strives to ensure a reliable and secure retirement for its members. With its diverse range of plans and options, this retirement benefits program aims to meet the unique needs and goals of Hillsborough County's public servants, providing them with peace of mind as they transition into the next phase of their lives.