Latest Retirement News

  • Retirement Office Hours:

    Individual Appointments
    Telephone, video or in-person meetings are available.
    Click here to schedule an appointment. 

    Tuesdays: 8:00am to 11:00am
    2:00pm to 4:00pm

    Thursdays: 8:00am to 11:00am

    Walk-in Wednesdays
    Walk-in hours are available on Wednesday. Retirement Specialists will be available to employees on a first come, first served basis. 

    Wednesdays: 8:00am to 11:00am
    2:00pm to 4:00pm


    Please note
    : If you do not want to come into the office, most retirement processes can be handled by telephone, email or by video conference.   

     

    Risk Management Retirement Team

    Kim Williams - Retirement Analyst, Williamsk@pcsb.org
    Kelli Barr - Benefits Assistant, Barrk@pcsb.org

    PCS Administration
    301 4th St. SW
    Largo, FL 33770
    (727) 588-6214
    Email:
     risk-retirement@pcsb.org
    Submit Retirement Applications to 
    frsapps@pcsb.org 

     


    *IMPORTANT* BILL IMPACTS FRS RETIREMENT

    Senate Bill 7024 was approved on June 5, 2023. This bill has changes that will impact the Florida Retirement System plans and the Retiree Health Insurance Subsidy.  

    SENATE BILL 7024

    This bill makes the following retirement changes:

    • Revises the Deferred Retirement Option Program (DROP) by: 
      • Eliminating the restrictive entry window for eligible members to participate in DROP. It now allows entry into DROP at any time after the member reaches their normal retirement date and their vesting requirement is met. 
      • Increasing the maximum amount of time eligible members may participate in DROP from 60 to 96 calendar months for all membership classes; 
      • Allowing instructional personnel, as defined in s. 1012.01(2)(a)-(d), Florida Statutes, to extend their DROP participation for up to 24 calendar months in addition to the 96 months; and 
      • Increasing the interest rate applied to a member's accrued monthly benefit from 1.3% to 4%, effective July 1, 2023.
    • Increases the monthly retiree Health Insurance Subsidy from $5 to $7.50 for each year of creditable service. The maximum monthly benefit is adjusted from $150 to $225 and the minimum monthly benefit is adjusted from $30 to $45, effective July 1, 2023. 
    • Amends the normal retirement date for Special Risk Class members initially enrolled on or after July 1, 2011, to be the earlier of 25 years of creditable services, or age 55, effective upon becoming law. 

    Current DROP participants (who entered prior to June 5th, 2023) may apply for the continuation of DROP (from 60 months to 96 months) during the year of their DROP termination date, or approximately 90–120 days prior to your DROP termination date.  If approved, new DROP forms (DP-ELE) will need to be signed by the employer and submitted to the Division of Retirement prior to your current DROP termination date.   

    If you are interested in entering DROP, the revised DROP Application is available online.

     


    Thinking About Retirement?:
    Are you considering retirement? It's never too early to start preparing for retirement. Click on the link above to determine the best available retirement option for you! The Retirement Roadmap is a useful tool to prepare for all aspects of retirement.  It's a valuable resource for all employees, from new hires to retirees.

     

     


    FRS Retirement Programs - General Information:
    As a public service employee, you may be a member of the Florida retirement plan.  Florida's retirement plan may be a defined benefit plan or a defined contribution plan, and/or a hybrid plan.

     

    The Florida Retirement System (FRS) offers the option of participating in two FRS retirement plans: The FRS Defined Benefit (Pension) Plan (which includes DROP) and the FRS Defined Contribution (Investment) Plan. 

    In order to reach FRS, call the MyFRS Financial Guidance Line toll-free at 1-866-446-9377. The FRS website (www.MyFRS.com) provides access to a variety of information on retirement. There is also a Chat Feature on the front page where you can chat with a representative.

    • Defined Benefit (Pension) Plan
      Defined Benefit (Pension) Plans Guarantee a retirement benefit that is predetermined. The employer and employee contribute a specified percentage or amount to the plan. The amount of the retirement benefit is based on a formula that takes into account the year of service and average final salary.

  • Bencor Special Pay Plan 401A
    The Special Pay Plan is offered to all school board employees if you are retiring, separating from service, or entering DROP. Employees who have accumulated "special pay" (sick leave and/or vacation pay) with a value of $2,500 or more will automatically have an account established for them and their money will be deposited in this account free of Social Security and Medicare Taxes, and deferral of federal income taxes

    • Retiree Insurance Benefits
      You may participate in the Retiree Insurance program if you meet the following criteria at the time of your retirement. 

    • Investment Plan Retirement
      The investment plan retirement benefit has no fixed level at retirement. It is primarily designed to serve shorter-service and mobile employees. The plan offers flexible distribution options, including a lump sum option. 

    • Retirement Savings Program:
      403B, 457, and Roth 403B

      Saving money for retirement is often a low priority in our busy lives. PCS offers a Voluntary Retirement Program that provides 2 pre-tax options and 1 post-tax option for saving for retirement. Convenient savings through payroll deductions from one of the authorized investment providers included on the PCS List of Providers. 

    • New Hire Retirement Options

      As a new employee, you must choose between the two available retirement plans through the Florida Retirement System (FRS).  FRS offers you two retirement plans — the Investment Plan or the Defined Benefit Pension Plan.  You get to choose the one that’s right for you.  

      FRS has many resources to help you understand your options and make the right decision.  Follow the link below:
      https://www.myfrs.com/NewHire.htm

      Remember: You have until 4:00 p.m. ET on the last business day of the 8th month after your month of hire to submit your choice.
      For more New Hire information, please go to the Newly Hired web page: 
      New Hire Information