NEW 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.  

Retirement Office Hours

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
Danielle O'Brien, Clerk Specialist II, Obrienda@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 

PCS RETIREMENT SUMMER 2023

Summer of 2023 Retirement Memory Book  

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.