Florida Retirement System Pension Plan

FLORIDA RETIREMENT SYSTEM PENSION PLAN SUMMARY PLAN DESCRIPTION as of July 1, 2012 FLORIDA RETIREMENT SYSTEM PENSION PLAN SUMMARY PLAN DESCRIPTION The following summary is a brief description of the Florida Retirement System Pension Plan as of July 1, 2012. Questions of interpretation shall be determined from Part I of Chapter 121, Florida Statutes, and Chapter 60S of the Florida Administrative Code. Creation The Florida Retirement System was created December 1, 1970, with consolidation of the Teachers’ Retirement System, the State and County Officers and Employees’ Retirement System, and the Highway Patrol Pension Fund. In 1972, the Judicial Retirement System was consolidated with the Florida Retirement System. In 2007, the Institute of Food and Agricultural Sciences Supplemental Retirement Program was

consolidated under the Regular Class of the Florida Retirement System as a closed group. The system was created to provide a program offering retirement, disability, and survivor benefits for participating public employees. Social Security coverage is also required for all members. Membership Membership in the Florida Retirement System is required for all full-time and part-time employees working in regularly established positions for state agencies, county governments, district school boards, state universities, and state community colleges; or cities, independent special districts, metropolitan planning districts, and public charter schools that make an irrevocable election to participate. Certain members, including elected officials and local government senior managers, may elect to not participate in the system. Members of the Elected Officers’ Class may elect to participate in the Senior Management Service Class in lieu of the Elected Officers’ Class or to withdraw from the Florida Retirement System altogether. The following members may elect to participate in various optional retirement programs instead of the Florida Retirement System Pension Plan:  Most Pension Plan members (including renewed members), Senior Management Service Optional Annuity Program participants, and State Community College Optional Retirement Program participants may elect to participate in the Florida Retirement System Investment Plan. Florida Retirement System Pension Plan members who retired and chose to participate in the Deferred Retirement Option Program are not eligible to become members of the Florida Retirement System Investment Plan;  Senior Management Service Class members who are state employees (including state-level Elected Officers’ Class members who choose to participate in the Senior Management Service Class) may elect to participate in the Senior Management Service Optional Annuity Program, while locally designated members of the Senior Management Service Class may elect to opt out of the system altogether. Assistant state attorneys, assistant public defenders, assistant attorneys general, and assistant statewide prosecutors cannot participate in the Senior Management Service Optional Annuity Program;  State University System faculty, executive service employees, and administrative and professional employees may elect to participate in the State University System Optional Retirement Program except for faculty at colleges of a state university that has a faculty practice plan. These faculty members are mandatory State University System Optional Retirement Program participants; and  State Community College System faculty and certain administrators whose positions are covered by the Regular Class may elect to participate in a State Community College Optional Retirement Program, if the college offers an optional retirement program. Classes...

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