Department of Management Services
2/12/08 Florida Retirement System Now Serves More Public Employers
FOR IMMEDIATE RELEASE TUESDAY, FEBRUARY 12, 2008
~Seven additional employers enhance their employee benefit packages~
TALLAHASSEE - Department of Management Services Secretary Linda H. South announced that effective Jan. 1, 2008, employees from seven additional public employers around Florida are now covered under the Florida Retirement System (FRS). This expansion means more than 400 additional members in the system. The latest employer groups to participate in the FRS are:
- Alachua County Library District, 65 general employees
- City of Doral, 20 police department employees
- City of Freeport, 29 fire department employees
- City of Labelle, 35 general and elected employees
- Town of Alford, five general employees
- Village of Wellington, 266 general and elected employees
- Whispering Winds Charter School, 16 general employees
"The Florida Retirement System brings stability of retirement benefits to these individual employees, that often are difficult for small employers to provide," said Secretary South. "We are pleased to add them to the state system and work together with these local agencies to support their employees' service to the people of Florida."
The FRS offers a traditional benefit plan and a defined contribution benefit plan, and provides retirement, disability and death benefits to employees. As a member of the FRS, individuals have some portability if they move from the current employer to another public employer covered under the FRS. If they are already FRS members, they are not subject to the vesting requirements for new members.
These employers no longer have to administer a retirement plan, as they may have been doing. The enhanced benefits package helps with employee recruitment.
"Participation in our system gives employees more choice, something that today's workforce values," said State Retirement Director Sarabeth Snuggs. "That choice and the quality of the Florida Retirement System plans help public employers recruit new employees."
The FRS was established in 1970 as a consolidated statewide retirement system for Florida's public employees. For more information, visit www.dms.MyFlorida.com.