Florida Retirement System
Florida Retirement SystemWhat is the Florida Retirement System?
The Florida Retirement System provides pension plans and other retirement resources to its members. PHSC will choose which retirement plan to join. The Florida Retirement System (FRS) offers you two retirement plans — the Investment Plan and the Pension Plan. Upon employment at PHSC, you become a member of FRS and as an FRS member, you get to choose the plan that’s right for you.
As of July 1, 2011, you are considered vested in the FRS Pension Plan after working eight (8) years with an FRS employer. Members enrolled prior to this date are considered vested after working six (6) years with an FRS employer.
You are considered vested in the FRS Investment plan after working one (1) year with an FRS employer.
Investment Plan
Investment PlanFlorida Retirement System Investment Plan
Who Pays?
PHSC and You pay 3%
When You Are Eligible
As soon as employed.
What You Receive
As of July 1, 2021, PHSC contributes an amount equal to 10.82 % of your gross pay into the FRS monthly. The employee contribution rate is 3.00% of your gross pay on a pre-tax basis. You have a CHOICE between the FRS Pension Plan and the FRS Investment Plan. You will receive a CHOICE package from the Florida Retirement System during your second month of employment that will explain the differences in the Plans. The retirement plan you choose will be credited with the employee and PHSC’s contribution from your first day of employment. As of July 1, 2011, you are considered vested in the FRS Pension Plan after working eight (8) years with an FRS employer. Members enrolled prior to this date are considered vested after working six (6) years with an FRS employer. You are considered vested in the FRS Investment plan after working one (1) year with an FRS employer.
Pension Plan
Pension PlanFlorida Retirement System Pension Plan
Who Pays?
PHSC and You pay 3%
When You Are Eligible
As soon as employed.
What You Receive
As of July 1, 2021, PHSC contributes an amount equal to 10.82 % of your gross pay into the FRS monthly. The employee contribution rate is 3.00% of your gross pay on a pre-tax basis. You have a CHOICE between the FRS Pension Plan and the FRS Investment Plan. You will receive a CHOICE package from the Florida Retirement System during your second month of employment that will explain the differences in the Plans. The retirement plan you choose will be credited with the employee and PHSC’s contribution from your first day of employment. As of July 1, 2011, you are considered vested in the FRS Pension Plan after working eight (8) years with an FRS employer. Members enrolled prior to this date are considered vested after working six (6) years with an FRS employer. You are considered vested in the FRS Investment plan after working one (1) year with an FRS employer.