2011 Retirement Contribution Rates

The State sets new retirement contribution rates every year based on actuarial studies required under s. 121.031. With the new rules, the employee has to pay 3% of what the State sets as the contribution rate for 2011-2012. The contribution rates for employers (s. 121.71) are separate from the allocation rate for employee's accounts (s. 121.72).

The rate the employer pays currently has no bearing on their benefit. ORP participants will still receive 10.42 into their account (7.42% state, 3% mandatory). The Investment Plan participants will still receive 9% (regular class) into their account (6% state, 3% mandatory). The Pension Plan benefits are based on years of service, average final compensation and a multiplier, not contributions.

The Florida Retirement System has updated information on MyFRS.com to reflect the new legislative changes. Below are some links to additional information.

http://myfrs.com/portal/server.pt/community/myfrs/257/2011%20Retirement%20Legislation

http://www.myfrs.com/imageserver/plumtree/remote/custom/2011_Legislation_Summary.pdf

http://www.myfrs.com/imageserver/pdf/2011_Legislation_FAQs.pdf

http://www.dms.myflorida.com/human_resource_support/retirement/employer_page/information_releases