Leave of Absence/Retirement/Reemployment Assistance

   

Retirement Office FAQ's

 
1. How do I retire and how soon do I begin the process?
2. What retirement plans are available?
3. What is the DROP Program?
4. How do I qualify for DROP?
5. Is there a deadline to apply for DROP?
6. What happens to my sick leave days when I retire?
 
How do I retire and how soon do I begin the process?
By completing the Retirement Information/Appointment Request Form, an appointment can be scheduled according to your date of retirement.  It is recommended that you submit your retirement applications to the Retirement Office three to six months prior to your retirement date. You may obtain an Appointment Request Form at: http://pers.dadeschools.net/retirement/pdf/3268.pdf
What retirement plans are available?
There are two Florida Retirement System (FRS) Retirement Plans.  The FRS Pension Plan (PP), and the FRS Investment Plan (IP).  The FRS Pension Plan requires six years of creditable service to be vested, and you must be at least age 42 and one month to retire.  The FRS IP requires one year of creditable service to be vested.  Age is not a factor; however, you are subject to Internal Revenue Service tax laws, as applicable, at time of fund withdrawal.
What is the DROP Program?
The Deferred Retirement Option Program (DROP) allows you to effectively retire under the Florida Retirement System (FRS) Pension Plan and begin accumulating your retirement benefits, in an interest savings account of 6.50% interest, without terminating employment, for up to 60 months from the date you first reach your normal retirement or eligible deferral date.  Only members of the FRS Pension Plan qualify for DROP.
How do I qualify for DROP?
You must have completed 30 years of creditable service, regardless of age, or be age 62, with a minimum of six years of creditable service.
Is there a deadline to apply for DROP?
Yes, all employees, except instructional staff and paraprofessionals, have a deadline to submit the DROP applications to the Division of Retirement in Tallahassee.  For complete DROP  Plan information go to: http://dms.myflorida.com/human_resource_support/retirement/deferred_retirement_option_program_drop
What happens to my sick leave days when I retire?
All bargaining units except AFSCME will have sick leave days automatically deposited into the BENCOR 403 (b) Special Pay Plan if the sick leave payout exceeds $1,000.  The percentage of sick leave days paid out is based on the number of creditable years of service in the Florida Retirement System.  After entering DROP sick leave day payments to BENCOR are made after one or more years of DROP participation. Payments to BENCOR are made in June. Employees must have a balance of 21 sick leave days left after each annual deposit or the payment will not be made.  Employees retiring under Pension Plan Service   Retirement or Investment Plan retirement will have their sick and/or vacation days paid into BENCOR up to the limit allowed under IRS regulations.  A BENCOR Brochure can be obtained by calling BENCOR Administrative services at 1-888-258-3422.
 

 

 

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