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Contributions


You and your employer make contributions each month to the plans (with the exceptions noted below) based on a percent of your salary and your FRS membership class. The contribution (blended rate) percentage paid by your employer is the same whether you participate in the Pension Plan or the Investment Plan. These rates are shown under the Pension Plan column below. You contribute 3% of your salary each month regardless of which plan you are participating in. Additional contribution rate information is available here.
FRS Pension Plan (Blended Rate) FRS Investment Plan

Contributions are deposited into the Pension Plan trust fund, according to the following table.

Employment Class July 1, 2024 Rates
Employee Employer
Regular 3% 13.63%
Special Risk 3% 32.79%
Special Risk Administrative Support 3% 39.82%
Elected Officers:
Legislators 3% 62.97%
Governor, Lt. Governor, Cabinet Officers 3% 62.97%
State Attorney, Public Defenders 3% 62.97%
Justices, Judges 3% 45.45%
County & Local Elected Officers 3% 58.68%
Senior Management Service 3% 34.52%
DROP participants 0% 21.13%

 

It's important to note that the total contributions submitted by you and your employer do not affect your retirement benefit. Your retirement benefit is set by a formula that does not include the contribution rate paid by you and your employer.
 
Employee contributions of 3% are required of all Pension Plan and Investment Plan members, except those in DROP who are not required to pay employee contributions. Employee contributions are deposited in the FRS trust fund, along with any contributions you may have paid for a leave of absence or other type of service for which you may have paid contributions.
 
All employee and employer contributions go into a single trust fund to pay benefits for all FRS Pension Plan participants.
 
Contribution percentage amounts are subject to change each year based on legislative law changes, investment experience and the actuarial experience of the trust fund. However, the rise and fall of the contribution percentages does not affect your accrued retirement benefit, which is guaranteed by law.
 
Your employer also contributes additional amounts each month to fund the Health Insurance Subsidy benefit (2%), plan administrative and educational expenses (0.06%), and unfunded actuarial liability funding as required by law. The employer rates above include these contributions.
 

The contribution rates below are deposited monthly into your Investment Plan account.

Employment Class July 1, 2024 Rates
Employee Employer
Regular 3% 8.30%
Special Risk 3% 16.00%
Special Risk Administrative Support 3% 9.95%
Elected Officers:
Legislators 3% 11.38%
Governor, Lt. Governor, Cabinet Officers 3% 11.38%
State Attorney, Public Defenders 3% 11.38%
Justices, Judges 3% 15.23%
County & Local Elected Officers 3% 13.34%
Senior Management Service 3% 9.67%

 

These contributions go into your Investment Plan account and do affect your benefit being the primary funding for your account balance, particularly earlier in your career. The longer you're in the Investment Plan the more important investment earnings become, relative to contributions.
 
Contribution rates are fixed by law and the Florida Legislature can increase or decrease the amount that you and your employer contribute to your account.
 
Your employer also contributes additional amounts each month to fund the Health Insurance Subsidy benefit (2%), the Investment Plan disability program (contribution varies depending on membership class from 0.25% to 1.85%), the Investment Plan line-of-duty death benefits (contribution varies depending on membership class from 0.03% to 1.26%), plan administrative and educational expenses (0.06%), and unfunded actuarial liability funding as required by law.
 

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