12/30/2020 11:55:41 AM
6/18/2018 4:23:25 PM
Official Document Type
Agenda Item Number
Health Insurance Subsidy Policy
Eligibility for Retiree Benefits
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RETIREE BENEFITS AND SUBSIDY POLICY <br />ELIGIBILITY FOR RETIREE BENEFITS <br />Any employee of Indian River County who participates in and satisfies the Vesting, Disability, Early or <br />Normal Retirement provisions of the Florida Retirement System (FRS) may be eligible for certain Other Post - <br />Employment Benefits. Currently, the eligibility requirements for retirement under the FRS Defined Benefit <br />Pension Plan are as follows. <br />VESTING RETIREMENT Enrolling to FRS prior to July 1, 2011: Termination after 6 years of creditable <br />service. <br />Enrolling to FRS after June 30, 2011: Termination after 8 years of creditable <br />service. <br />However, there will be no OPEB benefits available after termination of <br />employment, unless employee satisfies eligibility requirements for any other <br />retirement benefits listed below and starts receiving retirement benefits from <br />FRS. <br />DISABILITY RETIREMENT Line of Duty: Members are eligible if totally and permanently disabled during <br />the actual performance of duty. There is no service credit requirement. <br />Non -Duty: Members are eligible if totally and permanently disabled after <br />completing at least 8 years of creditable service. <br />However, Members with renewed membership and DROP participants are not <br />eligible for Disability Retirement. <br />SURVIVORSHIP Line of Duty: Member died during the actual performance of duty. There is no <br />service credit requirement. <br />Non -Duty: Employment is terminated as a result of death after 6 years of <br />creditable service for all classes of membership. <br />EARLY RETIREMENT All employees may retire with a reduced pension benefit upon accrual of six <br />years of creditable service (8 years if hired after June 30, 2011). However, <br />employee must be 59 Y upon retirement in order to be eligible for post- <br />retirement benefits. <br />NORMAL RETIREMENT Regular, Elected Officers' and Senior Management Classes: <br />• Enrolling to FRS prior to July 1, 2011: Age 62 with six years of creditable <br />service, or 30 years of creditable service regardless of age; eligible <br />immediately. <br />• Enrolling to FRS after June 30, 2011: Age 65 with eight years of creditable <br />service, or 33 years of creditable service regardless of age; eligible <br />immediately. <br />Special Risk: <br />• Enrolling to FRS prior to July 1, 2011: Age 55 with six years of creditable <br />service, or 25 years of special risk creditable service regardless of age, or <br />age 52 and 25 years of creditable combined service (including special risk <br />-1- <br />
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