Under this program, the division annually distributes roughly $177 million in property and casualty insurance premium taxes to participating plans that comply with the chapter minimum benefits and standards. The division also oversees and monitors the actuarial soundness of 487 non-FRS local government retirement systems as required under Part VII, chapter 112, Florida Statutes, including the pension plans for municipal police and firefighters established pursuant to Chapters 175 & 185, Florida Statutes. The HIS provides more than $514 million in benefits and collects more than $587 million in employer contributions annually. The Retiree Health Insurance Subsidy Program (HIS) provides an additional payment to 402,566 retired FRS members with eligible health insurance coverage.Two defined contribution plans, the State University System Optional Retirement Program (SUSORP) for eligible State University System personnel and the Senior Management Service Optional Annuity Program (SMSOAP) for certain state senior managers with more than 21,500 active members, 36,000 inactive members, collects more than $200 million annually in contributions and have $6.3 billion in assets.
The division also administers other state-administered retirement systems: The division pays out $12 billion a year in retiree benefits and maintains the service history, vesting and membership status records, and collects nearly $4.5 billion annually in employer and employee contributions from more than 1,000 employers for all FRS members.Ĭlick on the totals above to see the corresponding data charts. The division administers the Florida Retirement System (FRS) Pension Plan, currently the fourth largest state retirement system in the US with more than 2.6 million active, retired, and terminated vested and non-vested members and $202 billion in assets. ASQ's quality management training will help you: understand the fundamentals in achieving maximum customer satisfaction at the lowest overall cost, focus on delivering a quality product or service by improving your processes, or set up a world-class quality management system. The division currently has 205 full-time retirement staff and manages a 2020-21 operating budget of $23,712,202. The mission of the Division of Retirement (division) is to deliver a high quality, innovative, and cost-effective retirement system.
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