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Florida Retirement System (FRS)

All regular employees are eligible upon employment, for enrollment in the Florida Retirement System program. There are two (2) plans available: Pension Plan or Investment Plan, which is paid 100% by the County. New employees are enrolled automatically in the Pension Plan on date of hire. Choice period to select the Investment Plan runs until the end of the fifth month after date of hire. Employees are vested in the program after six (6) years for the Pension Plan and one (1) year for the Investment Plan, and there is a provision for disability pensions.

For information about your FRS account call the MyFRS Financial Guidance Line at (866) 446-9377, or visit their website at www.MyFRS.com. Members can also find more information at the Division of Retirement’s website.

Important Notices

Helpful Retirement Tools

FRS 3% Contributions

The Florida Legislature has passed legislation that made changes to the Florida Retirement Systems (FRS). One of the changes is that employees covered under the FRS pension or investment plan must begin making 3% contributions effective July 1, 2011. This is in addition to the employer paid contributions. Participants in DROP (Deferred Retirement Option Program) are exempt.

For information about other changes made as part of the new legislation, please refer to the Florida Retirement System (FRS) website at http://www.myfrs.com or you may also review a copy of the actual text of the legislation at http://www.flsenate.gov/Session/Bill/2011/2100/BillText/er/HTML

How will the contribution be made?
  • The contribution will automatically be withheld from your paycheck beginning on pay period 14 (pay date July 8th).
  • The new deduction code that will appear on your paycheck is "RET" which represent the 3% FRS withholding.
  • The County will forward all employee contributions along with the employer paid contributions to the FRS on a monthly basis.

Will the deductions be withheld as pre-tax?

  • Yes, the contributions will be deducted prior to the calculation and withholding of federal taxes.

Will the 3% contribution include my overtime?

  • Yes, the 3% employee contribution is based on gross wages, which includes overtime.

Is the 3% employee contribution mandatory? What if I don't want it deducted from my paycheck. May I send in my payment directly to the FRS?

  • The contributions are mandatory and employees do not have the option of paying the contributions directly to the FRS. The contributions must be payroll deducted and paid by the County to the FRS.

If I separate from the County prior to being vested in the FRS, am I entitled to a refund of my employee contributions?

  • You may be eligible for a refund, however, it would be determined by the FRS (not the County). We recommend that you contact the FRS to discuss the eligibility and the potential impact if you are ever employed by a participating employer in the future.

Who do I contact if I have questions?

  • If you have specific questions about how the recent legislative changes may affect you, you may contact the FRS at 1-866-446-9377.
  • Here are some Frequently Asked Questions(FAQ's) on the recent changes with Legislation.

For payroll related questions, please contact the Office of Human Resources & Risk Management at 352-343-9596.

This and other important employee information can be found on the new Lake@Work Live newsletter webpage.

Annual Investment Report

  • Annual Investment Reports are available from the State Board of Administration's website, www.sbafla.com. The reports detail the performance of the Florida Retirement System Pension Plan and Investment Plans for each fiscal year.


Deferred Compensation (457)

The IRS sets annual limits as to how much money can be contributed to a deferred compensation 457 plan. Visit Nationwide or ICMA-RC for more information. Below are the two providers whom employees can choose from: Nationwide Retirement Solutions or ICMARC:

ICMA Retirement Corporation

Patty Nichols, Retirement Plans Specialist
Phone: 1-866-731-1071 x5929
Cell: 202-295-7575
Fax: 407-682-4500
Email: pnichols@icmarc.org
Web: http://www.icmarc.org
ICMA-RC 457 Deferred Comp Plan Video
ICMA 457 Deferred Compensation - Legislative and Regulatory Changes Amendment
ICMA 457 Deferred Compensation - Plan and Trust Amendment

The following information summarizes the proposed change to ICMA’s default investment option. If an employee does not make a selection when first enrolling, he/she will automatically be put into Milestone Funds, a series of target-date funds. Below are questions and answers that should aid in your review and understanding of the changes being made. If you have any further questions please contact ICMA-RC.

Nationwide Retirement Solutions
Investment Summary 457(b)

Jennifer Massey
Phone: (407) 967-1880
Email: masseyj3@nationwide.com
Website: http://www.nrsforu.com
Important information about changes coming to the Nationwide Plan
Give Your Retirement a Raise
Nationwide Privacy Statement
NRS 457 Deferred Compensation Plan Document
Lake County 2017 Expense Ratio
2012 Saver's Tax Credit Information

Refer to online training calendar to see when a representative from Nationwide or ICMA will be here next.

Deferred Compensation Visits

Lake County employees may choose to participate in a deferred compensation program through payroll deduction. Both ICMA-RC and Nationwide offer programs designed for retirement saving which allow pre-tax contributions. Presentations are offered by these providers to explain the deferred compensation plan(s) available. The presentation is in a noontime workshop setting and employees are encouraged to bring their lunch to enjoy. Employees can register to attend these presentations by going to the online training calendar.

Payroll Deducted Roth IRA

The IRS sets annual limits as to how much money can be contributed to a Roth IRA. A Roth Individual Retirement Account (IRA) is a great savings tool because earnings are either tax-deferred or tax-free, which could mean more for retirement. Roth IRAs may also be valuable for other financial goals, such as a home purchase or college education. When planning a comfortable retirement, it is likely going to require drawing upon a variety of retirement income sources.

ICMA Retirement Corporation offers a payroll deducted Roth IRA. For more information on the payroll deducted Roth IRA, click on the links below, call ICMA or visit http://www.icmarc.org. To open a payroll deducted Roth IRA, simply fill out a Roth IRA Account Application (send completed form to ICMA) and Roth IRA Payroll Authorization form (send completed form to the Office of Human Resources & Risk Management). Payroll deductions will start depending on when the Roth IRA Authorization Form is received by Human Resources.

Payroll Deducted Roth 457

A Nationwide Roth 457 may be right for you if want to consider making contributions if you:

  • Believe that taxes will be raised before you retire and you want to take advantage of the potential tax-free withdrawals provided by a Roth 457 account
  • Expect to be in a higher tax bracket upon retirement
  • Are younger, with many working years ahead of you
  • Are unable to contribute to a Roth IRA because of your income
  • Are looking for an estate-planning tool to leave assets tax-free to heirs

To open a payroll deducted Nationwide Roth 457, simply fill out a Roth 457 Payroll Authorization form (send completed form to the Office of Human Resources & Risk Management). Payroll deductions will start depending on when the Roth 457 Authorization form is received by the Office of Human Resources & Risk Management. For more information on the payroll deducted Roth 457, click on the links below, call Nationwide or visit Nationwide's Website:

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