Fla. Admin. Code R. 60S-4.004

Current through Reg. 50, No. 187; September 24, 2024

Section 60S-4.004 - Benefits Payable Upon Normal Retirement

(1) The maximum normal monthly retirement benefit for a member who retires with creditable service only under the Florida Retirement System shall be calculated by multiplying the years of service times the percentage value per year of service times the average final compensation, and dividing the product by 12, as follows:

(a) For a member who has creditable service only as a Regular Class member:

Normal Monthly Benefit = A x B x AFC

Where:

If initially enrolled in the FRS prior to July 1, 2011, A is -

1. 60% at age 62

1. 63% at age 63

1. 65% at age 64

1. 68% at age 65

or over, not to exceed 1.68% Or

1. 60% with 30 years of creditable service

1. 63% with 31 years of creditable service

1. 65% with 32 years of creditable service

1. 68% with 33 years of creditable service or more, not to exceed 1.68%

If initially enrolled in the FRS on or after July 1, 2011, A is -

1. 60% at age 65

1. 63% at age 66

1. 65% at age 67

1. 68% at age 68

or over, not to exceed 1.68% Or

1. 60% with 33 years of creditable service

1. 63% with 34 years of creditable service

1. 65% with 35 years of creditable service

1. 68% with 36 years of creditable service or more, not to exceed 1.68%

B is - The sum of all complete years and fractions of a year of creditable Regular Class service under the Florida Retirement System.

AFC (Average Final Compensation) is - If initially enrolled in the FRS prior to July 1, 2011, the average annual compensation of the 5 highest years of compensation of creditable service prior to retirement, termination or death. If initially enrolled in the FRS on or after July 1, 2011, the AFC is the average annual compensation of the 8 highest years of compensation of creditable service prior to retirement, termination or death.

Average Final Compensation shall be figured in the following manner:

1. Identify the total salary paid for each July 1 through June 30 fiscal year.

2. Rank the fiscal years of salary in order from the highest annual salary to the lowest annual salary. In order to determine the annual salary for ranking purposes only, during a year for which a member receives less than a full year of creditable service, divide the actual salary received by the percentage of a year of creditable service earned for that year.

a. If initially enrolled in the FRS prior to July 1, 2011, total the actual salary received for the highest 5 years. If the highest 5 fiscal years do not constitute 5 complete years of creditable service, add the necessary percentage of the next highest fiscal years' salaries to complete 5 years of creditable service.

b. If initially enrolled in the FRS on or after July 1, 2011, total the actual salary received for the highest 8 years. If the highest 8 fiscal years do not constitute 8 complete years of creditable service, add the necessary percentage of the next highest fiscal years' salaries to complete 8 years of creditable service.

4. The average final compensation shall be the annual average of the total obtained in 3.

(b) For a member who has creditable service only as a Special Risk Class member:

Normal Monthly Benefit =

(A_i x B_i) x AFC, as i varies from 1 to 6

Where Ai corresponds to Bi as follows:

A₁ is - 2% at any age.

B₁ is - The sum of all complete years and fractions of a year of creditable Special Risk Class service under the Florida Retirement System prior to October 1, 1974 and all creditable Special Risk Class service performed October 1, 1978 through December 31, 1988.

A₂ is - 3% at any age.

B₂ is - The sum of all complete years and fractions of a year of creditable Special Risk Class service under the Florida Retirement System October 1, 1974 through September 30, 1978 and all creditable Special Risk Class service performed on and after January 1, 1993; and for Special Risk Class members who retire on or after July 1, 2000, all creditable Special Risk Class service performed on and after October 1, 1974.

A₃ is - 2.2% at any age.

B₃ is - The sum of the complete year or fraction of the year of creditable Special Risk Class service under the Florida Retirement System January 1, 1989 through December 31, 1989.

A₄ is - 2.4% at any age.

B₄ is - The sum of the complete year or fraction of the year of creditable Special Risk Class service under the Florida Retirement System January 1, 1990 through December 31, 1990.

A₅ is - 2.6% at any age.

B₅ is - The sum of the complete year or fraction of the year of creditable Special Risk Class service under the Florida Retirement System January 1, 1991 through December 31, 1991.

A₆ is - 2.8% at any age.

B₆ is - The sum of the complete year or fraction of the year of creditable Special Risk Class service under the Florida Retirement System January 1, 1992 through December 31, 1992.

AFC (Average Final Compensation) is - Computed the same as in paragraph 60S-4.004(1)(a), F.A.C.

(c) For a member who has creditable service only as an Elected Officer member:

Normal Monthly Benefit = (A x B) + (A₁ x B₁) x AFC

Where:

A is - 3 1/3% for all service in the Elected Officers' Class as a supreme court justice, district court of appeal judge, circuit court judge, or a county court judge, and all service as judge of a court of record, judge of a civil or criminal court of record, judge of any metropolitan court established pursuant to section 6, Article VIII of the State Constitution, judge of a small claims court, or justice of the peace, for which additional credit in the Elected Officers' Class has been purchased by a member of that class who is or was a justice or judge.

B is - The sum of all complete years and fractions of a year of creditable service having the value of 31/3%.

A₁ is - 3% for all service in the Elected Officers' Class other than that service represented by the alphabetic designation of A.

B₁ is - The sum of all complete years and fractions of a year of creditable service having the value of 3%.

AFC (Average Final Compensation) - is computed the same as in paragraph 60S-4.004(1)(a), F.A.C. If a member receives compensation as a member of the Elected Officers' Class and at the same time receives compensation for employment in some other position covered by the Florida Retirement System, only the salary received as a member of the Elected Officers' Class shall be used in the calculation of his or her average final compensation. If a member has received credit for upgraded previous Elected Officers' Class service as provided in Rule 60S-2.013, F.A.C., and the upgraded service salary is greater than his or her actual salary, the upgraded service salary shall be used in the calculation of his or her average final compensation.

(d) For a member who has creditable service only as a senior management service member:

Normal Monthly Benefit =

A x B x AFC

Where:

A is - 2.00% at any age.

B is - The sum of all complete years and fractions of a year of creditable service in the Senior Management Service Class on and after February 1, 1987.

AFC (Average Final Compensation) is - Computed the same as in paragraph 60S-4.004(1)(a), F.A.C.

(e) For a member who has creditable service in more than one membership class of the Florida Retirement System, the normal monthly retirement benefit shall be the sum of the normal monthly benefits the member is eligible to receive in each of the classes of membership in which the member has creditable service, as calculated in paragraphs 60S-4.004(1)(a), (b), (c) and (d), F.A.C.

(2) The normal monthly retirement benefit for a member who retires with creditable service under the Florida Retirement System and the State and County Officers and Employees' Retirement System, the Judicial Retirement System, the Teachers' Retirement System, or the Highway Patrol Pension System shall be the sum of the normal monthly benefit for his or her creditable service under the Florida Retirement System as calculated in accordance with subsection 60S-4.004(1), F.A.C., and the normal monthly benefit the member would have been eligible to receive for his or her creditable service under any of the other-named retirement systems, calculated as follows:

(a) A member with creditable service under the Florida Retirement System and Plan A of the State and County Officers and Employees' Retirement System:

Normal Monthly Benefit =

(A x B x AFC) + (A₁ x B₁ x AFC)

Where:

A and B are - The same as in subsection 60S-4.004(1), F.A.C.

A₁ is - 2%

B₁ is - The sum of all complete years and fractions of a year of creditable service under Plan A.

AFC is - The same average as calculated in paragraph 60S-4.004(1)(a), F.A.C.

(b) A member with creditable service under the Florida Retirement System and Plan B of the State and County Officers and Employees' Retirement System:

Normal Monthly Benefit =

(A x B x AFC) + (A₂ x B₂ x AFC)

Where:

A and B are - The same as in subsection 60S-4.004(1), F.A.C.

A₂ is - 1.50%

B₂ is - The sum of all complete years and fractions of a year of creditable service under Plan B and by Metro Dade County employees employed on or after July 1, 1969.

AFC is - The same average as calculated in paragraph 60S-4.004(1)(a), F.A.C.

(c) A member with creditable service under the Florida Retirement System and the Judicial Retirement System:

Normal Monthly Benefit =

(A x B x AFC) + (A₃ x B₃ x AFC)

(A₄ x B₄ x AFC) + (A₅ x B₅ x AFC)

Where:

A and B are - The same as in subsection 60S-4.004(1), F.A.C.

A3 is - 3.33%

B3 is - The sum of all complete years and fractions of a year of creditable service as a justice or judge, except service as a supreme court justice, if the justice was in office on July 1, 1957.

A4 is - 5%

B4 is - The sum of all complete years and fractions of a year of creditable service as a supreme court justice if in office on July 1, 1957.

A5 is - 2%

B5 is - The sum of all complete years and fractions of a year of creditable service not as a justice or judge, and which the member was eligible to claim prior to transferring to the Florida Retirement System.

AFC is - The same average as calculated in subsection 60S-4.004(1), F.A.C.

(d) A member with creditable service under the Florida Retirement System and Plan E of the Teachers' Retirement System:

Normal Monthly Benefit =

(A x B x AFC) + (A₆ x B₆ x AFC)

Where:

A and B are - The same as in subsection 60S-4.004(1), F.A.C.

A₆ is - 2%

B₆ is - The sum of all complete years and fractions of a year of creditable service under Plan E of the Teachers' Retirement System:

AFC is - The same average as calculated in subsection 60S-4.004(1), F.A.C.

(e) A member with creditable service under the Florida Retirement System and the Highway Patrol Pension System:

Normal Monthly Benefit =

(A x B x AFC) + (A₇ x B₇ x AFC)

(A₈ x B₈ x AFC)

Where:

A₇ is - 2.50% for creditable service under the Highway Patrol Pension System not to exceed 20 years of credit, if the member was employed on or before June 30, 1953.

B₇ is - The sum of all complete years and fractions of a year of creditable service under the Highway Patrol Pension System not to exceed 20 years, if the member was employed on or before June 30, 1953.

A₈ is - 2%

B₈ is - The sum of all complete years and fractions of a year of creditable service under the Highway Patrol Pension System not valued at 2.50%.

AFC is - The same average as calculated in subsection 60S-4.004(1), F.A.C.

(f) The normal monthly benefit for a member with creditable service under the Florida Retirement System and more than one of the other retirement systems named in subsection 60S-4.004(2), F.A.C., shall be the sum of the normal monthly benefit for the member's service under the Florida Retirement System as calculated in accordance with subsection 60S-4.004(1), F.A.C., and the normal monthly benefit for the member's creditable service under each of the other retirement systems as calculated in accordance with subsection 60S-4.004(2), F.A.C.

(g) The normal retirement benefit for a member of the State and County Officers' and Employees" Retirement System shall be calculated in accordance with the provisions of Chapter 122, F.S., and the normal retirement benefit for a member of the Teachers' Retirement System shall be calculated in accordance with the provisions of Chapter 238, F.S.

Fla. Admin. Code Ann. R. 60S-4.004

Rulemaking Authority 121.031 FS. Law Implemented 121.021, 121.052, 121.055, 121.091(1) FS.

New 1-1-72, Amended 10-20-72, 12-31-74, 7-1-79, 2-6-84, 4-17-85, Formerly 22B-4.04, Amended 1-12-87, 2-7-89, 9-5-90, 5-15-91, Formerly 22B-4.004, Amended 8-13-03, 4-5-12, 3-25-13.