Reso 2024-3723 - Laserfiche WebLink

Home Browse Search

appointment. The employee has the option to elect the FRS investment Plan or the Pension Plan and must inform the Division of Retirement directly within the allotted time. Employees who do not make an active election to participate in either the Investment Plan_ or the Pension Plan within the allotted time will default into the Investment Plan, with the exception of employees in the Special Risk Class position, who will continue to default to the Pension Plan. b) Management employee's appointed into a designated FRS Senior Management position will be provided those elections pursuant to FRS rules. If the position has not been designated as a FRS Senior Management position, the Human Resources Director will follow FRS procedures to do so (senior management positions not already designated as FRS Senior Management positions may have the opportunity to select FRS or to select the City's 401A management plan provided the current FRS rules provide for such election). c) Vesting schedules vary per plan and are determined by Florida Statutes. d) All information regarding individual employee FRS accounts are administered by FRS and can be attained by individual employees by either going on-line or accessing individual FRS account information or by contacting FRS directly. The Human Resources Department has information regarding FRS contact numbers and on-line internet addresses. 2) ICMA 401A Plan a) Employees who were given a choice to remain in the City's defined contribution 401A retirement plan as of November 1, 2002, and chose to do so, continue to make contributions to the plan pursuant to current plan requirements, as does the City. b) Current contribution rates are as follows: the City contributes 11% of employee's base salary per pay, period; non -management employees contribute 4%; management employees contribute 6%. c) The City reserves the right to change contribution rates as may be necessary. d) The Human Resources Department generally administers the City's 401A plan which is offered through ICMA. All plan information can be obtained either through the Human Resources Department or by contacting the ICMA directly. Employee account information can be accessed by the employee CODING: Words stieken are deletions, words underlined are additions. 503-1 Retirement Benefits - DRAFT 01172018sem Page 2 of 6 252 365