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<img width="199" height="95" style="width:2.075in;height:.9916in" id="Picture_x0020_2" src="cid:image002.png@01D9CB63.D43E16E0"><b><span style="mso-ligatures:none"><o:p></o:p></span></b></p>
<p class="MsoNormal" style="margin-bottom:10.0pt;line-height:115%"><span style="mso-ligatures:none">An important message from FSU Office of Human Resources<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:10.0pt;line-height:115%"><b><span style="mso-ligatures:none">This message has been approved by Shelley Lopez, Program Director, Communications/Special Projects, for distribution to all Department Representatives.</span></b><span style="mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:8.0pt;line-height:106%"><span style="mso-ligatures:none">The Human Resources Benefits Office has been monitoring the recent legislative updates regarding the Florida Retirement System (FRS). Below are some recent legislative
updates to the FRS, including revisions to the Deferred Retirement Option Program (DROP).
<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:8.0pt;line-height:106%"><span style="mso-ligatures:none">A general overview of the recent legislative changes includes:<o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><b><span style="color:black;mso-ligatures:none">Employer Contribution Rates
</span></b><span style="color:black;mso-ligatures:none">– New contribution rates for state-administered retirement programs began July 1, 2023. The employer contribution rates paid into FRS Investment Plan accounts have increased by 2% in all membership classes.
<o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="color:black;mso-ligatures:none"><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><b><span style="color:black;mso-ligatures:none">DROP Participation –
</span></b><span style="color:black;mso-ligatures:none">Eliminated the restrictive entry window for eligible FRS members to participate in DROP for all retirement classes.
<o:p></o:p></span></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoNormal" style="color:black;margin-bottom:10.0pt;line-height:115%;mso-list:l0 level1 lfo1;text-autospace:none">
<span style="mso-ligatures:none">It also allows entry into DROP for eligible members at any age as long as years of service or age and vesting requirements are met. The maximum time for a qualified FRS member to participate in DROP increased from 60 to 96 calendar
months for all classes. <o:p></o:p></span></li><li class="MsoNormal" style="color:black;margin-bottom:10.0pt;line-height:115%;mso-list:l0 level1 lfo1;text-autospace:none">
<span style="mso-ligatures:none">Please note, current active DROP participants can participate in DROP for up to 96 months.<o:p></o:p></span></li><li class="MsoNormal" style="color:black;margin-bottom:10.0pt;line-height:115%;mso-list:l0 level1 lfo1;text-autospace:none">
<span style="mso-ligatures:none">These employees will need to complete the new </span>
<span style="font-size:12.0pt;line-height:115%;mso-ligatures:none"><a href="https://employer.frs.fl.gov/forms/dp-ele.pdf"><span style="font-size:11.0pt;line-height:115%;color:#0563C1">Optional DP-ELE form.</span></a></span><span style="mso-ligatures:none">
<o:p></o:p></span></li><li class="MsoNormal" style="color:black;margin-bottom:10.0pt;line-height:115%;mso-list:l0 level1 lfo1;text-autospace:none">
<span style="mso-ligatures:none">The interest rate applied to a member’s accrued monthly benefit increased from 1.3 percent to 4 percent, effective July 1, 2023.
<o:p></o:p></span></li></ul>
<p class="MsoNormal" style="text-autospace:none"><b><span style="color:black;mso-ligatures:none"><o:p> </o:p></span></b></p>
<p class="MsoNormal" style="text-autospace:none"><b><span style="color:black;mso-ligatures:none">K-12 Instructional Personnel DROP Extension
</span></b><span style="color:black;mso-ligatures:none">– Extended the maximum amount of time for K-12 Instructional Personnel, as defined by Florida Statute, to participate in DROP from 96 to 120 calendar months, effective June 30, 2023.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="color:black;mso-ligatures:none"><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><b><span style="color:black;mso-ligatures:none">Special Risk Class Normal Retirement Date
</span></b><span style="color:black;mso-ligatures:none">– Effective July 1, 2023, the normal retirement age for members of the Special Risk Class is age 55, if vested, or 25 years of service. Vesting requirements and average final compensation calculations
will continue to be based on the employee’s FRS enrollment date.<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-top:12.0pt"><span style="mso-ligatures:none">Employees are encouraged to regularly prepare and review their retirement plans, regardless of their retirement account type. Employees participating in the FRS Pension Plan are
encouraged to contact the </span><span style="mso-ligatures:none"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/contact_us"><span style="color:#0563C1">Florida Division of Retirement</span></a></span><span style="mso-ligatures:none">,
the administrator of the FRS Pension Plan, at least one year before they plan to retire to request an estimate of benefits. Investment Plan participants are encouraged to use the
</span><span style="mso-ligatures:none"><a href="https://www.myfrs.com/"><span style="color:#0563C1">MyFRS</span></a></span><span style="mso-ligatures:none"> resources to monitor their retirement accounts. Optional Retirement Plan (ORP) participants should
use their </span><span style="mso-ligatures:none"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/state_university_system_optional_retirement_program/susorp_investment_products_and_fees"><span style="color:#0563C1">investment
provider(s)</span></a></span><span style="mso-ligatures:none"> websites to monitor their retirement account(s).
<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:8.0pt;line-height:106%"><span style="mso-ligatures:none"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-bottom:8.0pt;line-height:106%"><b><span style="mso-ligatures:none">Questions?</span></b><span style="mso-ligatures:none"> Please contact the Benefits Office at
</span><span style="mso-ligatures:none"><a href="mailto:retirement@fsu.edu"><span style="color:#0563C1">retirement@fsu.edu</span></a></span><span style="mso-ligatures:none"> or (850) 644-4015.</span><span style="font-size:10.5pt;line-height:106%;font-family:"Arial",sans-serif;mso-ligatures:none">
<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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