[HRMS] Defined Contribution Retirement Plan Rate Split

[HR Important Message]

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An important message from FSU Office of Human Resources

This message has been approved by Shelley Lopez, Program Director, Communications/Special Projects, for distribution to all Department Representatives.
The following message was sent to all employees enrolled in the Optional Retirement Program (ORP) or the Florida Retirement System Investment Plan.
The Optional Retirement Program (ORP) and the Florida Retirement System Investment Plan contributions will now be shown separately on your paycheck under Employer Paid Benefits effective January 15, 2021. The split will break out the FSU contribution to your retirement into separate line items, including one item for the Retirement Assessment Fee paid by the University. FSU's contribution to your retirement has not changed; however, the separated items should provide a clearer understanding of the amount of each contribution.
The retirement contribution rates are established by the Florida Legislature and are subject to change each fiscal year. For fiscal year 2020 - 2021, the percentages are indicated below:

Retirement
Plan
Employee
Contribution
FSU's Contribution to
Investment Account
Retirement
Assessment Fee

Opt Retire Plan-Mandatory
3%
5.14%
3.45%

FRS Investment Plan Regular Class
3%
3.30%
6.70%

FRS Investment Special Risk
3%
11.00%
13.45%

FRS Investment Sr. Mgmt Srvc
3%
4.67%
22.62%

FRS Investment Renewed Regular
3%
3.30%
6.70%

FRS Investment Retiree Reh Reg
3%
3.30%
6.70%

Opt Retire Plan-Renewed
3%
5.14%
3.45%

Opt Retire Reh Ret
3%
5.14%
3.45%

FRS Investment Rehire Sr Mgmt
3%
6.39%
20.90%

FRS Investment Renewed Sp Risk
3%
11.00%
13.45%




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Questions? Please contact Jennifer Stamper at jstamper at fsu.edu<mailto:jstamper at fsu.edu>.

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