The Department of Management Services' Division of Retirement is organized as follows.
The Director's Office, under the leadership of the Director of Retirement, coordinates actuarial services and pension liability reporting in ACFR and schedules, and analyzes legislation. Bureaus reporting to the Deputy Director of Member Services:
Bureaus reporting to the Deputy Director of Technology and Support Services:
The division's primary responsibility is to administer the Florida Retirement System Pension Plan, including the Deferred Retirement Option Program (DROP). It also administers other state-administered retirement programs: the State University System Optional Retirement Program, Senior Management Service Optional Annuity Program, and the Retiree Health Insurance Subsidy Program.
The division also oversees and monitors the actuarial soundness of local government retirement systems that are not part of the Florida Retirement System, as well as pension plans for municipal police and firefighters under Chs. 185 and 175, Florida Statutes. In addition, the division is responsible for approving the distribution of insurance premium tax revenues to qualified municipal police officer and firefighter pension plans.
As of June 30, 2022, the Florida Retirement System had 629,073 active members who were covered by the provisions of the system and 448,846 annuitants. These numbers represent a 0.97% decrease in membership and a 1.94% increase in annuitants. As of June 30, 2022, the Florida Retirement System also had 28,827 members participating in the Deferred Retirement Option Program (DROP). Regular Class membership comprised 85.38%, Special Risk Class membership comprised 11.59%, and Senior Management Services Class comprised 1.21%. All other classes combined comprised of 1.80% of FRS members.
Participating employers include state and county government agencies, school boards, state universities and community colleges, and many cities and special districts. As of June 30, 2022, school district employees comprised the largest percentage of FRS members (48.1%), followed by county (23.8%) and state employees (14.9%).
Fund | Salary Rate/ Position | General Revenue | Trust Funds | |
---|---|---|---|---|
SALARY RATE | ||||
POSITIONS | ||||
SALARIES AND BENEFITS | ||||
FROM GENERAL REVENUE FUND | ||||
FROM OPERATING TRUST FUND | ||||
FROM OPTIONAL RETIREMENT PROGRAM TRUST FUND | ||||
FROM POLICE AND FIREFIGHTER'S PREMIUM TAX TRUST FUND | ||||
FROM RETIREE HEALTH INSURANCE SUBSIDY TRUST FUND | ||||
OTHER PERSONAL SERVICES | ||||
FROM OPERATING TRUST FUND | ||||
FROM OPTIONAL RETIREMENT PROGRAM TRUST FUND | ||||
EXPENSES | ||||
FROM OPERATING TRUST FUND | ||||
FROM OPTIONAL RETIREMENT PROGRAM TRUST FUND | ||||
FROM POLICE AND FIREFIGHTER'S PREMIUM TAX TRUST FUND | ||||
FROM RETIREE HEALTH INSURANCE SUBSIDY TRUST FUND | ||||
OPERATING CAPITAL OUTLAY | ||||
FROM OPERATING TRUST FUND | ||||
SPECIAL CATEGORIES | ||||
ACQUISITION OF MOTOR VEHICLES | ||||
FROM OPERATING TRUST FUND | ||||
SPECIAL CATEGORIES | ||||
TRANSFER TO DIVISION OF ADMINISTRATIVE HEARINGS | ||||
FROM OPERATING TRUST FUND | ||||
SPECIAL CATEGORIES | ||||
CONTRACTED SERVICES | ||||
FROM GENERAL REVENUE FUND | ||||
FROM OPERATING TRUST FUND | ||||
FROM OPTIONAL RETIREMENT PROGRAM TRUST FUND | ||||
FROM POLICE AND FIREFIGHTER'S PREMIUM TAX TRUST FUND | ||||
FROM RETIREE HEALTH INSURANCE SUBSIDY TRUST FUND | ||||
SPECIAL CATEGORIES | ||||
OVERTIME | ||||
FROM OPERATING TRUST FUND | ||||
SPECIAL CATEGORIES | ||||
RISK MANAGEMENT INSURANCE | ||||
FROM OPERATING TRUST FUND | ||||
SPECIAL CATEGORIES | ||||
CONTRACTED LEGAL SERVICES | ||||
FROM OPERATING TRUST FUND | ||||
SPECIAL CATEGORIES | ||||
LEASE OR LEASE-PURCHASE OF EQUIPMENT | ||||
FROM OPERATING TRUST FUND | ||||
FROM POLICE AND FIREFIGHTER'S PREMIUM TAX TRUST FUND | ||||
SPECIAL CATEGORIES | ||||
TRANSFER TO DEPARTMENT OF MANAGEMENT SERVICES - HUMAN RESOURCES SERVICES PURCHASED PER STATEWIDE CONTRACT | ||||
FROM GENERAL REVENUE FUND | ||||
FROM OPERATING TRUST FUND | ||||
FROM OPTIONAL RETIREMENT PROGRAM TRUST FUND | ||||
FROM POLICE AND FIREFIGHTER'S PREMIUM TAX TRUST FUND | ||||
FROM RETIREE HEALTH INSURANCE SUBSIDY TRUST FUND | ||||
DATA PROCESSING SERVICES | ||||
NORTHWEST REGIONAL DATA CENTER (NWRDC) | ||||
FROM OPERATING TRUST FUND | ||||
PENSIONS AND BENEFITS | ||||
DISABILITY BENEFITS TO JUSTICES AND JUDGES | ||||
FROM GENERAL REVENUE FUND | ||||
PENSIONS AND BENEFITS | ||||
FLORIDA NATIONAL GUARD | ||||
FROM GENERAL REVENUE FUND | ||||
TOTAL |
19,160,188 |
29,738,245 |
Florida Retirement System (FRS) Changes. The 2023 Legislature enacted Ch. 2023-193, Laws of Florida, which amends several aspects of the FRS retirement system, including changes to the retirement age for Special Risk Class Members and modifications to the Deferred Retirement Option Program (DROP) system. For Special Risk Class members enrolled on or after July 1, 2011, the normal retirement age is reduced to be the earliest of 25 years of creditable service or age 55, down from 30 years of service or age 60. Changes to DROP included allowing entry into DROP at any age as long as years of service or age and vesting requirements are met, extending the maximum amount of time for eligible members to participate from 60 to 96 months for all classes, and from 96 to 120 months for certain instructional personnel. Additional changes included increases in the monthly health insurance subsidy and increases in the allocation to investment plan accounts by 2% for each membership plan in the investment plan.
Other Reports
The FRS provides plan information and trustee reports on its website
2022 Florida Local Government Retirement Systems Annual Report, Department of Management Services, 2022
Florida Retirement System Pension Plan Actuarial Valuation as of July 1, 2022, Milliman, December 1, 2022
Florida Retirement System Pension Plan and Other State Administered Systems Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2021, Department of Management Services, 2021
Florida Retirement System Pension Plan and Other State Administered Systems Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2020, Department of Management Services, 2020
Websites of Interest
National Association of State Retirement Administrators
National Institute of Pension Administrators
Pensions and Investments Online
State and Local Government Benefits Association
Employee Benefits Research Institute
Performance Information
Division of Retirement, 850-907-6500
Website