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:

• Bureau of Enrollment and Contributions enrolls members and employers and receives employer contributions. In Fiscal Year 2021-22, it processed 99.93% of monthly payrolls from FRS employers within five days, so that individuals' updated retirement information was quickly available. The bureau also administers the State University System Optional Retirement Program and the Senior Management Service Optional Annuity Program.
• Bureau of Retirement Calculations computes retirement benefits, processes requests for estimated benefits, and issues annual statements. In Fiscal Year 2021-22, active members requesting a benefit calculation received an answer in an average of 11 business days.
• Bureau of Benefit Payments distributes retirement benefits to retirees and survivors and coordinates Deferred Retirement Option Program payouts. In Fiscal Year it processed 100% of retirees' payrolls timely and added 100% of service retirees to the next payroll after receipt of all documents.
• Bureau of Local Retirement Systems monitors Florida's local public retirement systems and oversees the local police and firefighter pension program.

Bureaus reporting to the Deputy Director of Technology and Support Services: 

• Bureau of Research, Education, and Training develops FRS publications, promulgates rules, responds to public records requests, publishes the FRS Pension ACFR and GASB 67/68 Pension Liability Allocation Schedules, and trains new and current employees. 
• Contact Center provides customer service to FRS non-retired members, retirees, beneficiaries, employers, and other stakeholders.
• Bureau of Business Support Services coordinates the division's budget and accounting functions, provides general administrative services, and processes incoming and outgoing mail.

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.

• Regular Class consists of FRS members who do not qualify for membership in any other class.
• Special Risk Class consists of members who meet the criteria to qualify for membership in this class and are employed as law enforcement officers, firefighters, correctional officers, paramedics, emergency medical technicians, or community-based correctional probation officers. It also includes specified professional health care positions in the Department of Corrections and Department of Children and Family Services.
• Special Risk Administrative Support Class consists of Special Risk Class members who are moved, reassigned to, or reemployed in an administrative support position with a law enforcement, firefighting, correctional, or emergency medical care agency under the FRS.
• Senior Management Service Class consists of members in senior management level positions within state and local government agencies.
• Elected Officers' Class consists of members who hold specified elective offices in either state or local government. State officers include the following: Governor, Lieutenant Governor, Cabinet Officer, Legislator, Supreme Court justice, district court of appeal judge, circuit judge, county court judge, state attorney, and public defender. County officers include the following: sheriff, tax collector, property appraiser, supervisor of elections, school board member, school board superintendent, clerk of circuit court, county commissioner, and other elected officials with countywide authority. City or special district officers include the following: elected officials in cities and special districts that have chosen to place their elected officials in this class instead of the Regular Class during the six-month window periods offered in 1997, 2001, 2009, or at the time of joining the FRS on or after Jan. 1, 2010.

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%).

• Pension Plan. The Division of Retirement administers this retirement option. The Pension Plan is a defined benefit plan funded by employee contributions (3% of the employee's salary), employer contributions, and investment earnings. The division transfers the contributions to the State Board of Administration, which is responsible for investing FRS assets. The Pension Plan guarantees a certain level of benefit payment and FRS employers bear the risk that investment returns will not support that level of benefits. A member's retirement benefit is based on a formula taking into account factors such as salary level, years of service, compensation, and FRS membership class.
• Investment Plan. The State Board of Administration administers this option. Members are guaranteed a certain level of contributions from their employers and must contribute 3% of their salaries to the program. Members select how to invest these funds from a list of authorized investment accounts. Members bear the risk of poor investment returns, but after meeting certain requirements can take their retirement accounts with them if they no longer work for an employer participating in the FRS. A member's retirement benefit is the amount of money accumulated in the investment account when the member chooses to receive a distribution or roll over to an eligible plan.
• Hybrid Membership. This option allows members to participate in the Investment Plan for all future contributions and keep vested accrued Pension Plan benefits frozen in that plan. Retirement benefits are paid separately from either the Pension Plan or the Investment Plan.

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