As a Levy County Employee, you are part of the Florida Retirement System (FRS). You have the choice between the Pension Plan or the Investment Plan. Although we pay most of the cost, you pay 3% pretax contribution. Visit myFRS.com for unbiased financial planning and in-depth investment information.
Pension plans promise a defined retirement benefit based on a formula and are ideal for long-term employees who plan to spend the majority of their careers with an FRS employer.
Employees hired or rehired with an FRS employer before July 1, 2011: Will "vest" after six years of Employment.
Will be eligible for normal pension retirement at age 62 (with at least six years of service) or with 30 years of service, regardless of age.
Employees hired with an FRS employer on or after July 1, 2011: Will "vest" after eight years of Employment.
Will be eligible for normal pension retirement at age 65 (with at least eight years of service) or with 33 years of service, regardless of age.
The investment plan is a defined contribution plan. However, the benefit you receive at retirement is determined by the performance of your investment choices. This plan is typically best for shorter service employees. In order to qualify or “vest”, you must work for one year with an FRS employer.
Retirement Rules are governed by Florida Retirement Service (FRS) and are subject to FRS/Legislative changes.