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ORANGE COUNTY SHERIFF'S OFFICE GENERAL ORDER Effective Date: December 11, 2023  Amends - GO 4.4.7 (May 29, 2021 ) Number: 4.4.7 Distribution: All Personnel Review Month: March Reviewing Authority: HRD / Employee Services Subject: Retirement Provisions This order consists of the following: 1. Purpose 2. Policy 3. Definitions 4. Procedures 1. Purpose The purpose of this policy is to provide all employees of the Orange County Sheriff's Office with the necessary information to contact the Florida Retirement System (FRS) and access supplemental retirement plans available to them. 2. Policy Through the FRS and deferred compensation programs , the agency provide s employees with access to source s of income when they reach retirement. 3. Definitions A. Retirement - the employee has met the appropriate criteria which would enable them to leave the agency and collect Pension Plan benefits immediately from the FRS or must take a distribution from their plan within six months of termination month for Investment Plan participants. B. Florida Retirement System (FRS) – the retirement system established to provide a retirement, disability, and survivor benefit program for participating state and local government employees. It consists of two primary retirement plans : Investment and Pension. C. FRS Investment Plan – this plan is a defined contribution plan in which employer and employee contributions are defined by law , but the ultimate benefit depends in part on the performance of investment funds chosen by the employee. D. FRS Pension Plan – this plan is a defined benefit plan in which benefits to be paid at retirement are guaranteed by the plan and are based on a formula determined by the plan. E. Vested – meeting age and/or length -of-service conditions under a retirement plan as required to qualify for a future benefit under that plan without an early retirement reduction . F. Honorable Separation - the employee is listed as eligible for rehire /neutral on the separation status form completed by Human Resources. 4.4.7, Page 2 of 6 4. Procedures A. Florida Retirement System 1. The Sheriff and covered employees will contribute as required to the FRS in accordance with provisions contai ned in FS 121. 2. Eligible employees can review plan descriptions regarding information on contribution, vesting, creditable and continuous service, designation of beneficiary, normal retirement requirements . Deferred Retirement Option Program (DROP), and disability and death benefits at the FRS website or the Human Resources Division. 3. Employees should contact the MyFRS Financial Guidance Line at 1-866- 446-9377 or www.myfrs.com for more inform ation. In addition to this interactive service, the division’s informational publications, retirement forms, and answers to frequently asked questions are available to employees online through the division’s website at www.myfrs.com . 4. Employees may be entitled to disability retirement under the FRS. Coverage begins on the individual's first day of employment for job related injuries. For injuries not job related the individual must have eight (8) years of FRS service before being eligible for disability retirement. 5. Disability retirement may be approved by the FRS when an employee is determined to be permanently and totally disabled for any occupation by two physicians. 6. Estimates of benefits may be reque sted at any time after an employee is vested by contacting the FRS at 1 -866-446-9377 or www.myfrs.com . 7. Although paperwork for Pension Plan members can be filed six (6) months prior to retirement, the Division of Retirement requests to be notified no later than two (2) months prior to the intended retirement date. Regardless of which plan membership, employees intending to retire should contact Benef its to make an appointment to complete their retirement paperwork. 8. To receive benefits timely, the appropriate forms must be filed with the FRS thirty (30) days prior to retirement. 9. FRS allows up to 500 hours of annual (vacation) leave to be cashed out as a lump payment in order to increase monthly retirement benefits or when entering DROP. Compensatory time can be counted toward this 500 hours as long as it was earned within the last eleven (11) months prior to retirement. Sick time lump pay outs are not counted towards the monthly benefit amount. The fund s from the “cash out” of vaca tion and/or compensatory time are eligible for rollover into the employee’s Deferred Compensation account. The one -time cash payout will be at the rate of pay the employee is earning at the time of payout; not to include “acting” pay. Refer to GO 4.1.0 for payout information. 4.4.7, Page 3 of 6 10. If an employee wishes to "buy back" credit for military, out of State service, etc., he/she should contact the FRS for more information. The earlier the “buy back” is purchased, the less expensive the cost. Deferred Compensation funds can be used for the purchase of military time. Employees should contact the Deferred Compensation provider to complete the required paperwork. 11. The FRS should be contacted for more information if an employee wishes to return to work after retirement and also refer to GO 4.4.5 . 12