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appointment. The employee has the option to elect the FRS Investment <br /> Plan or the Pension Plan and must inform the Division of Retirement directly <br /> within the allotted time. Employees who do not make an active election to <br /> participate in either the Investment Plan or the Pension Plan within the <br /> allotted time will default into the Investment Plan, with the exception of <br /> employees in the Special Risk Class position, who will continue to default <br /> to the Pension Plan. <br /> b) Management employees appointed into a designated FRS Senior <br /> Management position will be provided those elections pursuant to FRS rules. <br /> If the position has not been designated as a FRS Senior Management position, <br /> the Human Resources Director will follow FRS procedures to do so (senior <br /> management positions not already designated as FRS Senior Management <br /> positions may have the opportunity to select FRS or to select the City's 401A <br /> management plan provided the current FRS rules provide for such election). <br /> c) Vesting schedules vary per plan and are determined by Florida Statutes. <br /> d) All information regarding individual employee FRS accounts are administered <br /> by FRS and can be attained by individual employees by either going on-line or <br /> accessing individual FRS account information or by contacting FRS directly. <br /> The Human Resources Department has information regarding FRS contact <br /> numbers and on-line internet addresses. <br /> 2) ICMA 401A Plan <br /> a) Employees who were given a choice to remain in the City's defined <br /> contribution 401A retirement plan as of November 1, 2002, and chose to <br /> do so, continue to make contributions to the plan pursuant to current plan <br /> requirements, as does the City. <br /> b) Current contribution rates are as follows: the City contributes 11% of <br /> employee's base salary per pay period; non-management employees <br /> contribute 4%; management employees contribute 6%. <br /> c) The City reserves the right to change contribution rates as may be <br /> necessary. <br /> d) The Human Resources Department generally administers the City's 401A <br /> plan which is offered through ICMA. All plan information can be obtained <br /> either through the Human Resources Department or by contacting the ICMA <br /> directly. Employee account information can be accessed by the employee <br /> CODING: Words stricken are deletions, words underlined are additions. <br /> 503-1 Retirement Benefits - DRAFT 01172018sem Page 2 of 6 <br />