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City of Sunny Isles Beach <br />Personnel Policy and Procedure <br />Policy Name <br />RETIREMENT BENEFITS <br />Policy Number <br />503:1 <br />Effective Date <br />10/1/04 <br />Revision Date(s) <br />1/18/18 <br />Prepared By, Title <br />Human Resources Director <br />Approved By, Title <br />City Manager <br />POLICY: <br />It is the policy of the City to provide eligible employees with retirement benefits. <br />RETIREMENT PLANS: <br />The City of Sunny Isles Beach is a Florida Retirement System (FRS) agency and as of <br />November 1, 2002, all new hires were required to be enrolled. Employees hired prior to <br />this date were required to make an election to either stay with the then City retirement <br />plan (a 401A defined contribution plan) or elect to join the FRS. <br />Pursuant to state law and FRS rules, eligible employees are those employees who are <br />appointed into a regular full-time or part-time City position no matter how many hours <br />scheduled to work. Temporary and intermittent employees are not eligible. <br />Eligible employees and the City will make retirement contributions pursuant to current <br />FRS rules and contribution rates, approved by the State of Florida. <br />The City requires advance notice of an employee's intent to retire or enter the Deferred <br />Retirement Option Program (DROP). It is the desire of the City to receive at least a three <br />(3) month advance notice and, preferably, not less than three (3) months prior to the end <br />of the fiscal year. <br />PROCEDURE: <br />1) Florida Retirement System (FRS) <br />a) Upon appointment as a City employee in a regular City position, the <br />employee will be enrolled into the FRS effective the date of the regular <br />CODING: Words stFisken are deletions, words underlined are additions. <br />503-1 Retirement Benefits - DRAFT 01172018sem <br />Page 1 of 6 <br />251 <br />