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t yJNN--SF'f '" City of Sunny Isles Beach or Personnel Policy and Procedure Policy Name RETIREMENT BENEFITS Policy Number 503:1 Effective Date 10/1/04 Revision Date(s) 5/18/17 Prepared By, Title Human Resources Director Approved By, Title City Manager POLICY: It is the policy of the City to provide eligible employees with retirement benefits. PROVISIONS-&-E-LIG-1-13 RETIREMENT PLANS: The City of Sunny Isles Beach is a Florida Retirement System (FRS) agency and as such, - • -- '. - - . ---_- e e , as of November 1, 2002, all new hires ace were required to be enrolled. Employees hired prior to this date were required to make an election to either stay with the then City retirement plan (a 401A defined contribution plan) or elect to join the FRS, which is a defined benefit pension plan. Pursuant to state law and FRS rules, eligible employees are those employees who are appointed into a regular full-time or part-time City position no matter how many hours scheduled to work. Temporary and intermittent employees are not eligible. The FRS does not provide for employee contribution to the plan at this time; the City will there may be employee contributions to the plan in the future. Eligible employees and the City will make retirement contributions pursuant to current FRS rules and contribution rates, approved by the State of Florida. The City requires advance notice of an employee's intent to retire or enter the Deferred Retirement Option Program (DROP). It is the desire of the City to receive at least a three (3) month advance notice and, preferably, not less than three (3) months prior to the end of the fiscal year. Sufficient advance notification may have impact on the amount of accrued benefits the employee may be eligible to receive upon separation. CODING: Words stricken are deletions,words underlined are additions. 503-1 Retirement Benefits Page 1 of 6 71