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PROCEDURE: <br /> 1) Florida Retirement System (FRS) <br /> a) Upon appointment as a City employee in a regular City position, the employee <br /> will be enrolled by the Finance Department into the defined benefit FRS <br /> pension plan effective the date of the regular appointment. The employee has <br /> the option to elect the FRS Investment Plan and must inform the Division of <br /> Retirement directly within the allotted time. <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 asyet not been designated asFRSi <br /> a Senior Management <br /> 99 <br /> position, the Human Resources Director will follow FRS procedures to do so <br /> (senior management positions not already designated as FRS Senior <br /> Management positions may have the opportunity to select FRS or to select the <br /> City's 401A management plan provided the current FRS rules provide for such <br /> election). <br /> c) FRS requires six (6) years (continuous or in total) of FRS employment in order <br /> to be vested into the pension plan. Vesting schedules vary per plan and are <br /> 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 <br /> and accessing individual FRS account information or by contacting FRS <br /> directly. The Human Resources Department and the Finance Department have <br /> has information regarding FRS contact numbers and on-line internet <br /> 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, effective 1 <br /> November 2002, and chose to do so, continue to make contributions to the <br /> plan pursuant to current plan 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 /> CODING: Words stricken are deletions,words underlined are additions. <br /> 503-1 Retirement Benefits Page 2 of 6 <br /> 72 <br />