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yJN NY tf <br /> Of f0 <br /> City of Sunny Isles Beach <br /> Personnel Policy and Procedure <br /> Policy Name RETIREMENT BENEFITS <br /> Policy Number 503:1 <br /> Effective Date 10/1/04 <br /> Revision Date(s) 5/18/17; 1/18/18 <br /> Prepared By, Title Human Resources Director <br /> Approved By, Title 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 /> • <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 defined benefit FRS pension plan <br /> effective the date of the regular appointment. The employee has the option <br /> CODING:Words stricken are deletions,words underlined are additions. <br /> 503-1 Retirement Benefits Page 1 of 6 <br />