FRS vs City Pension

[Unregistered]

I'm thinking about moving to the St. Pete area and putting an application. I'm already vested in the FRS but only with 7 years. Can someone provide some details about your pension and department benefits? Is it worth leaving the FRS and going to city pension or should I stay where I'm at?
Thank you

[Unregistered]

Both pension systems are good but the question you'll ask yourself later in life when you could be walking out the door or going in DROP is: what was I thinking? I have to work 7 more years.

[Unregistered]

Your timing is very suspicious. It's budget season and the usual suspects are trolling for talking points to hack the law enforcement budget to smithereens a/k/a give the police a budgetary beheading.
http://www.tampabay.com/news/localgo...budget/2229742

[Unregistered]

Suspicious because I want to work at a different department with better benefits than I have now? I haven't had a raise since I started.
I have 20 years to go before retirement so if I go to city pension, I simply transfer FRS to 401k and work, you 20 years with city.
I was asking if the cities pension is better than the FRS or not.

[Unregistered]

Municipal pensions are subject to the local political will, just like FRS. It's a fluid situation, a lot can change.

[Unregistered]

States need congressional approval to declare bankruptcy but cities do not. As a result city pensions are less stable than state pensions. Then there is the question of SPPD's funding status which so far nobody has posted. The FRS is about 85-90% funded which is in the top 10 in the nation. Not sure about SPPD pension funding and who runs it, diversification, expenses and accounting/transparency. The FRS is very transparent. Personally I'd go for the FRS pension over any city pension. It's a no-brainer.

[Unregistered]

States need congressional approval to declare bankruptcy but cities do not. As a result city pensions are less stable than state pensions. Then there is the question of SPPD's funding status which so far nobody has posted. The FRS is about 85-90% funded which is in the top 10 in the nation. Not sure about SPPD pension funding and who runs it, diversification, expenses and accounting/transparency. The FRS is very transparent. Personally I'd go for the FRS pension over any city pension. It's a no-brainer.

The city's last funding report showed the police pension was 110% funded. The FRS pension is must riskier because they have ONE money manager ONE. They better hope that manager gets it right every time. The city has several money managers and a consultant and a pension board that oversees the money mangers and their performance. The no brainer is city pension. FRS does not have a pension board overseeing the pension they rely on the one money manager to make the calls and the State cabinet to make decisions based on the one money manager. One manager is not diversified.

[Unregistered]

i heard next hiring board is in July. Is that true?

[compare]

I'm already vested in the FRS but only with 7 years...Is it worth leaving the FRS...

Florida Retirement System

If first employed prior to July 1, 2001
Normal retirement age for "special risk" employees is 55 or 25 years of service and vesting occurs after 6 years of creditable service.

If first employed on or after July 1, 2011
Normal retirement age for "special risk" employees is 60 or 30 years of service and vesting occurs after 8 years of creditable service.

Required contributions to FRS retirement by employees: 3%
Compensation is based on 5-year average salary during the highest 5 years of employment.
Retiree Health Insurance Subsidy: $5 per month for each year of creditable service; however, no eligible retiree may receive a subsidy payment of
more than $150.
DROP: maximum 60 months http://www.myfrs.com/FRSPro_ComparePlan_Drop.htm

[Unregistered]

Florida Retirement System

If first employed prior to July 1, 2001
Normal retirement age for "special risk" employees is 55 or 25 years of service and vesting occurs after 6 years of creditable service.

If first employed on or after July 1, 2011
Normal retirement age for "special risk" employees is 60 or 30 years of service and vesting occurs after 8 years of creditable service.

Required contributions to FRS retirement by employees: 3%
Compensation is based on 5-year average salary during the highest 5 years of employment.
Retiree Health Insurance Subsidy: $5 per month for each year of creditable service; however, no eligible retiree may receive a subsidy payment of
more than $150.
DROP: maximum 60 months http://www.myfrs.com/FRSPro_ComparePlan_Drop.htm

Ask yourself this and you shall have your answer: Do I want to work an additional 7 years to make up for the 7 years that will not count towards my new pension plan?

Whatever financial benefit you may get by switching isn't going to be worth working 7 additional years of your life.