Florida Administrative Code › 60 - DEPARTMENT OF MANAGEMENT SERVICES › 60S - Division of Retirement › Chapter 60S-4 - BENEFITS › Section 60S-4.004 - Benefits Payable Upon Normal Retirement

Current through Reg. 50, No. 138; July 16, 2024
(1) The maximum normal monthly retirement
				benefit for a member who retires with creditable service only under the Florida
				Retirement System shall be calculated by multiplying the years of service times
				the percentage value per year of service times the average final compensation,
				and dividing the product by 12, as follows:
(a) For a member who has creditable service
				only as a Regular Class member:
Normal Monthly Benefit = A x B x AFC
12
Where:
If initially enrolled in the FRS prior to July 1, 2011, A is
				  -
1. 60% at age 62
1. 63% at age 63
1. 65% at age 64
1. 68% at age 65
or over, not to exceed 1.68% Or
1. 60% with 30 years of creditable service
1. 63% with 31 years of creditable service
1. 65% with 32 years of creditable service
1. 68% with 33 years of creditable service or more, not to
				  exceed 1.68%
If initially enrolled in the FRS on or after July 1, 2011, A
				  is -
1. 60% at age 65
1. 63% at age 66
1. 65% at age 67
1. 68% at age 68
or over, not to exceed 1.68% Or
1. 60% with 33 years of creditable service
1. 63% with 34 years of creditable service
1. 65% with 35 years of creditable service
1. 68% with 36 years of creditable service or more, not to
				  exceed 1.68%
B is - The sum of all complete years and fractions of a year
				  of creditable Regular Class service under the Florida Retirement System.
AFC (Average Final Compensation) is - If initially enrolled
				  in the FRS prior to July 1, 2011, the average annual compensation of the 5
				  highest years of compensation of creditable service prior to retirement,
				  termination or death. If initially enrolled in the FRS on or after July 1,
				  2011, the AFC is the average annual compensation of the 8 highest years of
				  compensation of creditable service prior to retirement, termination or
				  death.
Average Final Compensation shall be figured in the following
				  manner:
1. Identify the total salary
				paid for each July 1 through June 30 fiscal year.
2. Rank the fiscal years of salary in order
				from the highest annual salary to the lowest annual salary. In order to
				determine the annual salary for ranking purposes only, during a year for which
				a member receives less than a full year of creditable service, divide the
				actual salary received by the percentage of a year of creditable service earned
				for that year.
3.
a. If initially enrolled in the FRS prior to
				July 1, 2011, total the actual salary received for the highest 5 years. If the
				highest 5 fiscal years do not constitute 5 complete years of creditable
				service, add the necessary percentage of the next highest fiscal years'
				salaries to complete 5 years of creditable service.
b. If initially enrolled in the FRS on or
				after July 1, 2011, total the actual salary received for the highest 8 years.
				If the highest 8 fiscal years do not constitute 8 complete years of creditable
				service, add the necessary percentage of the next highest fiscal years'
				salaries to complete 8 years of creditable service.
4. The average final compensation shall be
				the annual average of the total obtained in 3.