Florida Retirement System (FRS)
As an employee of a Florida Public Employer at Pasco County Schools, you can choose from one of two available retirement plans offered through the Florida Retirement System (FRS). You pick the one that best fits you: the FRS Pension Plan or the FRS Investment Plan. Pasco County Schools contributes the majority of your FRS retirement plan savings, and you (unless you are in DROP) contribute a mandatory 3% pretax contribution from your paycheck into your retirement account, regardless of the plan you choose. Your 3% contribution will be deducted from your gross salary each paycheck before taxes.
New employees should receive a packet from FRS within 30 days of employment with instructions on how to enroll in your plan. You have 8 months from your hire date to decide which retirement plan is best for you. If you don’t decide by the deadline, you will be automatically enrolled in the Investment Plan.
Pasco also offers a Voluntary Retirement Savings Program. There is no waiting or special enrollment period for this benefit. Employees may enroll upon hire or any time during the year.
The Voluntary Retirement Savings Program is the District’s tax-sheltered annuity (TSA) program that allows eligible employees to save toward retirement through payroll deductions by contributing to either a 403(b), Roth 403(b) or 457(b) plan.
Contributions are made solely by the employee through payroll deductions on either a pre-tax or post-tax basis.
Depending on the plan you choose, you do not have to pay income tax on the amount you contribute or any earnings, until you retire or withdraw funds. You can start with as little as $200 annually and increase your contributions up to the maximum amount allowed by the Internal Revenue Service (IRS). The investment options include a wide selection of mutual funds, fixed accounts, and variable annuities managed by authorized investment companies.
For more information regarding available plans, visit Retirement Services.