PLACEMENT: Consent
TITLE:
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OPTIONAL SENIOR MANAGEMENT SERVICE RETIREMENT BENEFIT
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EXECUTIVE SUMMARY:
executive summary
Martin County Board of County Commissioners and its employees are provided with a retirement benefit through the Florida Retirement System (FRS). Employees belonging to the Senior Management Service class are provided with an enhanced retirement plan through FRS. In lieu of participation in the Senior Management Service class benefit, employees can choose to remain in the FRS Regular class and participate in a deferred compensation plan with a contribution of 10% from the County.
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DEPARTMENT: Administration
PREPARED BY: Name: Matthew Graham
Title: Assistant County Administrator
REQUESTED BY: Matthew Graham
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
Martin County Board of County Commissioners and its employees are a part of the Florida Retirement System (FRS). Participation in FRS is compulsory, and employees are required to contribute 3% of their income to the Florida Retirement System. The employer, Martin County, contributes varying percentages depending on the class of the employee. Martin County has 4 classes that participate in the FRS: Regular Class, Special Risk, Senior Management Service, and County/Local Elected Officials.
The Senior Management Service class is currently comprised with staff at the Department Head and some of the Division Head positions. Florida Statutes provide Martin County with the ability to create 21 positions within the Senior Management Service class. The County Administrator determines which positions participate in the Senior Management Service class. Currently, 18 of the Senior Management Service class positions are designated and occupied by employees.
Staff is recommending that we allow employees who are designated by the County Administrator as Senior Management Services, to have the option to participate in the FRS Senior Management Service class or to...
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