Comparison of Benefits
For Active, Full-time Employees of the State Personnel System (Career Service, Selected Exempt Service and Senior Management Service) as of June 30, 2007.
|
Annual Leave |
Sick Leave |
Retirement |
Insurance |
Holidays |
|
|
Career Service (CS) |
Ranges from 8.667 to 13 hours accrued per month depending on length of service. Upon termination from SPS with a minimum of one year of service, eligible for terminal payment of up to 240 hours (this is a lifetime payment cap). |
8.667 hours accrued per month. (104 hours annually, regardless of length of service.) Upon termination from SPS with minimum 10 years of service, terminal payment of sick leave for ¼ of balance (not to exceed 480 hours). |
FRS Pension Plan: (Defined Benefit)Regular Class: 6 years vesting. Normal retirement at age 62 or 30 years at any age. Benefit factor* of 1.60% - 1.68%, based on age/length of service. Special Risk: 6 years vesting. Normal retirement at age 55 or 25 years at any age. Benefit factor of 3%. FRS Investment Plan:(Defined Contribution Plan) 1-year vesting. State contributes 9% of salary into Regular Class employees' account(s) and 20% of salary into Special Risk employees' account(s). |
Group Health: Standard PPO/HMO: Employee pays monthly premium of $50.00 for individual coverage or $180.00 for family coverage. State pays $377.86 or $787.60, respectively. TRICARE Supplement: Employee pays monthly premium of $0.00 for individual coverage or $0.00 for family coverage. State pays $377.86 or $787.60, respectively. Life Insurance: Coverage is 150% of salary. Employee pays approximately 20% and State pays 80% of premium. |
Nine paid holidays each calendar year and one (1) paid personal day each fiscal year. |
|
Selected Exempt Service (SES) |
Receives 176 hours upon SES appointment date & each anniversary date. Upon termination from SPS, may be paid up to 480 hours. (Most recent accrual is prorated at time of separation). |
Receives 104 hours upon appointment date & each anniversary date. Upon termination from SPS, with minimum 10 years of service, terminal payment of sick leave for ¼ of balance (not to exceed 480 hours). |
FRS Pension Plan: (Defined Benefit) Regular Class: Same retirement provisions as Career Service. Special Risk: Same retirement provisions as Career Service. FRS Investment Plan:(Defined Contribution Plan) Same retirement provisions as Career Service. |
Group Health: Standard PPO/HMO: State pays 100% of the premium for either individual or family coverage. TRICARE Supplement: Same as Career Service. Life Insurance: Coverage is 200% of annual salary. State pays 100% of the premium. Group Disability: 65% of income for maximum of 364 days of continuous disability. Must exhaust all leave first. (May be offset by certain other benefits). State pays 100% of the premium. |
Same as Career Service. |
|
Senior Management Service (SMS) |
Same as Selected Exempt Service. |
Same as Selected Exempt Service. |
FRS Pension Plan: (Defined Benefit) SMS Class: 6 years vesting. Normal retirement at age 62 or 30 years at any age. Benefit factor of 2%. SMS Optional Annuity Program: (Defined Contribution) Immediate vesting. State contributes 12.49% of salary into SMS employees' account(s). FRS Investment Plan:(Defined Contribution Plan) 1-year vesting. State contributes 10.95% of salary into SMS employees' account(s). |
Group Health: Standard PPO/HMO: Same as Selected Exempt Service. TRICARE Supplement: Same as Career Service. Life Insurance: Same as Selected Exempt Service. Group Disability: Same as Selected Exempt Service. |
Same as Career Service. |
Source: Chapters 110 and 121, Florida Statutes and the General Appropriations Act for FY 07/08.
* The benefit factor is the percentage value that employees receive for each year of creditable service. The annual benefit amount at normal retirement is calculated based on the following formula: (Years of Service) X (Benefit Factor) X (Average of the Highest 5 Fiscal Years of Compensation) = Annual Benefit Amount. This amount is adjusted for early retirement.
Source: FY 06/07 Annual Workforce Report, DMS.