As a valued FRS member, we wanted to share with you some good news regarding health insurance premium assistance.
If you are a Dade County Public School employee, you may be entitled to a lump sum reimbursement for health insurance premium paid each year until your age 65. This incentive program began in 1986 and we have realized that many FRS members are unaware of this particular program. The retirement incentive is offered to full time employees who retire during the fiscal year in which they first became eligible for normal retirement and who are represented by the union. The benefit amount may change as this is part of labor contract negotiations.
What is considered normal retirement? Normal retirement for non-high risk members (teachers/school staff) is 30 years of service or age 62 with 6 years of service if you began employment prior to July 1st, 2011. If you began employment after July 1st, 2011, normal retirement is 33 years of service or age 65 with 8 years of service.
In addition to the retirement incentive program, FRS members are entitled to the health insurance subsidy offered by the Florida Retirement System (assuming the member has met normal retirement). Members who reach normal retirement will receive $5.00 for each year of service not to exceed $150 a month towards their health insurance premium. Proof of health insurance coverage is required in order to receive the health insurance subsidy.
If you would like to discuss this further, please contact our office to speak with one of our advisors.