G. Retirement plans (continued)

City Council Meeting · 2026-04-28 · agenda_item

This item concerns the Retiree Health Insurance Subsidy (HIS) Program, a state-administered retirement plan. This program provides a monthly payment to help retirees of state retirement systems pay for health insurance. The benefit amount is calculated based on years of service credited at retirement, multiplied by $5, with a minimum of $30 and a maximum of $150 per month. The plan is established and administered under Florida Statutes. This item is under review as part of a City Council meeting. The scope of work involves the ongoing administration and potential adjustments to this retirement benefit program. This includes managing contributions from employees and the employer, which are set by the Florida Legislature. Local businesses that provide financial services, insurance, or administrative support for retirement plans may find opportunities. Early engagement with the city or relevant state agencies could provide insight into future needs or changes related to this program.

minimum payment

30 dollars per month

maximum payment

150 dollars per month

employee contribution rate

3.00 percent of salary

employer contribution rate for Regular class

10.25 percent

employer contribution rate for HIS Program for Regular class

1.66 percent

employer contribution rate for Special risk class

26.17 percent

employer contribution rate for HIS Program for Special risk class

1.66 percent

employer contribution rate for Senior management service class

29.91 percent

employer contribution rate for HIS Program for Senior management service class

1.66 percent

employer contribution rate for DROP from FRS

16.94 percent

employer contribution rate for HIS Program for DROP from FRS

1.66 percent

employer contributions for the year ended September 30, 2022 to the FRS Pension Plan

302938 dollars

employer contributions for the year ended September 30, 2022 to the HIS Program

21042 dollars