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Florida Retirement System (FRS)

All regular employees are eligible upon employment, for enrollment in the Florida Retirement System program. There are two (2) plans available: Pension Plan or Investment Plan, which is paid 100% by the County. New employees are enrolled automatically in the Pension Plan on date of hire. Choice period to select the Investment Plan runs until the end of the fifth month after date of hire. Employees are vested in the program after six (6) years for the Pension Plan and one (1) year for the Investment Plan, and there is a provision for disability pensions.

Deferred Compensation (457)

All regular employees are eligible upon employment, to defer from federal income tax the lesser of amount from table below or 100% of taxable compensation per year. There are two providers to choose from: Nationwide Retirement Solutions or ICMA:

Refer to online training calendar to see when a representative from Nationwide or ICMA will be here next.

Deferred Compensation Visits

Lake County employees may choose to participate in a deferred compensation program through payroll deduction. Both ICMA-RC and Nationwide offer programs designed for retirement saving which allow pre-tax contributions. Presentations are offered by these providers to explain the deferred compensation plan(s) available. The presentation is in a noontime workshop setting and employees are encouraged to bring their lunch to enjoy. Employees can register to attend these presentations by going to the online training calendar.

U.S. Savings Bonds

All regular employees are eligible upon employment to purchase savings bonds provided through payroll deduction. Contact the Office of Employee Services & Quality Improvement for additional information.

 
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