Manatee County Government employees have access to several retirement benefits including automatic enrollment in the Florida Retirement System, access to a supplemental 457(b) Plan, and retiree health benefits. Age and years of service eligibility requirements apply.
Florida Retirement System (FRS)
All Manatee County Government employees automatically contribute 3% of their earnings on a pre-tax basis to the Florida Retirement System beginning with their first paycheck. The County also pays an additional percentage on your behalf. New Employees receive information from FRS within their first 90 days of employment, including information on selecting the pension or investment option and how to access their account.
All employees, no matter what stage of employment, are encouraged to contact FRS to begin building their financial security by utilizing the FRS resources, including professional advice on how to allocate investments through the GuidedChoice Advisor Service. Visit www.myfrs.com or call 866-446-9377.
457(b) Deferred Compensation
A 457(b) Deferred Compensation plan is a tax-favored supplemental retirement savings program that allows public service employees to contribute a portion of their salary, before Federal taxes, to a retirement account – much like a 401k. This is completely voluntary. While contributions are not matched by your employer, employees are encouraged to supplement their FRS plan to ensure you achieve the retirement income you desire. The 457(b) plan is offered to BCC employees through VOYA. Learn more in the Deferred Compensation section and by visiting www.voya.com.
New in 2022! A Roth 457(b) Deferred Compensation plan is being offered to BCC employees. This plan gives you more control over when your contributions - and retirement income - will be subject to federal income tax. Contributions to a Roth 457(b) are made after-tax. Your Roth 457(b) contributions are subject to tax before they are invested in your account. You may be able to withdraw your contributions tax-free when you retire. Qualifying factors apply.
Health Insurance
Manatee County Government and participating agency employees who are enrolled in the YourChoice Health Plan on their last day of work may continue their medical, dental, and/or vision coverage. Retirees under age 65 may remain enrolled in the Manatee YourChoice Health Plan. Retirees age 65 and older who are Medicare-eligible may enroll in the County-sponsored Supplemental Medicare Plan or keep Manatee YourChoice as secondary coverage. Retirees and spouses age 65 and older must be enrolled in Medicare Parts A and B to be eligible for the YourChoice Medical Plan or the County-sponsored Supplemental Medicare Plan. For more information, contact Employee Health Benefits.
BCC employees - More information available on the Employee Intranet
BENCOR Special Pay Plan
Manatee County Government provides the BENCOR 401(a) Special Pay Plan as an important retirement benefit for all eligible employees of the Board of County Commissioners. Contributions of “special pay” are based on your accumulated sick, vacation and comp time. All contributions permanently save up to 7.65% in Social Security and Medicare Taxes and federal income taxes are deferred on contributions to the plan until you withdraw the money. All Contributions are 100% vested to the retiring employee. As with any tax deferred shelter, there are IRS regulations that drive the use of the plan, so as you begin planning for your retirement, reach out to Human Resources at retirement@mymanatee.org with any questions.
