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.
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 the FRS within their first 90 days of employment, including information on selecting the Pension or Investment options and how to access their account information.
All employees, no matter what stage of employment, are encouraged to contact the 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
The 457(b) Deferred Compensation plan is a voluntary, tax-advantaged retirement savings option for public service employees. It allows you to contribute a portion of your salary before federal taxes, similar to a 401(k). While there is no employer match, employees are encouraged to use this plan to supplement their FRS benefits and help meet retirement income goals. Board of County Commissioners offers the 457(b) plan to it's employees through VOYA. Learn more in the Deferred Compensation section or at www.voya.com.
This plan also offers a Roth 457(b) option. Contributions are made after taxes, giving you more flexibility over when your retirement income is taxed. Qualified withdrawals in retirement may be tax-free. Eligibility and qualifying rules apply.
Retiree Health Insurance
Manatee County Government and participating agency employees who are enrolled in the YourChoice Health Plan on their last day of work may be eligible to continue their medical, dental, and/or vision coverage. Please Click Here for eligibility and plan information.
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.
