Manatee County Government employees have access to several retirement benefits including automatic enrollment in the Florida Retirement System, access to a supplemental 457b Plan, and retiree health benefits. Age and years of service eligibility requirements may 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.
457b Deferred Compensation
A 457b 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 457b 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 457b 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 457b are made after-tax. Your Roth 457b 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.
Manatee County Government and participating agency employees who are enrolled in the YourChoice Health Plan on his/her last day of work are eligible to continue their medical, dental, or vision coverage. Retirees under age 65 may continue enrollment in the Manatee YourChoice Health Plan. Retirees over age 65 and Medicare-eligible may select a supplemental plan or retain Manatee YourChoice as secondary coverage. Retirees may be eligible for a Health Plan Premium subsidy through FRS and/or Manatee County. Contact Employee Health Benefits for more information.
BCC employees - More information available on the Employee Intranet.
Other agencies - please contact your Human Resources department for more 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 Michelle Petrilla in Human Resources (email@example.com or x3863) for further information.