43 employees reported this benefit
The Department offers two plans the regular Florida retirement plan and the investment plan both are great plans
There are two plans offered the pension and investment plan. You are required to choose one. The good thing with it is that it is mobile with most government employment in Florida. It also requires a 3% contribution from your annual salary. The pension plan requires 8 years to become vested. The investment plan is basically a employee management 401k.
The pension plan was one of the best incentives for the state. The future of this is up in the air as the government is trying to get rid of pensions.
You don't make much, so it's obviously not going to be a huge pension..but at least it's a pension.
Pension plan is good in that you can assign to either regular plan or investment option.
Used to be an excellent pension until they revamped it in 2013, now you get half of what the older staff hired before 2013
You can take your money out of the pension and put it in a money market account if you want to.
Pension is starting to get raised by the state
Best benefits - full family medical packet is under 160 per month
The pension plan is great if you do the whole 25 years in High Risk. You will collect a retirement check that is 75% of your average of you highest 5 years of pay. I'm not sure about the regular or non high risk pension plan. The pension plan is not just for the Florida Department of Corrections but the all state employees. The state also officer an investment plan option that allows you to take your retirement with you in the form of a 401K if you don't want to do all 25 years with state. The state also offers a 457 deferred comp plan which allows you to save money in a 401k like account but they are not matching anything. One final note, 3% of your pay is taken toward your pension.