|
|
Glossary |
S
Salary
Regular payment of compensation by an FRS employer to an employee for work performed,
including certain overtime payments. Bonus payments are not considered compensation. [By law,
certain fees and other amounts are not considered "compensation" under the FRS. See s. 121.021(22),
F.S., or see subsection (15) of rule 60S-6.001, F.A.C., for details.]
Second Election
The one-time opportunity during an employee's employment with the FRS to switch retirement plans, or make a "second choice", after the initial choice has been made.
Service Credit
See definition for "Creditable Service".
Special District
An independent special district as defined in s. 189.403(3).
Special Risk Class
A class of FRS membership whereby employees have unique job functions that place them in special risk, as determined by the Florida State Legislature (eligible positions include such personnel as law enforcement officers, firefighters, correctional officers, emergency medical technicians and paramedics). To compensate these employees for their dedication and service, it was decided by the Legislature to increase their contribution percentage under the various retirement plan options and to allow Special Risk Class members to retire at an earlier age.
Specialty Funds
Investment funds that invest in a portion of an asset class and can help you "fine-tune" your portfolio.
State Agency
Any agency, branch, department, institution, university, institution of higher education, or
board of the state that participates in the Florida Retirement System.
State Board or Board
The State Board of Administration of Florida
|
|
|
