Business and Finance

Normal Retirement

Normal retirement is defined as retirement at/after age 62 with six or more years of service, or retirement at/after 30 years of service at any age prior to 62. Individuals who retire from Gadsden County Schools under Normal Retirement are eligible to receive payment for accrued sick leave based upon School Board Policy, or applicable negotiated contract with Gadsden County Classroom Teachers Association (GCCTA), or Gadsden Educational Support Personnel Association (GESPA).

Deferred Retirement Option Program (DROP)

DROP is a retirement program allowing you to retire and continue to work. During DROP participation, your monthly retirement benefit goes into an annuity maintained at the Division of Retirement, you continue to work and draw your monthly salary. The current maximum period of time that you may participate in DROP is 60 months from the date that you first become eligible for normal retirement. If you reach normal retirement before you become 57 years of age, you may elect to wait until age 57 before you enter DROP and still participate for the full 60 months. A window of opportunity for participation in DROP exists, and that window begins the month you become age 62 (with six or more years of service) or 57 (with 30 or more years of service). You have twelve months in the window in which you may choose to go into DROP. Information from FRS counselors indicates that if you wish to participate, you gain the most from the program by beginning at your earliest eligible date.

Teachers may elect to enter DROP at any time after they are eligible for normal retirement. In other words, a teacher may wait an indefinite period of time to enter DROP (i.e. be age 65 with 35 years of service) and still participate for the full 60 months.

New legislation has provided the possibility of three additional years (for a total of 96 months) participation in DROP for teachers only. These three years are permissive, and require an annual request by the teacher, affirmative recommendation of the principal, and approval by the Superintendent or his/her designee. More information for teachers is provided at the end of the original 5 year DROP participation.

Policies regarding payment of sick and annual leave, retirement incentive, and sick leave bank for individuals participating in DROP are described briefly below, or applicable negotiated contract with Gadsden County Classroom Teachers Association (GCCTA), and Gadsden Educational Support Personnel Association (GESPA).

Annual Leave

Accumulated annual leave will be paid to you at the time that you enter DROP at the rate of pay you are receiving at that time. This is so that your annual leave pay can be included in your average final compensation with the Florida Retirement System. Annual leave accrued between entering DROP and your termination of employment will be paid at your termination of employment based upon the rate of pay you are receiving at that time. (Participating in DROP does not affect the rate at which you accrue annual leave.)

Sick Leave

Accumulated sick leave for which you are eligible to be paid will be paid annually over the DROP period. If you participate in DROP for the full five years, you will receive 20% of the leave for which you are eligible when you enter DROP and 20% each anniversary date until paid in full. The remaining sick leave that you are entitled to be paid will be paid at the time that you terminate. Sick leave will be paid at the rate of pay you are making at the time payment occurs. Any sick leave not paid is available for your use if needed, and you will continue to accrue sick leave while participating in DROP. At your termination of employment, you will have a final payment for sick leave for which you are eligible to be paid.

Disability Retirement

Disability retirement is a retirement program designed to provide income to qualified FRS members who cannot continue working because they have become disabled. There are two types of disability retirement: 'regular' and 'in-line-of-duty.' To qualify for FRS disability benefits, you must be totally and permanently disabled from performing any useful and efficient service as an officer or an employee.

Regular Disability

Regular disability is for an illness or injury from natural causes or an accident not related to your employment. To be eligible for regular disability, you must have:

1. Completed at least six years of creditable service;

2. Become a member of FRS before July 1, 1980 and have completed five years of creditable service by that date; or

3. Have been a member of FRS on July 1, 1980, have a total of five years of creditable service and not be fully insured for Social Security benefits.

In-Line-of-Duty Disability

In-line-of-duty disability is for an illness or injury arising out of and during the performance of your duties as required by Gadsden County Schools. In-line-of-duty disability benefits are available to you from your first day of employment. You may apply for in-line-of-duty disability retirement benefits if you believe that the illness or injury causing your disability arose out of and during the performance of your duties as required by Gadsden County School Board.