I am new to the site and wonder if any one knows If state retirement benefits( time accrued) in Florida can be transferred or taken with you and added to federal service. Thanks! Trying to do the math and make some serious decisions about wanting to serve in DC and needing to live.
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Hi Robin. Just posted your question in the Human Resources group as well as the State of Florida Employees group. We’ll see if we can’t find someone who can help you out. Feel free to search and join other groups as well. Each one is like a mini-niche community here on GovLoop and can be a great way to connect with specific groups of like-minded people.
Robin – you can get credit for your time in Florida if the work is related to what you’ll be doing for the Gov. New hires can now get credit for non-Federal service if the hiring manager certifies that the work is similar enough. It’s a new hiring flexibility as of a few years ago meant to be used as a recruitment tool. You can’t port your retirement contributions, just the time served. You can, however, transfer any tax-deferred retirement plan money into the Thrift Savings Plan (TSP).
As someone also looking to transition from state of Fla employment to the feds, this is great to know!
OPM should be able to answer this: http://apps.opm.gov/opmorgchart/
Florida’s Retirement System (FRS) has the investment option that will give you “roll over” options. I find the myfrs.com site very helpful. Good luck.