You mentioned that you were working on another video going deeper into the 4% drop impact. If you know, would you explain how the monthly accrued interest is calculated? From a diy perspective it would be nice to create my own spreadsheet.
I believe Anders said in the video you times your DROP money balance by 4% and then divide that amount by 12 (months). That is what you get in interest each month. I am waiting for FRS to update our DROP calculation form July 1st since it is only in a couple of weeks.
Thank you for the video! There was a proposal on the parent House Bill (HB239) which would increase COLA back to 3%, but, it was removed in the CS/SB 7024 - sadly 😂
I will begin my last year of DROP in a K-12 position September 2023. Do I earn the 4% on all of my five years or just this last year? Also, When do I need to extend to teach one more year? Thank you.
I'm a 19-month removed former DROP-retiree with 35-years of service in FRS and feel slighted by the DROP reductions made from 2011-2023. Are these changes now applicable to me and my peers (retroactively) in any way? It feels that we were simply cheated out of receiving the former 6.5% interest premiums on our DROP funds - like those with a retirement date or age just prior to us received - and now this new 4% premium that those retiring after us will receive. I mean, with 2011 changes we only received 1.3% and - IT'S NOT RIGHT TO LEAVE US OUT OF THIS! Please tell me that the new bill just passed considered our 12-year "slot" of retirees and the State will now be doubling back and repaying us for our due instead of just passing us over us and acting as if all of this is okay. IT'S NOT. In essence, I should have had the 25 years of my service from 1986-2011 calculated at the preceding 6.5% DROP rate, and 5 years that came after this from 2011-2016 calculated at 1.3% DROP rate, before I entered DROP from 2016-2021. Or perhaps the State of Florida will be sending all of us "slot retirees" a Lump Sum check that's in true-up of this oversight?! OR, WERE WE JUST CHEATED BY THE STATE?!
Your DROP amount will not change. I just spoke with someone who retired a week ago and none of these changes will apply to her. You will however get the increase in HIS
My employer sent me a completed FRS form to sign to extend my DROP a couple of days ago. My employer is submitting my form to FRS directly on my behalf. I would suggest either contacting your employer or FRS directly and get the form. I was also told by FRS that we should be seeing an updated DROP Final Benefit Accrual Calculation document July 1st. Hope this helps.
I entered DROP in July 2022 and was forced to enter my service endate in April 2027 due to my age (entered at 57). Because I am coded as "PreK" instead of K-12, I was told I would be unable to apply to finish out the school year and summer school (DROP through 6/2027). Under the new rules, would I now be able to apply to extend beyond 4/27, to perhaps have an end date of 6/2027 or later?
Yes, perfect timing for us. My DROP ends Feb. 2024 and I am extending to 3 years so now it will be Feb. 2027. Of course, I can leave sooner if I choose to do so.
Are these changes only for special risk? I am a civilian who entered DROP at 62, and have just over three years left. Will civilians also be allowed to extend to the eight years, and will we also receive the 4%?
Thanks for the info , if I understand correctly, I am in drop 1.5 years , this means I get the higher percentage rate starting July 2023 right ? That means all the amounts predicted will be higher on that 5 year schedule with the running totals right ?
I’m a K- 12 instructional personnel- do I need permission from my employer to extend my DROP time 8 or 10 years? My current DROP exit date is 11/30/25.
Thank you for the update. I am a Firefighter who just went into the Drop on 11-22 just 6 months ago. Am I eligible for the 4% increase when this goes into effect? Thank you .
The DROP rules are unfair to the classfied. DROP rules should be across the board. Not instructional getting 2 years more. That shows favortism to one group and not the other.
So many great questions about the new law updates! We created a FAQ video to cover the most asked questions: ruclips.net/video/wxMj-R1frwo/видео.html
You mentioned that you were working on another video going deeper into the 4% drop impact. If you know, would you explain how the monthly accrued interest is calculated? From a diy perspective it would be nice to create my own spreadsheet.
I believe Anders said in the video you times your DROP money balance by 4% and then divide that amount by 12 (months). That is what you get in interest each month. I am waiting for FRS to update our DROP calculation form July 1st since it is only in a couple of weeks.
amazingly helpful! thank you!
Thank you for the video! There was a proposal on the parent House Bill (HB239) which would increase COLA back to 3%, but, it was removed in the CS/SB 7024 - sadly 😂
I will begin my last year of DROP in a K-12 position September 2023. Do I earn the 4% on all of my five years or just this last year? Also, When do I need to extend to teach one more year? Thank you.
How does these new changes apply to those of us who have already retired out of DROP.
I believe you will get the HIS increase to $225/mth.
I'm a 19-month removed former DROP-retiree with 35-years of service in FRS and feel slighted by the DROP reductions made from 2011-2023. Are these changes now applicable to me and my peers (retroactively) in any way? It feels that we were simply cheated out of receiving the former 6.5% interest premiums on our DROP funds - like those with a retirement date or age just prior to us received - and now this new 4% premium that those retiring after us will receive. I mean, with 2011 changes we only received 1.3% and - IT'S NOT RIGHT TO LEAVE US OUT OF THIS! Please tell me that the new bill just passed considered our 12-year "slot" of retirees and the State will now be doubling back and repaying us for our due instead of just passing us over us and acting as if all of this is okay. IT'S NOT. In essence, I should have had the 25 years of my service from 1986-2011 calculated at the preceding 6.5% DROP rate, and 5 years that came after this from 2011-2016 calculated at 1.3% DROP rate, before I entered DROP from 2016-2021. Or perhaps the State of Florida will be sending all of us "slot retirees" a Lump Sum check that's in true-up of this oversight?! OR, WERE WE JUST CHEATED BY THE STATE?!
Your DROP amount will not change. I just spoke with someone who retired a week ago and none of these changes will apply to her.
You will however get the increase in HIS
Couldn't sayit any better
What procedure do we need to do to extend the drop. I am two-and-a-half years into drop when do I need to extend
My employer sent me a completed FRS form to sign to extend my DROP a couple of days ago. My employer is submitting my form to FRS directly on my behalf. I would suggest either contacting your employer or FRS directly and get the form. I was also told by FRS that we should be seeing an updated DROP Final Benefit Accrual Calculation document July 1st. Hope this helps.
I entered DROP in July 2022 and was forced to enter my service endate in April 2027 due to my age (entered at 57). Because I am coded as "PreK" instead of K-12, I was told I would be unable to apply to finish out the school year and summer school (DROP through 6/2027). Under the new rules, would I now be able to apply to extend beyond 4/27, to perhaps have an end date of 6/2027 or later?
Yes. As long as your employer approves the extension
I enrolled in DROP a year ago, does this mean my interest rate will increase come July 1, 2023?
Yes!
I am in my 2nd year of DROP. Am I able to extend the extra 3 years beyond the 5 or is this only for those entering DROP now?
You are eligible to extend. The law is applicable to anyone exiting drop after July 1, 2023.
@@AndersRetirement I should have clarified that I’m an administrator in my 2nd year of DROP. The extra 3 years still applies beyond the 5?
@@DM-mu3xz yes. Anyone who’s current drop end date is after July 1, 2023 can extend up to 8 years now.
@@AndersRetirement thanks for the quick reply. Appreciate it!
I am in drop and to retire in Nov.2023. Can I stay at work another year up to three and continue to wotk?
Yes, perfect timing for us. My DROP ends Feb. 2024 and I am extending to 3 years so now it will be Feb. 2027. Of course, I can leave sooner if I choose to do so.
I just finished my 2nd year of DROP, will that percentage rate still apply to my next years of drop?
All money in the FRS DROP fund after July 1, 2023 will be receiving 4% interest instead of 1.3%
Are these changes only for special risk? I am a civilian who entered DROP at 62, and have just over three years left. Will civilians also be allowed to extend to the eight years, and will we also receive the 4%?
These changes are for everyone in and entering DROP after July 1, 2023
Thanks for the info , if I understand correctly, I am in drop 1.5 years , this means I get the higher percentage rate starting July 2023 right ? That means all the amounts predicted will be higher on that 5 year schedule with the running totals right ?
Yes. We contacted the FRS today to ask about those projections and they said that there should be new projections sent out as soon as they can.
Can you discuss the cola portion of this please?
Will we be sent a new breakdown of the amount we will be getting in our DROP account?
Per a phone call with the FRS today - They will send out new projections as soon as they can.
I just finished my 3rd year of DROP, will that percentage increase rate to 4% apply to my remaining years of drop?
All money in the FRS DROP fund after July 1, 2023 will be receiving 4% interest instead of 1.3%
I’m a K- 12 instructional personnel- do I need permission from my employer to extend my DROP time 8 or 10 years?
My current DROP exit date is 11/30/25.
We would assume that you would need permission since you needed permission before to extend from 5 to 8 years.
I thought it was automatic to go from 5 to 8 years… so I suppose there would be paperwork work I would need to sign from the retirement office.
@@darrellfrost37 some school districts automatically extended people before, but that was at their discretion.
I just finished my 3rd year in DROP. Does that new rate apply for me for my last 2 years?
Yes.
Will people in DROP receive the new rate for the remaining years in DROP?
All money in the FRS DROP fund after July 1, 2023 will be receiving 4% interest instead of 1.3%
Thank you for the update. I am a Firefighter who just went into the Drop on 11-22 just 6 months ago. Am I eligible for the 4% increase when this goes into effect?
Thank you .
All money in the FRS DROP fund after July 1, 2023 will be receiving 4% interest instead of 1.3%
@@AndersRetirement Thank you. That’s great to hear!
The DROP rules are unfair to the classfied. DROP rules should be across the board. Not instructional getting 2 years more. That shows favortism to one group and not the other.
Yep, keep working and working and you could be dead too!