Distrito Escolar del - Osceola County School District

19. EARLY RETIREMENT PROGRAM
The Board has established an early retirement program as authorized by Section 1012.685, Florida Statutes,
which it offers on a year-to-year basis. Under this program, the Board purchased annuities for employees
with at least 25 years of creditable service but less than 30 years, as of June 30, 2012, who have reached the
age of 55 but are less than age 62 at the effective date of retirement and have applied for retirement under
the Florida Retirement System (described in the previous note). The Board may also consider employees
ages 50 through 54 if the Board determines that it is economically feasible to do so. The annuities provide
for the early retirees to receive additional income after retirement, not to exceed the difference between their
Florida Retirement System early retirement benefits, which are reduced by 5 percent for each year prior to
age 62, and the benefits that would have been received had they been eligible for full Florida Retirement
System benefits on the date of retirement. In the event an employee has earned experience in a public
school system in another state, the Board may choose to purchase such out-of-state experience (up to five
years) as is necessary to provide regular retirement benefits. This experience may not be purchased in
addition to an annuity. One employee retired and accepted early retirement benefits during the 2011-12
fiscal year. Annuities were purchased for these individuals at a total cost of $145,574.
The Board did cover the full amount by which pensions were reduced by the State Division of Retirement
and did not guarantee that an early retirement program would be offered in future years.
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