State Teacher Plans for Florida

Many teachers do not have access to low-cost choices in their 403(b) plans. Of the 66 district 403(b) plans that we have graded so far in Florida, 0 districts have an A rating, 0 districts have a B rating, 34 districts have a C rating, 29 districts have a D rating, and 3 districts have an F rating.

If you are a teacher in Florida, here are the state teacher plan options that are available to you.

Florida FRS

Most states still offer a traditional formula-based pension. Under this type of arrangement an educator would receive a percentage of their final year's salary until death that is based on some combination of years worked, age, and salary. Some states have made pension plans less generous to new hires, and some states have replaced traditional pensions with 401(k)-type plans.

More information about the Florida FRS plan is available directly from the pension website, and Karl Fisch's book on the Florida pension is available here. Pension plan information for other states is also available for reference through this state pension search tool. This data is shared with us by Karl Fisch, and it is current as of January 1, 2025.

Applicable to All Teachers

Social Security

Florida teachers also pay into Social Security

Administrative Fee for Supplemental Plans

None other than the defined contribution option

New Teachers Hired On or After 1/1/2024

Choice of Defined Benefit or Defined Contribution

Employee: 3%; Employer: defined benefit 13.57% or defined contribution 8.3%

Multiplier

Defined benefit1.6 to 1.68%

Average Salary

Highest 8 years

Normal Retirement

Defined benefitAny age with 33 years of service
Age 65 with 8 years of serviceDefined contributionAny age with 33 years of service
Age 65 with 1 year of service

Cost-of-Living Adjustment (COLA)

None

Veteran Teachers Hired Prior to 1/1/2001

There are no additional benefit tiers between the new teacher and veteran teacher tiers compared here. The exact transition date between these tiers is not relevant to this comparison.

Choice of Defined Benefit or Defined Contribution

Employee: 3%; Employer: defined benefit 13.57% or defined contribution 8.3%

Multiplier

Defined benefit1.6 to 1.68%

Average Salary

Highest 5 years

Normal Retirement

Defined benefitAny age with 36 years of service
Age 62 with 6 years of serviceDefined contributionAny age with 30 years of service
Age 62 with 1 year of service

Cost-of-Living Adjustment (COLA)

Up to 3% based on years prior to 1/1/2011

Florida 457(b)

Every state operates a 457(b) plan that serves governmental workers like police, fire, and state government officials. These plans are generally excellent, and in many cases they are superior to the 403(b) offerings available in school district plans. Most states allow educators to participate in these plans; unfortunately, about a dozen do not.

Find out more about how we rate state 457(b) plans and view plans in other states.