The State Board of Administration (SBA) provides eligible colleagues the opportunity to participate in a variety of benefit programs. Some insurance plans, like basic life, are provided automatically to all eligible employees. Other plans are voluntary and include pre-tax and post-tax options. Voluntary programs include health, life, dental, vision, disability, reimbursement accounts and many others. It is mandatory for all colleagues (except for Other Personnel Services employees and Interns) to participate in one of two retirement plans. The Human Resources Specialist (Benefits & Payroll) is responsible for administering new hire enrollments, coverage changes, premium administration and dependent eligibility.
The State Board Administration (SBA) pays a large % of the premium for all full-time employees' group health, regardless of the type or level of coverage. The value of the current annual individual benefit is $8,712.96 and the current annual family benefit is $19,478.40. Health plans offered are the State PPO- Florida Blue and HMO-Capital Health Plan. The cost to the employee is $8.34 for individual coverage and $30.00 for family coverage per month.
The SBA pays for a basic life insurance policy with a death benefit equal to $25,000. Also available is optional term life. The employee may enroll in a policy of up to seven (7) levels of coverage. Each level of coverage is equal to the employee's annual salary – to a maximum of $1,000,000 in Optional Group Term Life Insurance.
A short term disability policy is provided to all SBA’s employees at no cost. The employee is eligible for coverage after all personal leave has been depleted.
Once all leave options have been exhausted, the employee is eligible to apply for the disability pay. Insured employees who become eligible for benefits under the Plan receive a benefit equal to 65% of their basic daily earnings on the date of disability, subject to benefit reduction such as Social Security benefits, workers' comp benefits, or other regular or disability benefits under the State of Florida Retirement System.
The State Board of Administration pays 100% of the premium for all full-time employees (and eligible dependents) and prorated amount based on full-time equivalent (FTE). The value of the current annual individual benefit is $550.08 and the current value annual family benefit is $1,432.32.
Annual Leave - Vacation Time
SBA employees receive 176 hours (4.4 weeks) of annual leave upon appointment date and each anniversary date. SBA’s employees may carry a maximum of 480 hours of annual leave over on their anniversary. The difference of hours between 480 and the number of hours in the annual leave account will be transferred to their sick leave account on their anniversary date prior to the new accrual of 176 and 104 being deposited.
SBA employees receive 104 hours (2.6 weeks) of sick leave upon appointment date and each anniversary date. Sick leave hours may be accumulated without penalty. There is no maximum number of hours that can be carried in the sick leave account. Upon separation from service SBA employees with 10 years of creditable state service may be paid for 25% of their sick leave hours up to 480 hours.
There are nine paid holidays each calendar year and one paid personal holiday each fiscal year, which begins July 1st.
SBA participates in the Florida Retirement System (FRS). The FRS offers two retirement plans that employees must choose to participate
FRS Investment Plan
- 401(k)-type investment plan – you are responsible for managing your account.
- You qualify for a benefit after 1 year of service; once earned, the benefit is yours.
- Your benefit is based on contributions made to your account and on investment performance over time.
- When you leave FRS employment, available distribution options are direct rollover, periodic cash distributions, fixed annuity, lump sum cash payment or any combination of available options.
FRS Pension Plan
- Traditional retirement pension plan – the State is responsible for managing the Pension Plan Trust Fund.
- You qualify for a benefit after 8 years of service; your benefit is payable when you reach retirement age as defined by the plan.
- Your monthly benefit is guaranteed and based on a formula using your salary, years of service, FRS membership class and age.
Both plans require you to contribute 3% of your salary, beginning with your first paycheck. You cannot change the amount you contribute. The SBA also makes contributions to the plan you choose.
Tax Deferred Employee Investments
The agency provides a deferred compensation plan that allows savings to grow tax free until withdrawal.