An
Overview of the Florida Retirement System (FRS)
Permanent
employees filling a "Regularly Established" position are
automatically members of the Florida Retirement System (FRS). Your
participation in the FRS is free; your employer pays all
contributions. The FRS allows you to choose from one of two
retirement plans: The FRS Pension Plan or the FRS Investment Plan.
Additionally, the FRS offers free and personalized educational
resources to help you understand your options and prepare for
retirement. New employees must choose their FRS plan by the end of
the fifth month following their month of hire.
Florida
Retirement System
About
the FRS Pension Plan
The
FRS Pension Plan is a traditional defined benefit program designed
for longer-term employees who will be with the FRS for most of
their career. It pays you a guaranteed monthly retirement benefit
based on salary and service when you retire. You qualify for a
benefit (i.e., are vested) in the Pension Plan after completing 6
years of creditable service with an FRS employer. Click
here for details >>
About
the FRS Investment Plan
The
FRS Investment Plan is a defined contribution program designed for
employees who may leave the FRS before retirement. Your benefit is
based on how much money your employer contributes to your account
and how well that money grows over time. Most members get 9% of
their salary deposited into their account each month. You qualify
for a benefit (i.e., are vested) after completing 1 year of
creditable service with an FRS employer. Your account is portable
and you decide how much risk to take by allocating your account
balance among investment funds. Click
here for details >>
Comparing
the Plans
The
two FRS plans have many differences: how service and salary affect
your benefits, vesting rules, types of risks, availability of the
Deferred Retirement Option Program (DROP), payment options, early
retirement options, survivor benefits and member contributions. Click
here for details >>
What
if I Change My Mind?
After
making your initial FRS plan selection, you have a one-time chance
to change your mind during your active working career with the
FRS. This change, called your 2nd Election, allows you to
switch from the Pension Plan to the Investment Plan, or vice
versa. Click
here for details >>
What
if I Have Questions?
The
FRS offers free help to assist you with your FRS plan choice, the
management of your retirement account and general financial
planning questions. You can call the MyFRS Financial
Guidance Line toll free at 1-866-44-MyFRS
(1-866-446-9377; TTY: 1-888-429-2160) 9 a.m. to 8 p.m. ET, Mon.-
Fri. (except holidays) to speak with experienced financial
planners from Ernst & Young at no cost to you. You can also
use the personalized online Choice Services and Advisor Services
available at
www.MyFRS.com.
