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Deferred Compensation Plan

VALIC
Great West
ING
Nationwide
T.Rowe Price
Schwab (Self-Directed Brokerage Account)

   

Your Retirement Plan Options

When you work for the state, the Florida Retirement System (FRS) offers two retirement options:


  FRS Pension Plan FRS Investment Plan

How does the FRS normally provide benefits?

You receive a set, monthly benefit based on your age at retirement, salary, position, and how long you worked for the state.

You receive the balance of your investment account; based on how well the plan performed.

What do I contribute?

3% of your gross salary.

3% of your gross salary.

When can I collect benefits?

When you retire, if you are vested and are within 20 years of your normal retirement age.

When you leave state employment, if you have at least one year of FRS service.

How do I receive benefits?

You choose among the plan's benefit options. You receive monthly payments.

You choose among the plan's payment options; either a lump sum payment or periodic payments

What happens if I leave early?

  • If you leave after you are vested, you have a monthly benefit when you retire.
  • If you leave before you are vested, you are entitled to only a refund of contributions you paid into the system.
  • If you leave after one year, you have access to money in your account.
  • If you leave before one year, you are not vested and are entitled to only a refund of contributions you paid into the system.

You are automatically enrolled in the FRS Pension Plan. Within the next five months, you choose to stay in this plan or move to the FRS Investment Plan.