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Deferred Compensation Plan

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

   

Start the Retirement Process

 

Get a copy of the State Retiree Checklist to see the steps you need to take when you are ready to begin the process. The checklist walks you through a timeline of tasks to complete before you retire.

 

Are you ready to retire? There is a lot to think about, including how to collect your retirement income, choose retiree medical benefits and wrap up your final months with the state. As you start the process, here are a few things to consider.

If you haven't already done so, talk with your supervisor and human resources office to let them know that you are ready to retire. Do this as soon as practical, but your official retirement process cannot begin more than six months before your retirement date.

FRS Pension Plan Members – Get an estimate of your retirement income and understand what's necessary to start your benefit.

FRS Investment Plan Members – Take advantage of the resources available to you.

  • Call the MyFRS Financial Guidance Counselors at 866-446-9377 to discuss your retirement income.
  • Go online to MyFRS.com. From the home page, click Resources at the top to use the tools available. For example, use the online retirement calculators to estimate your spending and expenses. You can also review the various articles on planning for retirement under Publications in the Resources menu.

If you participate in the state's Deferred Compensation program, you may start receiving your account balance 30 days after your official separation date (61 days after your last work day) or defer the benefit until a later date. You can download a copy of the Distribution Guide: Leaving the Plan? Map it Out! to learn about your options or you can contact your investment provider(s) for a distribution request form.

Determine if you'll enroll in the state's Retiree health and life insurance benefits. You should contact the People First Service Center at 866-663-4735 to find out about your eligibility and visit MyFlorida myBenefits Web site to view your coverage options.

Be sure to complete all of the necessary forms, provide documentation necessary and follow up with all the state program areas, including your agency human resources office.