FRS Investment Plan: This is a defined contribution plan. Contributions are made by the employer, employee, or both, to individual member accounts to generate funds for distribution to the member at retirement (separation). Contribution amounts are determined by Florida statute and are usually a set percentage of the employee’s salary. Investments are generally directed by the employee, among investment products offered by the plan. The benefit amount at retirement (separation) is the sum that accumulates in the member’s account, based on contributions made and investment earnings/losses. It is the member’s responsibility to ensure that sufficient funds are raised to provide for adequate retirement income.
Job Applicants
Job applicants should be aware of the FRS restrictions regarding re-employment. You are considered a “retiree” if you have taken a distribution of any amount, at any age, from either the FRS Investment Plan, or the FRS Pension Plan. The New Employee Packet contains the FRS Certification Form, which requires your signature in the section applicable to your situation.
If you have any questions about your eligibility for reemployment after retirement, call the MyFRS Financial Guidance Line at 1-866-446-9377, Monday through Friday, 9 a.m.-8 p.m. EST.
Name A Beneficiary Now
If you have not done so already, you are encouraged to designate or update your retirement plan beneficiary.
Beneficiaries may be eligible for a refund of employee contributions made since July 1, 2011 in the event of the member’s death. Over 5,000 district employees have not designated a retirement plan beneficiary. Call the MyFRS Financial Guidance Line at 1-866-446-9377 for more details.
Free Financial Planning Resource
Free Access to Ernst & Young Financial Planners
The FRS provides all pension plan and investment plan members with free access to Ernst & Young financial planners. Your Ernst & Young financial planner does not sell any investment or insurance products. They are there to serve as your personal retirement and financial advocates, and are available to answer any retirement and financial questions you may have. For more information, see FAQ No. 8 below.