FRS Pension Plan

Description

The FRS Pension Plan is a traditional defined benefit retirement plan in which employer and employee pretax contributions are defined by law and based on your salary and your FRS membership class (Regular Class, Special Risk Class, etc.) The benefit will pay you a set amount for life after meeting the minimum vesting and retirement requirements. Your monthly benefit payment calculation will depend on the following criteria: your years of creditable service, the average final compensation, the percentage value you receive for each year of service, and the option you select at retirement to receive your monthly retirement benefit.

Please visit myfrs.com and the FRS Pension Plan Member Handbook for detailed information regarding the FRS Pension Plan.

Eligibility

The FRS Pension Plan is available to all full and part-time Faculty, Administrative and Professional (A&P), University President, Executive Service, and employees in the University Support Personnel System (USPS).

• The plan is not available to student employees, adjuncts, or other personnel services (OPS) employees in non-budgeted positions.
• You have until the last business day of the eighth month following your employment to enroll in an FRS retirement plan. If you do not select a plan, you will be automatically enrolled in the Investment Plan.

Special Risk Class members will automatically be enrolled in the Pension Plan.

Contributions

Both you and the University pay the retirement contributions necessary for you to earn service credit toward a future FRS retirement benefit. Your contributions will remain on deposit in your name until you retire or take a refund of your contributions.

• You will contribute a mandatory 3% pretax contribution that is deducted from your paycheck each pay period.
• You cannot make additional pretax contributions above the 3% mandatory contribution.

If you would like to contribute more than the 3% contribution, please visit the Voluntary Retirement Savings Plans 403(b) and 457 and consider meeting with an approved investment company provider for more details on enrolling in a voluntary retirement plan in addition to the mandatory State-Sponsored Retirement Plan.

• The University will contribute a fixed percentage of your gross salary per pay period. Also, the University will contribute amounts each month to fund the Health Insurance Subsidy benefit (1.66%), plan administrative and educational expenses (0.06%), and unfunded actuarial liability funding as required by law.

Contribution rates are set by the Florida Legislature each year and are subject to change.

Vesting

To be vested means that you have met the service requirements to be eligible to receive a future FRS retirement benefit.

• If you were initially enrolled in the FRS on or after July 1, 2011, you will be vested in the Pension Plan after eight years of creditable service, regardless of your membership class.
• If you are initially enrolled in the FRS before July 1, 2011, you will be vested in the Pension Plan after six years of creditable service.
  
  

Retirement Eligibility

Once you are vested, you are eligible for a future benefit when you terminate employment with all participating FRS employers and apply for your retirement benefit.

• Under normal retirement, you are first eligible to receive an unreduced retirement benefit based on your age or years of service. Please review page 25 of the Pension Plan Member Handbook for employment class guidelines.
• If you retire early (before you have reached normal retirement), then your monthly retirement benefit will be reduced 5 percent for each year up to your normal retirement age.
  
  

Online Access

Log into FRS Online at frs.fl.gov. Links are also available from other pages on the website. To view information about your account or perform estimates, you must log into your FRS Online account and follow the instructions provided.

Estimate Requests

• You may request a formal estimate from the Division of Retirement that will include:
• Statement of your total years of creditable service, beneficiary information, and the cost to purchase optional service credit, if any.
• An estimate of benefits with your proposed retirement date. You will also receive a statement showing how much you could accumulate if you choose to participate in DROP and continue employment for up to five more years.

For a formal request, please contact the Division of Retirement at 1-866-446-9377 (TRS 711).

How to Enroll

• Support staff employees must complete a General Retirement Plan Enrollment Form and select the option for the FRS Pension Plan.
• Faculty, Administrative and Professional (A&P), University President, and Executive Service employees must complete a SUSORP Retirement Plan Enrollment Form selecting not to participate in the SUSORP, along with a General Retirement Plan Enrollment Form, choosing to participate in the FRS Pension Plan.
  
  

How to Retire

• You will contact the Office of Human Resources three to six months before the anticipated retirement date to schedule an appointment with a member of the Benefits and Retirement Team to discuss the process.
• Request an estimate of retirement benefits by completing the Information Request Form or view your information online at myFRS.com.
• Apply for retirement by completing the Service Retirement Forms Packet.