Wednesday, October 23, 2013

FLorida Retirement System Offers Two Retirement Plans

FLorida Retirement System offers two retirement plans, the Pension ...FLorida Retirement System offers two retirement plans, the Pension Plan and the Investment Plan. All salaried (A&P, Faculty and USPS) employees at Florida International University are eligible for membership. Non-exempt employees are automatically enrolled in the FRS Pension Plan when hired and have 180 days from their date of hire to choose between the Pension Plan and the Investment Plan below. Pension Plan: Traditional Plan (6 year vesting requirement): A defined benefit plan sponsored by the State of Florida which provides a monthly retirement benefit based on years of creditable service, the value of each year of service and the average final compensation of the five highest years of salary. Deferred Retirement Optional Program (DROP) DROP is a program that

allows you to retire without terminating your employment for up to 5 years while your retirement benefits accumulate and earn interest compounded monthly at an effective annual rate of 6.5%. This program is available to eligible members of the Florida Retirement System who are in the FRS Pension Plan. You are automatically enrolled in the Pension Plan. Retirement Plan Options: Benefit Paid at Retirement Under the Pension Plan, your retirement benefit is based on a formula comprised of your age, length of FRS service, and membership class. The amount of your benefit payments is affected by the retirement income option you choose. Retirement Income Options Under the Pension Plan, you may choose to receive your benefit in retirement under one of four lifetime benefit options including a 3% annual benefit increase each July. Termination Under the Pension Plan, if you leave FRS-covered employment and go to a non-FRS employer, your Pension Plan benefit is frozen until you return at a later date to continue your FRS-covered employment or begin receiving your early or normal retirement benefit. You will be eligible for a benefit (i.e. be vested) when you complete six years of service in the FRS Pension Plan. Additional information is available by calling 1-866-446-9377 or online. Pension Plan Forms: Service Retirement Packet DROP Retirement Forms Packet Application to Purchase Retirement Credit for a Leave Online Estimates for Retirement, Social Security and other tools Estimate Request Information Request...

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