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FRS Retirement Programs:
As a public service employee, you may be a member of your state retirement plan. Your state’s retirement plan may be a defined benefit plan or a defined contribution plan, and/or a hybrid plan.The Florida Retirement System (FRS) offers the option of participating in two FRS retirement plans: The FRS Defined Benefit (Pension) Plan (which includes DROP) and the FRS Defined Contribution (Investment) Plan.
Defined Benefit (Pension) Plan:
Defined Benefit (Pension) Plans guarantee a retirement benefit that is predetermined. The employer and employee contribute a specified percentage or amount to the plan. The amount of the retirement benefit is based on a formula that takes into account the years of service and average final salary.- Service / Early (Regular Retirement)
- Deferred Retirement Option Program (D.R.O.P.)
- Exiting Drop
Defined Contribution (Investment/Lump Sum) Plan:
Defined Contribution (Investment) Plans guarantee a set contribution made by the employer and employee. The employer and employee contribute a specified percentage or amount toward the plan. Employees usually choose their preferred investment options, and therefore, the employee usually assumes the risks of those investments. The amount of the retirement benefit will depend on the investments and account accumulations the employee has chosen.FRS Plan Comparison:
Retirement Options Offered:
Service/Early Retirement, DROP, Exiting DROP and Retiring from the Investment Plan.
The Service/Early Retirement and DROP are all retirement options from the Defined Benefit (Pension) Plan. The Defined Contribution (Investment) Plans are for retiring from the Investment plan.
Contact MyFRS Financial Guidance Line toll-free at 1-866-446-9377 to access experts who can answer all your questions about retirement planning, the FRS retirement plans, and managing your finances.
