What is an FRS investment plan?
The FRS Investment Plan is a defined contribution plan, in which employer and employee contributions are defined by law, but your ultimate benefit depends in part on the performance of your investment funds.
What is the FRS hybrid plan?
The FRS Hybrid Option. This plan is designed to freeze your already accrued Pension Plan benefit and establish an Investment Plan account for all future employer contributions.
Can I withdraw money from my FRS investment plan?
Select Investment Plan, FRS Investment Plan > Withdrawals and Rollovers > Withdraw or Roll Over Money, and then select a payment type. To make your request by phone, call 1-866-446-9377, Option 4 (TRS 711). You will need your PIN.
What kind of retirement plan is FRS?
The FRS Pension Plan is a defined benefit plan. That means that your retirement benefit is set by a fixed formula. No matter how well or poorly the trust fund investments perform, you are guaranteed to receive your accrued benefit for your lifetime. The FRS Investment Plan is a defined contribution plan.
How long does it take to be vested in FRS?
Members of the Elected Officers’ Class vested in the FRS Pension Plan after completing eight years of creditable service.
What is the Florida Retirement System?
The Florida Retirement System offers you the option of participating in two FRS retirement plans: the FRS Investment Plan and the FRS Pension Plan (which includes DROP). In addition to the FRS retirement plans, universities and community colleges offer defined contribution annuity programs for some of its members.
Can I retire early from FRS?
There are no early retirement reductions. You will have access to the full value of your vested account balance when you leave FRS employment, regardless of your age when you leave.
Is the FRS a 403b?
Defined contribution plans include the FRS Investment Plan, as well as 403(b), 457 and 401(k) plans.
What is the susorp program?
The department contracts with five Investment Provider Companies to offer a variety of mutual funds and annuities to university personnel. The SUSORP benefits are determined by performance of the participants investment choices funded by employer contributions and employee contributions.
How are the susorp benefits determined?
The SUSORP benefits are determined by performance of the participants investment choices funded by employer contributions and employee contributions. SUSORP participants may designate an additional voluntary pre-taxed investment contribution of up to 5.14 percent.
What is the additional voluntary pre-tax investment contribution for susorp participants?
SUSORP participants may designate an additional voluntary pre-taxed investment contribution of up to 5.14 percent.