The Florida Retirement System (FRS) is the retirement program for our district. Eligible employees may choose one of the two FRS plans. Each plan offers important benefits. Currently, district employees are responsible for contributing 3% of their salary to the retirement plan chosen.
New employees have five months to make a plan choice. FRS will mail a personal enrollment kit approximately three months after the date of hire. When planning for retirement, "Be forewarned that when the FRS is less than 100 percent funded, the legislature may reduce future benefits to lessen plan liabilities, or may raise employee contributions to increase funding. The legislature may make changes to FRS at any time." (MyFlorida.com, 2012).
The FRS Pension Plan is a traditional retirement plan designed for longer service employees. It pays a guaranteed monthly benefit based on service and salary when you retire. You qualify for a benefit after 6 years of service.
The FRS Investment Plan was designed for a more mobile workforce. Your benefit is based on how much money is contributed to your account and how well that invested money grows over time. You qualify for a benefit after 1 year of service.
After your initial plan selection, you are permitted to switch between plans once before terminating your employment