| FRS Investment Plan: |
Public Employee Optional Retirement Plan (PEORP) is a new defined contribution program. Participants are fully invested after one year of creditable service. The College pays all contributions. |
| Type of Plan: |
Defined contribution plan |
| Eligibility: |
Full-time and regular part-time employees are eligible. During your first five months of employment, you have the option to remain in the FRS-Regular Class or enroll in the FRS Investment Plan. |
| Vesting: |
You are vested after one year of creditable service. Pension plan service counts toward the one-year requirement. |
| Employer Contributions: |
The College pays all contributions toward your retirement plan. |
| Benefit: |
Your retirement benefit is based upon the benefit option you select and your annuity account balance, which is based on employer contributions, income and investment gains/losses, minus account expenses. |
| Normal Retirement: |
You must meet the vesting requirement. There may be tax implications if you retire prior to the year of your 55th birthday. |
| Other Plan Features: |
This retirement plan has a disability feature and health insurance subsidy. |
| Selection of Investment Plans: |
Information is available on the MyFRS Web portal or by calling the toll-free employee service number: 1.866.446.9377. |
