FRS Investment Plan
| Florida Retirement System (FRS) Investment Plan | |
|---|---|
| Definition | The Florida Retirement System Invest Plan (FRS Investment Plan) is a defined contribution program. Participants are fully invested after one year of creditable service. For more information, please click on the web link provided below. |
| 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. |
| Employee Contributions | Effective July 1, 2011, Florida law requires you to make pretax retirement contributions of 3 percent of your gross salary to your retirement plan. |
| Employer Contributions | The amount contributed by the College toward your retirement plan (called the "blended contribution rate") is the same whether you participate in the investment plan or the pension plan and is a percentage of your gross monthly salary, based on your employment class (e.g., regular class, senior management service class, special risk class, etc.) |
| Benefit | Your retirement benefit is based upon the benefit option you select and your annuity account balance, which is based on employee and 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. |