FRS Pension Plan
The State of Florida Department of Management Services sponsors a defined-benefit pension plan. The Florida Retirement System must ensure that sufficient funds are available when your benefits are due and bear the market risk and investment decisions.
Information for the FRS Pension Plan
Contributions - Each pay period, based on Florida law, you contribute 3% of your gross salary, beginning with your first paycheck, to your Pension Plan account. You cannot change the amount you contribute. Your employer also contributes a fixed percentage of your gross salary to your account. The percentage is based on your membership class as required by law.
Your Benefit - Your Pension Plan benefit is guaranteed. It is determined by a formula which includes years of service, earnings and age at retirement.
Vesting - Once you complete eight years of service, you qualify for a benefit that is payable when you reach retirement age as defined by the plan. If you leave FRS employment sooner, you own only your employee contributions.
If You Leave FRS Employment - Under the Pension Plan, if you leave FRS-covered employment and go to a non-FRS employer, your Pension Plan benefit is frozen until you return at a later date to continue your FRS-covered employment or begin receiving your early or normal retirement benefit.
DROP - You may participate in the Deferred Retirement Option Program (DROP) once you have reached normal retirement age or date.
Benefit Payment Options - At retirement, you will receive monthly payments for your lifetime. You will have payment options that provide continuing payments to your qualified beneficiary after your death.