CALL US: (954) 680-4088
CALL US: (954) 680-4088
State employees apply to salaried, part-time or full-time employees who work in a regularly established position for a participating public employer. This includes teachers, mechanics, bus drivers as well as firefighters, police and other classifications, all of which qualify for the FRS.
There are two pension choices offered: the Pension Plan and the Investment Plan, including the Self-Directed Option. Each has benefits and restrictions. Knowing which options are best suited for you is paramount.
The Pension Plan is a defined benefit plan. There are four pension choices, each offering lifetime pension with certain income limits and duration. Here, participants can opt in the Deferred Retirement Option Program (DROP). DROP provides an alternative method for payment of your retirement benefit for a specified and limited period.
The investment plan is a defined contribution plan. On this investment plan side, the participant owns their total accumulated value of their pension assets. During the participant’s working years, these assets are invested in a list of state-provided mutual funds. When the participant retires, these assets can be rolled into an IRA. No pension option is required, since the participant owns the assets.