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Choosing an FRS Retirement Plan

Understand the important choice between the FRS Pension Plan and the FRS Investment Plan. Compare plan types, vesting, contributions, benefits, and more. Access resources and get free financial planning assistance.

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Choosing an FRS Retirement Plan

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  1. Choosing an FRS Retirement Plan College of Central Florida

  2. You Have an Important Choice to Make! Pension Plan Investment Plan OR

  3. Comparing the Plans – Plan Type and Vesting • Traditional • 8-year vesting* FRS Investment Plan FRS Pension Plan • More mobile • 1-year vesting • Takes time to grow Vesting = Ownership of your benefit or account * 6 years with prior service

  4. Comparing the Plans – Contributions FRS Investment Plan FRS Pension Plan • Employer and employee • Individual, portable account • You control investments • Employer and employee • Single pension trust fund • Plan controls investments

  5. Comparing the Plans – Your Benefit FRS Investment Plan FRS Pension Plan • Contributions + investment earnings • You choose your distribution options • No DROP • Fixed formula • Guaranteed for life • DROP 4

  6. Consider Your Length of Service * 1–6 years or 7 or more years if you have Pension Plan service before July 1, 2011

  7. Your CHOICE Resources • New Employee FRS Enrollment Kit • MyFRS Financial Guidance Line • MyFRS.com • CHOICE SERVICE

  8. Personalized Benefit Comparison Statement • PIN – keep this number • Compares projected benefits • One set of assumptions • Online CHOICE SERVICE • Call for assistance

  9. MyFRS.com • First time log in to  PIN • Create a personal login to access • Decision-making information • CHOICE SERVICE • New Hire Roadmap and Video • Summary Plan Descriptions • Enroll online

  10. Keep Your PIN MyFRS Financial Guidance Line • Toll-free • Free financial planning assistance • Choose a plan • Personal financial planning • Unbiased guidance • Help you with MyFRS.com • Ongoing assistance 1-866-446-9377

  11. 1 2 3 4 5 More Than 5 Months to Decide INVESTMENT PLAN OR PENSION PLAN? “New Employee FRS Enrollment Kit” mailed to your home Reminder letters mailed to your home Yourhire date ENROLLMENTDEADLINE MONTH OF HIRE Orientation through your employer 4:00 p.m. ET on the last business day 5 months after you are hired.

  12. How to Make Your Election • Regular or Special Risk Class employee • Online • Call the MyFRS Financial Guidance Line • Paper form • Other Membership Class – paper only • EZ Enrollment Form • Investment Plan default fund – FRS Select Moderate Balanced Fund • General Enrollment Form • Investment Plan fund allocation

  13. Beneficiary Designation • Make change online or submit a Beneficiary Designation form anytime • Pension Plan BEN-001 • Investment Plan IPBEN-1 • Get form online or call • Enrollment form default designation • Florida Statutes • Speak with a financial planner

  14. 2nd Election • One-time opportunity • Choose wisely now • Don’t waste your 2nd Election

  15. Free Financial Planning Resources • Investment Plan and Pension Plan members • Ernst & Young • Free and unbiased help with: • Retirement planning • Investment planning • Estate planning • Tuition planning • Debt, spending, and credit issues

  16. Action Plan for Making Your Choice • Review • Call • Log in to • CHOICE SERVICE • Take action and make an informed choice • QUESTIONS?

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