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Understanding the 2 nd Election

Understanding the 2 nd Election. [Your Organization’s Name]. The 2 nd Election. Switch plans One time during FRS career Understand the impact MyFRS.com – 2 nd Election CHOICE SERVICE MyFRS Financial Guidance Line Timing is important. Switching Plans: Pension Plan  Investment Plan.

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Understanding the 2 nd Election

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  1. Understanding the 2nd Election [Your Organization’s Name]

  2. The 2nd Election • Switch plans • One time during FRS career • Understand the impact • MyFRS.com – 2nd Election CHOICE SERVICE • MyFRS Financial Guidance Line • Timing is important

  3. Switching Plans:Pension Plan  Investment Plan • No cost to you • Options • Present value + future contributions • Freeze Pension Plan + direct future contributions • Vesting caution

  4. Switching Plans:Investment Plan  PensionPlan • “Buy-in” cost • FRS calculates the cost • Cost increases monthly • Not enough $$: You make up the difference • Leftover $$: Stays in the Investment Plan until you retire

  5. Free Resources • MyFRS Financial Guidance Line • Personalized assistance • Request a 2nd Election flyer • MyFRS.com – 2nd Election CHOICE SERVICE • Compare plans • Estimate benefits • Customize the information • Access forms

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