FRS Pension Plan
The FRS Pension Plan is a defined benefit plan in which members are promised a benefit at retirement if they meet certain criteria. The amount of the future benefit is determined by a formula, based on the member's earnings, length of service and membership class, and may be adjusted by a cost‐of‐living increase each July. There is no cost-of-living adjustment upon retirement if the member is initially enrolled in the Pension Plan on or after July 1, 2011. The benefit is pre-funded by contributions paid by the employer and employee.
FRS Investment Plan
The FRS Pension Plan is a defined benefit plan in which members are promised a benefit at retirement if they meet certain criteria. The amount of the future benefit is determined by a formula, based on the member's earnings, length of service and membership class, and may be adjusted by a cost‐of‐living increase each July. There is no cost-of-living adjustment upon retirement if the member is initially enrolled in the Pension Plan on or after July 1, 2011. The benefit is pre-funded by contributions paid by the employer and employee.
Deferred Retirement Option Program
The Deferred Retirement Option Program (DROP) allows members to maintain their employment while their pension is paid into a Trust Fund with the State of Florida, tax-deferred.
FRS Investment Plan
The FRS Pension Plan is a defined benefit plan in which members are promised a benefit at retirement if they meet certain criteria. The amount of the future benefit is determined by a formula, based on the member's earnings, length of service and membership class, and may be adjusted by a cost‐of‐living increase each July. There is no cost-of-living adjustment upon retirement if the member is initially enrolled in the Pension Plan on or after July 1, 2011. The benefit is pre-funded by contributions paid by the employer and employee.