At Aubry Wealth Management, we understand the complexities of the Florida Retirement System (FRS), and are dedicated to helping its members retire with clarity and confidence. The FRS offers two retirement plans: the FRS Pension Plan and the 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.
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.
We understand the complexities of the Florida Retirement System and are here to help you navigate the two retirement plans offered by the FRS. Our team of experts can help you understand the benefits and differences between the FRS Pension Plan and the FRS Investment Plan and help you decide which plan is best for your individual needs. We can also help you understand the Deferred Retirement Option Program (DROP) and how it can help you maximize your retirement savings. Contact us today to learn more about the Florida Retirement System and how we can help you achieve your retirement goals.