You need to have 6 years of service with an FRS employer to be vested in your Pension Plan benefit. Vesting is based on total service in both the Pension Plan and the Investment Plan. Service is the total of all whole and partial years you worked with an FRS employer in a covered position. It also includes any additional service that you may have purchased. (Some purchased service, such as out-of-state service, does not count toward the number of years you need to be vested.)
Any benefit amount you transfer from the Pension Plan to the Investment Plan will still be subject to the Pension Plan's 6-year vesting requirement rather than the Investment Plan's 1-year vesting requirement.
If you leave FRS employment before you're vested in your Pension Plan benefit, you won't be entitled to any benefit. If you're rehired by an FRS employer at any time in the future, the service credit you previously earned will be combined with any future service credit and applied toward vesting.
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You need to have 1 year of service with an FRS employer to be vested in your Investment Plan benefit. Vesting is based on total service in both the Pension Plan and the Investment Plan. Service is the total of all whole and partial years you worked with an FRS employer in a covered position.
Any benefit amount you transfer from the Pension Plan to the Investment Plan will still be subject to the Pension Plan's 6-year vesting requirement rather than the Investment Plan's 1-year vesting requirement.
If you leave FRS employment before you're vested in your Investment Plan benefit, you won't be entitled to any benefit. Your account balance will be placed in a suspense account, where it will accrue actual investment earnings. If you return to work for an FRS employer within 5 years of your termination date, your account balance plus any earnings will be returned to you and combined with any future service credit and applied toward vesting of your account. If you never return to work for an FRS employer or if you return to work for an FRS employer 5 years after your termination date, you will forfeit your unvested account balance.
If you leave FRS employment after vesting in your Investment Plan benefit, but before your transferred Pension Plan benefit has vested, you may only receive your vested Investment Plan benefit. However, if you take any distribution from your Investment Plan benefit, the Pension Plan benefit you transferred into the Investment Plan will be forfeited. If you do not take a distribution of your Investment Plan benefit, the Pension Plan benefit you transferred into the Investment Plan will be placed in a suspense account, where it will accrue actual investment earnings.
If you return to work for an FRS employer within 5 years of your termination date, your prior service will be combined with any future service credit and applied toward vesting of your transferred Pension Plan benefit. If you never return to work for an FRS employer or if you return to work for an FRS employer 5 years after your termination date, you will forfeit your unvested transferred Pension Plan benefit.
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