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Glossary A Actuarial An adjective that describes statistical elements, assumptions, and techniques used by actuaries. An "actuary" is an expert who computes insurance or pension risks and plan costs based upon plan membership, experience, and other factors. Actuaries determine the level of funding required to provide the benefits promised to you under the Florida Retirement System. [back to top] Annuity An insurance contract that guarantees you monthly income for the rest of your life, or for the period of time you choose. [back to top] Average Final Compensation or AFC The average of the 5 highest years of salary earned during covered employment. Salaries are counted by fiscal year (July 1 - June 30). [back to top]