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Glossary |
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Net Asset Value (NAV)
The current dollar value of one share of a fund. It is equal to the current value of a fund's assets minus its liabilities, including management fees, divided by the number of outstanding shares. The NAV is calculated at the end of each business day.
Normal Retirement or Normal Retirement Date
"Normal retirement" is an elective, service-based retirement that occurs on or after your normal retirement date. Your "normal retirement date" is the date you
are first eligible to retire without a reduction of benefits under the
Florida Retirement System Pension Plan.
If you are in the Regular Class, the Senior Management Service Class,
or the Elected Officers' Class, or if you are in the Special Risk
Administrative Support Class and have less than 6 years of Special
Risk Class service, your normal retirement date occurs the first day
of the month you reach age 62 if you are vested, or when you
complete 30 years of creditable service regardless of your age.
If you are a member of the Special Risk Class, or a member of
the Special Risk Administrative Support Class and have at least
6 years of Special Risk Class service, your normal retirement
date occurs on the first day of the month you reach age 55 if
you are vested, when you complete 25 years of creditable Special
Risk Class service regardless of your age, when you complete a
combined total of 25 years of Special Risk Class service and
military service and are age 52, or when you complete 30 years
of creditable service regardless of your age.
Nullify, Nullifying
The act of making legally null and void or invalidating, as in nullifying an employee's joint annuitant or beneficiary from receiving benefits from his or her FRS retirement plan account.
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