(63)
I'm a rehired employee. I previously left FRS employment but I didn't draw retirement benefits. Now I'm returning to FRS employment. Do I have a choice between the two plans?
Yes, if this is the first time you've been rehired since the Investment Plan began. As with a new employee, you'll be enrolled automatically in the Pension Plan on your rehire date. If you'd like to participate in the Investment Plan instead of the Pension Plan, you will have until the last business day of the fifth month after your rehire date to select the Investment Plan.
(2303)
I'm also a rehired employee. I know Pension Plan vesting changed July 1, 2001; now vesting is after 6 years. I left FRS employment before July 1, 2000 with 8 years of service and wasn't vested under the previous 10-year vesting rule. Now that I'm rehired, can I participate in the Investment Plan? Am I automatically vested in the current Pension Plan and/or the Investment Plan?
Since you weren't vested when you left, because you hadn't met the previous 10-year vesting requirement, you'll need to remain with an FRS employer for at least one more year in the Pension Plan before becoming vested in the Pension Plan. This is so, even though you have more than six years of service.
If this is your first FRS-covered employment since the Investment Plan was introduced, you can participate in the Investment Plan. You will be enrolled automatically in the Pension Plan on your rehire date. If you then wish to participate in the Investment Plan instead, you have until the end of the fifth month after your date of rehire to select the Investment Plan. If you select the Investment Plan, you will be immediately vested in all future services in the Investment Plan, but you must remain with an FRS employer for one year to gain ownership of your previous Pension Plan years of service.
(2055)
I owe the FRS money for refunded service (or other optional service credit listed above). How do I pay it and where do I send it?
You may pay us by check made out to the Florida Retirement System with your social security number on the face of the check to ensure it goes in to the correct account. Send it to the Division's address (see Contact Us). The sooner you pay for the service credit, the less you will pay, since interest is added to the amount due each June 30. You can now also pay for this service with a "rollover" of money you may have saved in a qualified plan (such as a 457 Deferred Compensation Plan or an Individual Retirement Account).
(2105)
What is the "present value" of my Pension Plan benefit?
The "present value" is the amount of money you would need to invest today to give you roughly the same monthly benefit you would have received from the Pension Plan. In figuring that amount, it's assumed that you terminate from the FRS today; begin drawing retirement benefits on your normal retirement date – the earlier of age 62 or 30 years of service, or the earlier of age 55 or 25 years of service for members of the Special Risk Class; live an average life span; and received 3% annual benefit increases during retirement.
Present value is based only on your current FRS service to date and your current average final compensation. If you stay in the Pension Plan instead of switching to the Investment Plan, the value of your Pension Plan benefit will increase over time if you accumulate more service. If you switch to the Investment Plan – without transferring your Pension Plan benefit to the Investment Plan – and remain an inactive participant in the Pension Plan, the value of your Pension Plan benefit will be frozen. It will not increase over time as you accumulate service in the Investment Plan.
(2081)
What might delay the processing of my disability application?
The most common causes of delays are:
- Insufficient medical information from a physician.
- An incomplete application submitted by the member.
- In the case of an in-line-of-duty disability application, failure to provide a Notice of Injury or other proof that the disability occurred in the line of duty.
(2082)
What happens if my application for disability is denied?
You will have 21 days to file a petition for a hearing before the State Retirement Commission. In addition, the Division will advise you of any other alternatives you may consider.
(1)
What should I do if I don't receive my retirement benefit payment, or if my check is lost or stolen?
If you do not receive your retirement check on the last business day of the month, please wait until the 5th day of the following month before contacting the Retired Payroll Section. We must allow the Postal Service until the 5th of the following month to deliver the check. If your check is lost or stolen, call or email the Retired Payroll Section immediately so we can place a "stop payment" on the check and issue a replacement check. Please note that it takes 10 business days to issue a replacement check. Please refer to our publications or other FAQ's for information on how to request direct deposit.
(2)
After I retire, how do I change my option if my spouse dies or if we divorce?
If you are retired, you may not change your selected option once you have cashed or deposited any retirement benefit. You may, however, change the designation of your beneficiary or joint annuitant. Contact the Survivor Benefits Section for information and the appropriate form.
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