You have a one-time (once in your active FRS career) opportunity after your Choice period ends, or you make your plan election, if earlier, to switch from the Investment Plan to the Pension Plan, or from the Pension Plan to the Investment Plan.
Your 2nd Election Enrollment Form must be received by the Plan Choice Administrator, Aon Hewitt, while still earning service credit and before your date of termination.
Once you have made a retirement plan election you have a limited time period during which you may be able to cancel the election. See the following FAQ for more information.
|FRS Pension Plan||FRS Investment Plan|
If you want to move to the Investment Plan after selecting the Pension Plan, you have two options:
If you want to move to the Pension Plan after selecting the Investment Plan, you'll have to "buy back" into the Pension Plan with the money in your Investment Plan account. If you transferred a present-value amount to the Investment Plan as your opening account balance, the calculation of your "buy-back" cost is a present-value calculation of benefits as if you had stayed in the Pension Plan for all years through the effective date of the change back to the Pension Plan.
If you did not transfer a present-value amount, your "buy-back" cost will be the actuarial accrued liability or total cost of your plan benefit.
After your "buy-back" cost is calculated, the payment process depends on whether your "buy-back" cost is less than the value of your Investment Plan account.