If you wish to increase your Pension Plan benefit, you can purchase credit for the following types of service:
- Past service
- Certain military service (up to four years)
- Approved leaves of absence without pay (up to two years)
- Out-of-state public service (including federal and military service)
- Non-FRS public service and non-public service in certain schools or colleges in Florida (up to five years total, including both in-state and out-of-state service)
- Credit for periods of disability, in some cases
The cost for the additional service depends on the kind of service credit you wish to purchase.
As an example, for each year of in-state or out-of-state public service purchased, you must pay 20% of the salary you earned for the first full work year as a member of the FRS or 20% of $12,000, whichever is greater, plus interest at 6.5% compounded annually from your first year of membership in the FRS.
You cannot purchase additional service credit under the Investment Plan unless the service is mandated by federal law, such as a military leave of absence.
If you elect the Investment Plan and choose to transfer the present value of your FRS Pension Plan benefit into the Investment Plan, you must purchase additional service in the Pension Plan prior to the transfer.