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Glossary |
F
Fiscal Year
For the Florida Retirement System, a 12-month period beginning July 1 and ending on June 30.
Florida Retirement System Investment Plan
Officially titled the Public Employee Optional Retirement Program (PEORP), this plan is a defined contribution plan created under part II of chapter 121, Florida Statutes, and began enrolling members in July 2002. (See
also definitions for "Defined Contribution Plan," "Florida Retirement
System," and "Public Employee Optional Retirement Program.")
Florida Retirement System or FRS
The retirement system established in December 1970 to consolidate the existing state-administered retirement systems and provide a retirement, disability, and survivor benefit program for participating state and local government employees. Today, the Florida Retirement System is a single retirement system consisting of two primary retirement plans and other nonintegrated programs administered under chapter 121, Florida Statutes. The primary plans are a defined benefit plan established under part I and a defined contribution plan established under part II. Members under both plans participate in the following membership classes: The Regular, Special Risk, Special Risk Administrative Support, Senior Management Service, and Elected Officers' Classes. In addition to these two primary plans, alternative optional defined contribution programs are available for specified employee groups under part I,
including the State University System Optional Retirement Program, the State Community College System Optional Retirement Program, and the Senior Management Service Optional Annuity Program.
Florida Retirement System Pension Plan
This plan is a defined benefit plan administered under part I of chapter 121, Florida Statutes. The benefits to be paid at retirement are guaranteed by the plan, and are based on a formula determined by the plan. (See also definitions for "Florida Retirement System" and "Defined Benefit Plan.")
Foreign Stock Funds
Funds that invest primarily in stocks issued by foreign companies. Compared to U.S. stocks, foreign stocks are affected by additional risk factors such as foreign laws and regulations, differences in accounting practices, political risk (foreign governments are sometimes unstable), and currency risks (differences in the relative value of domestic and foreign money). Over the long-term, foreign stocks have provided additional diversification benefits.
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