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Glossary
N

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 for FRS Pension Plan members
"Normal retirement" for FRS Pension Plan members:
  • If enrolled in the FRS prior to July 1, 2011, age 62 and six years of service or 30 years of service or, if Special Risk age 55 and six years of service or 25 years of Special Risk service.
  • If enrolled in the FRS after July 1, 2011, age 65 and eight years of service or 33 years of service or, if Special Risk age 60 and eight years of service or 30 years of Special Risk service.


Normal Retirement or Normal Retirement Date for the Investment Plan
"Normal retirement" for FRS Investment Plan members is the later of either the date the member attains normal retirement under the provisions of the Pension Plan or the date the member is vested under the Investment Plan. The following chart spells out when a member achieves normal retirement depending on their class of membership and first date of hire:

Investment Plan Normal Retirement

  All Classes of Membership
(except Special Risk)		 Special Risk
Hired prior to 7/1/11 Age 62 or older and 1
or more years of
Investment Plan service 		Age 62 or older and 1
or more years of
combined Pension Plan
and Investment Plan service		 Any age and 30
or more years of
service		 Age 55 or older and 1
or more years of
Investment Plan
service		 Age 55 or older and 1
or more years of
combined Pension
and Investment Plan service		 Age 52 or older and 25 or
more years of
Special Risk and
military service		 Any age and 25
or more years
of Special Risk
service
Hired after 7/1/11 Age 65 or older and 1
or more years of
Investment Plan service 		Age 65 or older and 1
or more years of
combined Pension Plan
and Investment Plan service		 Any age and 33
or more years of
service		 Age 60 or older and 1
or more years of
Investment Plan service		 Age 60 or older and 1
or more years
of combined Pension Plan
and Investment Plan service		 Age 57 or older and 30
or more years of
Special Risk and
military service		 Any age and 30
or more years of
Special Risk service


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.