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Glossary |
P
Passively Managed (or Index) funds
These funds are designed to produce the same level and pattern of investment returns generated in a market index. These funds carry a very low fee.
Pension Plan
See definition for "Defined Benefit Plan".
Personal Investment Performance, PIP
A measurement of the performance of an employee's entire account for the time invested in the plan during the statement period.
PIN
Personal Identification Number, the number used to uniquely identify an employee as a member of the FRS.
Plan year
The period of time beginning July 1 and ending on the following June 30, both dates inclusive,
for all State-administered retirement systems.
Present Value
The amount of money an employee would need to invest today to give approximately the same monthly benefit he or she would have received from the Pension Plan.
Public Employee Optional Retirement Program or PEORP
The Public Employee Optional Retirement Program (also called the "Florida Retirement System Investment Plan") is an investment plan alternative to the pension plan provided under the Florida Retirement System. Members who are actively employed have education and enrollment periods in which they can elect to participate in this plan. Members who fail to make an election to transfer remain in the Florida Retirement System Pension Plan. Participants of the State University System Optional Retirement Program or the State Community College System Optional Retirement Program are not eligible to participate in the FRS Investment Plan
plan. (See also Florida Retirement System Investment Plan.)
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