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Glossary |
E
Early Retirement
Under the Florida Retirement System Pension Plan, "early retirement" is an elective, service-based retirement that occurs when you choose to retire before you reach your normal retirement date. If you retire early, you will receive a reduced retirement benefit because you have not yet reached your normal retirement date. You must be vested to take an early retirement. Disability benefits are not reduced for early retirement, and vesting is not required for in-line-of duty disability retirement.
Effective Day, Effective Date
The date on which an employee's election was received and made effective. Eligible new employees are automatically enrolled in the Pension Plan on their first day of employment and may, within five months of their month of hire, elect to participate in the Investment Plan instead of the Pension Plan. Enrollment in the Investment Plan will be retroactive to the date of hire, but the effective date of the Investment Plan contributions will be the first of the month following the month in which the enrollment form is received or the online enrollment is processed by the Plan Administrator
Election
An employee's selection of one of three retirement plan options offered by the FRS (with eligibility based on date of hire): 1.) the Pension Plan; 2.) the Investment Plan (or 100% Transfer Option into the Investment Plan, if currently in the Pension Plan); and 3.) the Investment Plan's Hybrid Option (participation in both the Pension Plan and the Investment Plan). See also "Second Election".
Eligible Employee
An officer or employee who is a participant of or is eligible for participation in the Florida Retirement System, participates in or is eligible to participate in the Senior Management Service
Optional Annuity Program, or is eligible to participate in (but does not participate in) the State University
System Optional Retirement Program or the State Community College System Optional Retirement
Program. An eligible employee does not include Deferred Retirement Option Program (DROP)
participants.
Employer
Any agency, branch, department, institution, university, institution of higher education, or
board of the state, or any county agency, branch, department, district school board, or special district of
the state, or any city of the state that participates in the Florida Retirement System for the benefit of
certain of its employees, or a charter school or charter technical career center that participates as provided
in s. 121.051.(2)(d), F.S.
Enrollment
The act by an employer agency of establishing membership in the Florida Retirement System for all or any of its employees.
Existing Systems
See definition for "Closed Retirement Systems".
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