The State Board of Administration of Florida (SBA) will consider, on a case-by-case whether the election will be voided, subject to the following requirements:
If your request to void the election is made timely and the SBA agrees the election will be voided, you will be required to sign a release and return it to the SBA prior to the election being officially voided. You will acknowledge in the release that failure to return a signed release by the requested due date will result in the original election's being reinstated. You will have until your choice period deadline date to make a new election. If your choice period has ended, you will have one calendar month to make a new election. Failure to make a new election will result in your defaulting into the Investment Plan, or Pension Plan (if filling a Special Risk position). Note: If you had elected the FRS Investment Plan or the FRS Hybrid Option and decided to remain in the FRS Pension Plan, there is no need to make another election because you are already in the FRS Pension Plan, your election to the FRS Investment Plan or the FRS Hybrid Option having been voided.
An employee filling a regularly established position shall be enrolled on the first day of employment, even if the employee is serving a probationary period.
No. You will have one opportunity to choose between the two plans during your choice period. After your choice period, you may exercise a second and final opportunity to change your plan at any time during your active FRS career.
As a new employee, you have a choice of two FRS retirement plans: the Investment Plan and the Pension Plan. Enrollment in the Investment Plan will be retroactive to your date of hire. The Investment Plan effective date will be established as the first of the month following the month in which the enrollment form is received or the online enrollment is processed by the Plan Choice Administrator. From your date of hire until the effective date, employee and employer contributions will be paid into your Investment Plan account at the blended contribution rate. From your effective date forward, contributions will be paid into your Investment Plan account at the Investment Plan contribution rate in effect at the time the contributions are made.
Your enrollment period will end at 4:00 p.m. Eastern Time, on the last business day of the eighth month following your month of hire. Your initial election will be considered your initial choice or first election. If you do not make an active plan election, you will be automatically enrolled as follows; this automatic enrollment (or default) is considered your initial choice or first election.
|Membership Class||Plan Default|
|Special Risk Class||Pension Plan|
|All classes (except Special Risk Class)||Investment Plan|
No. Only an employee who is filling a full-time or part-time regularly established position is eligible to be enrolled in the FRS. A regularly established position in a non-state agency is an employment position which will be in existence beyond 6 consecutive calendar months. A regularly established position in a state agency (including state universities) is a position authorized pursuant to s. 216.262(1)(a) and (b), F.S., and is compensated from either a salaries appropriation as provided in s. 216.011(1)(z)1. and 2., F.S., or a salaries account as provided in rule 3A-10.031, F.A.C.
Part-time employees accrue years of creditable service the same as full-time employees. However, because of your lower salary, you would receive lower contributions in the Investment Plan.
No. A member who chooses the hybrid option is considered an Investment Plan member and not eligible to join DROP.
No. The only time an employee can be reported under two different plans in the same month is during the first month they enter DROP or if they change employers.
The legislation creating the Investment Plan said that the Pension Plan should remain an option. No one can predict what changes future legislation may bring or the future popularity of the Pension Plan among employees. However, the FRS wants to offer flexible and innovative retirement plan solutions to its employees. If cost were the only issue, the State Legislature and the Governor would not have retained the current Pension Plan. Nor would they have allowed employees a second chance to switch back to the Pension Plan at any time during their FRS career.
All salary paid on or after July 1 should be paid at the retirement rate in effect July 1.
We recommend that you contact your local Internal Revenue Service office or call the toll-free number (800) 829-1040 for tax information on disability income.
Contributions not received by the due date will be charged a one percent (1%) per month delinquent assessment