FRS Employer Electronic Newsletter
As part of our communication effort for the retirement plan choice opportunity, we're committed to keeping participating FRS employers up-to-date on what's happening in the FRS Pension Plan and FRS Investment Plan. This newsletter is part of an ongoing series to keep you posted. It includes the following sections: IMPORTANT CHANGES AND REMINDERSEmployee WorkshopsThe MyFRS Financial Guidance Program is sponsoring a series of financial planning workshops designed to help employees get started with retirement and investment planning. Our thanks to those Group 1 and Group 2 employers who have called to host these workshops at their locations. With the Group 3 Choice Period ending, employers in Group 3 may now request these workshops. If you would like to host a workshop in your location, please contact Ernst & Young representative Maura Fagan at 1-502-244-8441 We urge you to encourage your employees to attend one (or more) of these valuable -- and free -- workshops, which will be taught by experienced and objective Ernst & Young financial planners. Remember, Ernst & Young does not sell investment or insurance products -- so you know your employees are getting independent financial education from a reliable source. Attached is the tentative workshop schedule for March. You may notice that some locations are still left to be determined. For the most up-to-date schedule, please check the schedules posted on MyFRS.com home page under the "Employee Workshops" link in the "Other Headlines" box. Changing Your PINWe've made it even easier for employees to change their MyFRS.com Personal Identification Number (PIN). They can choose one of the following ways to change their PIN or get a PIN reminder:
Each of the paths under #2 above will take your employees to the Update Your Profile Information page, which will let them change their PIN. They must type in their Social Security number and current PIN where indicated, and choose their new PIN. They'll need to make sure it's a PIN they'll remember, and that it's at least 6 characters in length. They'll need to enter it twice to be sure there was no mistake. They must use numbers only -- the system doesn't accept letters. Once they click "Save" at the bottom, they're done. We've also added this information on the MyFRS.com home page. New Hire Kits and Resources Are ReadyThe wait is over! New hire materials -- including a New Employee Brochure (to be distributed at your new employee orientations) and New Hire Video, along with a sample updated Retirement Choice Kit (to be mailed to new employees home addresses within 2 months of their hire date) -- are now available. Each Retirement Coordinator will be mailed a complete set of the new hire materials by March 14, 2003. If you haven't received your sample package by March 28, please contact the FRS Plan Choice Administrator, CitiStreet, by calling the Employer Assistance Line at 1-866-377-2121 and selecting option 3. To obtain a supply of New Hire Brochures or New Hire Videos for use in your new hire orientations, order them online through MyFRS.com or via telephone from the MyFRS Employer Assistance Line. Keeping Addresses CurrentPlease remind your employees to keep their mailing address current at all times. Many of our newsletters and other correspondence with employees is sent to their home mailing address as reported on your monthly payroll. If the address you report is incorrect, correspondence from us may not arrive in a timely manner or at all. You might also encourage your employees to register their email address on MyFRS.com, so they may receive articles, notices and publications that relate to the FRS and retirement and financial planning via their email address. SPOTLIGHT ON...Some Awards for Group 2 EmployersIt's that time again! A handful of Group 2 employers who have been working especially hard promoting the MyFRS Financial Guidance Program and helping arrange the Retirement Choice Workshops have been rewarded. The following people have received Sharper Image E-Awards Points, which can be redeemed through the special MyFRS Financial Guidance Program Awards Program Web page on sharperimage.com for some pretty exciting prizes:
If you're a winner, you were notified via email on February 26th about how many points you can redeem and how to collect your prize. Keep in mind that this is an ongoing promotion, so those of you who are helping promote the program to Group 3 employees could be receiving prizes in the future! FRS Retiree NewsletterAttached for your information is a copy of the January issue of the FRS Retiree Newsletter that was recently mailed to all Pension Plan retirees. If you have questions about any issue in the newsletter, please contact the Division of Retirement. New Employee Election DeadlinesNewly hired employees participate automatically in the FRS Pension Plan on their date of hire and have until the last business day of the 5th month after the month of hire to make an election to change to the Investment Plan or if eligible, the Hybrid Option. Once an employee makes an election during their Choice Period, it becomes binding at 4:00 p.m. on the date it is processed by the Plan Choice Administrator, CitiStreet. If an election is made at the end of a month during the Choice Period, we will accept plan elections as follows:
Please note that only participants in the Regular or Special Risk membership classes may use the phone and online choice methods. All others, including those enrolled in the Elected Officers Class, Senior Management Service Class, and State University System Optional Retirement Program, must use the paper Choice Form found at MyFRS.com under the Forms tab on the main menu. Any newly hired employees who have not made a plan election prior to the beginning of the fifth month after the month of hire will receive a plan choice reminder letter at their home address informing them that their Choice Period is coming to a close. This reminder letter will include their PIN and choice deadline date. Employees who don't make an election during this Choice Period will remain in the Pension Plan. After the Choice Period, each employee will have one additional opportunity to change plans at any time during his/her FRS career. Florida Retirement System Credit For Military Leaves of AbsenceDuring the employer update workshops we recently held, we were often asked about how employers and employees should handle military leaves of absence. We hope the following summary helps in your understanding: Reporting of Supplemental PayChapter 115, F.S., permits all public agencies to provide supplemental pay to employees who are reservists called to active military service. "Reservists" includes members of the National Guard.
Retirement Credit For Military LeavesSection 121.111, F.S., complies with the Veterans Reemployment Rights Act, as superceded by the Uniform Services Employment and Reemployment Act (USERA), and requires the employer to pay all employer retirement contributions due for an employee who is eligible to claim a military leave of absence. If the leave occurred during an employee contributory period of FRS employment, and the employee wishes to claim the leave, the employee will be required to pay any employee contributions due.
ARTICLES AND IDEAS TO SHAREAttached is an article you can use to encourage employees to use the Advisor Service. This article tells the story of a sample (composite, not real) FRS employee and how she uses the Advisor Service to get advice on her husband's 401(k) plan account, as well as her own retirement planning efforts. EMPLOYER RESOURCESWhen you need help or have questions about the plans or the choice options, we have several resources available to assist you.
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