When you become eligible to receive your retirement benefit, you can choose from several payment options available to you.
|FRS Pension Plan||FRS Investment Plan|
There are four payment options:
Each of the payment options above includes a 3% annual cost-of-living adjustment payable each July 1 (adjustment only applicable for FRS service earned prior to July 1, 2011).
When you leave FRS employment, you can choose to keep your benefit invested in the plan until age 70 1/2 - when mandatory distributions must begin, unless you are still working - or have it distributed in one of the following ways:
* Your joint annuitant is considered to be your spouse, your natural or legally adopted child who is either under age 25 or is physically or mentally disabled and incapable of self-support (regardless of age), or any person who is financially dependent upon you for one-half or more of his or her support, and is your parent, your grandparent, or a person for whom you are the legal guardian.