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Learn about YOUR FRS Retirement Benefit.

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“The question isn’t at what age you want to retire, but at what income.”
—George Foreman

FRS Pension Calculator*

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FRS Investment Plan Calculator*

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*These calculators are purely for estimations only and not to be used for actual benefit projections.
Please visit www.myfrs.com for more details.

Comparing the Plans:
Investment Plan and Pension Plan

Both plans require you to contribute 3% of your salary, beginning with your first paycheck. You
cannot change the amount you contribute. Your employer also contributes a fixed percentage
of your gross salary to the plan you choose. Contribution rates are set by the Florida Legislature.

**For complete plan details, refer to the Summary PlanDescriptions on MyFRS.com.

Investment Plan
Pension Plan
This is a …
401(k)-type  investment plan.

It is designed primarily for employees who want greater control over their  retirement plan and who want flexibility in how their benefit is paid at  retirement.
I
Traditional retirement pension plan.

It is designed for employees who are not comfortable with choosing investments and managing their own portfolio, and who want a guaranteed monthly retirement benefit.
P
You qualify for a benefit after …
1 year of service.

Once you complete 1 year of service, you own all contributions and earnings in your account. If you leave FRS employment sooner, you own your employee contributions and any earnings on your contributions.
I
8 years of service.

Once you complete 8 years of service, you qualify for a benefit which is payable when you reach retirement age as defined by the plan. If you leave FRS employment sooner, you own your employee contributions.
P
Plan investment choices are made by …
You.

You are responsible for choosing investments from a diversified set of funds and for managing your account.
I
The State.

The State is responsible for managing the Pension Plan Trust Fund.
P
Your benefit is …
Based on your account balance.
‍
Your account balance is based on your
and your employer’s contributions, the
performance of your investments, and
account fees and expenses.
I
Based on a formula.

Your benefit is guaranteed and is based on a formula using your salary, years of service,FRS membership class, and age.
P
When you retire,your benefit can be paid to you as …
A lump sum, a rollover, an annuity, a customized payment schedule,Based on your account balance.
‍
or any combination of these.
I
Monthly payments for your lifetime. Based on a formula.

You will have options that provide continuingpayments to your qualified beneficiary afteryour death.
P
What happens if I work long enough to qualify for a benefit, but leave and go to work for another FRS-participating employer?
You remain enrolled and contributions will continue to be made to your account.
I
You remain enrolled and your benefitwill continue to grow.
P
What happens if I work long enough to qualify for a benefit, but leave and go to work for an employer that doesn’t participate in the FRS?
You will have the option of leaving
your money in the plan or taking a
distribution.
I
Your benefit will be frozen untilyou either begin receiving monthlyretirement benefits or return to anFRS-participating employer.
P
Is there a survivor benefit if I diein the line of duty?
Yes
I
Yes
P
Will my benefit payments beadjusted to reflect increases inthe cost of living?
Only if you purchase a fixed annuity that offers it.
I
No
P
Would I be eligible to participatein the Deferred Retirement OptionProgram (DROP)?
No
I
Yes, as of your normal retirement date.
P
Would I receive the HealthInsurance Subsidy (HIS) to helpme pay for health insurance inretirement?
Yes, if you satisfy the service requirements.
I
Yes, if you satisfy the service requirements.
P
Are there any benefits if I becomepermanently disabled?
Yes.
I
Yes.
P
Once I’m enrolled in one plan,
can I switch to the other?
Yes.
I
Yes.
P

What’s NEW in DROP?

Legislation changed the rules in 2023 for the better!
Interest rate increased from 1.3% to 4.0%
Length of DROP increased from 5 to 8 years (up to to 10 years for some FRS members)
Restricted eligibility window removed…
click here to download

Switching Jobs?

Know where else you could potentially work and continue your FRS retirement benefits.

2025-26 FRS Participating Employers List
Download PDF
Here's what people are asking about the FRS
[ Coming Soon ]
Can I go back to work after I leave an FRS job?
[ Coming Soon ]
How do I designate or change a beneficiary?
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How does FRS vesting work?
[ Coming Soon ]
How is my Pension calculated?
[ Coming Soon ]
How is the Investment Plan match?
[ Coming Soon ]
Should I do DROP?
[ Coming Soon ]
What happens to my FRS is I die?
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What happens to my Pension after DROP?
[ Coming Soon ]
What is a 2nd Election and when can I use it?
[ Coming Soon ]
What is the HIS (Health Insurance Subsidy)?
[ Coming Soon ]
When can I take a distribution from my Investment Plan?
[ Coming Soon ]
Which is better, Pension or Investment plan?

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