Florida Retirement Systemoffers two retirement plans, the Pension Plan and the Investment Plan.

Pension Plan: Traditional Plan (8 year vesting requirement, effective July 1, 2011). A defined benefit plan sponsored by the State of Florida which provides a monthly retirement benefit based on years of creditable service, the value of each year of service and the average final compensation of the five highest years of salary.

Deferred Retirement Optional Program (DROP) DROP is available when you are vested and have reached your normal retirement date. It allows you to retire while continuing to be employed by an FRS employer for up to 60 months (96 months under certain circumstances if employed as instructional personnel for the Florida School for the Deaf and the Blind or a grades K-12 school). You must elect DROP participation within (12) twelve months after you reach your normal retirement date, unless you are employed as "instructional personnel.

Investment Plan: After 1 year of FRS service. You are always fully vested in your own contributions as long as you remain in the Investment Plan. Your FRS-covered employer provides the majority of your FRS retirement plan contribution based on a fixed percentage of your gross salary (total employee and employer rate is 6.3% for Regular Class employees). A mandatory 3% pretax contribution is deducted from your paycheck and deposited into your retirement account.

Visit http://www.myfrs.com to learn more.

Originally posted here:
Employee Benefits / Florida Retirement System