Florida Retirement System For Teachers
As a teacher in the state of Florida, you are responsible for educating our kids. So you are responsible for educating all of our future generation. Many teacher love their jobs, however due to the stress and responsibility of educating our youth, retirement can be a sweet reward.
In reality most Americans will not be able to retire comfortably. Pensions have been slashed, and 401k contributions are at an all time low. Fortunately, in the state of Florida, the Florida Retirement System for teachers will allow them to retire and not worry about the future.
Current Financial Health Of The Florida Retirement System
The FRS and its pension fund investment decisions have performed consistently above benchmark for over the last 20 years. It manages around $184 billion across over one million members and retirees who are receiving benefits.
For its pension fund, Florida generally invests in fixed income securities, real estate, global equities, private equities, cash and cash equivalents. There is nothing out of the norm about these investments, although diversification is key to maintaining success.
About The Frs Pension Plan
The FRS Pension Plan is a traditional defined benefit program designed for longer-term employees who will be with the FRS for most of their career. It pays you a guaranteed monthly retirement benefit based on salary and years of service when you retire. You qualify for a benefit in the Pension Plan after completing 8 years of creditable service with an FRS employer.
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Types Of Retirement Systems In Florida
The state of Floridas retirement system is massive. Still, its plans are pretty straightforward. All state employees are eligible for either the pension plan or the defined contribution plan . The exceptions are members of the Mandatory State University System Optional Retirement Program and the Teachers Retirement System. Also, participants in the Deferred Retirement Option Program are not eligible for the Investment Plan. Here are all the plans under the FRS umbrella and eligible employees:
Senior managers employed by the state of Florida, the Florida State Board of Administration, the Judicial Branch, the Legislature, the Executive Director of the Ethics Commission and the Auditor General
| Florida Retirement Systems | |
| Florida Retirement System Investment Plan | All full- and part-time employees of the state of Florida |
| Florida Retirement System Pension Plan | All full- and part-time employees of the state of Florida |
| State University System Optional Retirement Program | The president of each state university The chancellor of the Division of Colleges and Universities of the State Board of Education |
| Senior Management Service Optional Annuity Program | |
| Deferred Retirement Option Program | FRS Pension Plan members |
Things You Need To Know
In order to receive your full retirement benefit under the FRS Pension Plan you are required to meet the service or age requirements.
With the FRS Pension Plan, normal retirement age is set at age 65 with a minimum of eight years of service. Here is a good resource from the FRS directly.
As a teacher you can qualify if you:
- Have 33 years of service, regardless of your age at retirement
- If you are at least age 65
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Ucf Voluntary Retirement Plans
*Please Note: All UCF employees are eligible to participate in the voluntary UCF 403 and Bureau of Deferred Compensation 457 retirement plans.
- How to Enroll in a New Voluntary Retirement Plan: Instructions for enrolling in a new UCF 403 and Bureau of Deferred Compensation 457 plan.
403 Plan
- CAPTRUST Advice Desk: Free resource for all active UCF employees.
Loans & Hardships
To request a loan or hardship withdraw from your 403 account, contact your 403 investment provider directly, which the exception of MetLife participants who will need to contact UCF HR Benefits .
*Note: Loans/Hardship Distributions are not permitted in the State University System Optional Retirement Program . They are only permitted in the voluntary 403 accounts, with the exception of 403 accounts with Fidelity, T-Rowe Price & Vanguard.
Additional Voluntary Retirement Plan Resources
About The Frs Investment Plan
The FRS Investment Plan is a defined contribution program designed for employees who may leave the FRS before retirement. Your benefit is based on how much money is contributed into your account and how well that money grows over time. You qualify for a benefit after completing 1 year of creditable service with an FRS employer. Your account is portable and you decide how much risk to take by allocating your account balance among investment funds.
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Unlocking Your Account Online
To unlock your account via online access, please do the following:
Tips To Adequately Prepare For Retirement
- When most people think of retirement, they imagine a time that involves relaxing and enjoying their family. But to be sure thats what youre doing, you not only need to save for retirement. You also need to grow your savings through investing. Unfortunately, the interest you can earn from a bank account or certificate of deposit probably isnt going to be enough.
- Dont go it alone. A financial advisor can advise you on investing and manage your portfolio. To find the right one for you, use SmartAssets pro matching tool. It is free, takes five minutes and will connect you with up to three advisors based on your preferences.
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Sec Form 13f Filing History
This page shows a list of all the recent 13F filings made by State Board Of Administration Of Florida Retirement System. Form 13F isrequired to be filed within 45 days of the end of a calendar quarter. The Form 13F report requires disclosure ofthe manager that files the report, the name and class of the security, the CUSIP number, the number of shares asof the end of the calendar quarter for which the report is filed, and the total market value. The market valuecolumn should not be used as a substitute for Assets Under Management , as it does not include cash held inaccounts.
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Frs Investment Plan For Teachers
In addition to having your FRS Pension as an option, teachers have an FRS Investment Plan option. You can think of the investment plan as a 401k. You will invest your money in mutual funds that you pick and depending on how these investments perform, thats how much money you will get in the long run.
However, unlike a 401k, there is a required contribution. As you will have to contribute 3% and the state will add funds for you.
The FRS Investment plan has a higher risk and a potential higher reward than the pension plan. But be very careful before switching between these two plans. Make sure you consult a financial advisor before making any decisions.
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How Many Years Do You Have To Work For The State To Retire
For retirees enrolled prior to July 1, 2011:
You must be at least 62 with six or more yrs of FRS service to qualify for retirement under normal retirement and receive your full monthly benefit if you were enrolled prior to July 1, 2011. Or, you can retire earlier if you have over 30 yrs of FRS service completed. If you are a Special Risk Class member, you can retire at 55 if you have at least six yrs of Special Risk service or have 25 yrs of Special Risk service, or at age 52 if you have 25 yrs of Special Risk service and military service.
If you are interested in early retirement, you will receive a reduced monthly benefit. For early retirement with the reduced monthly benefit, you are required to have six or more yrs of service, but you can retire at any age. Your reduction will be 5 percent for each year of your age that is younger than the normal retirement age .
For retirees enrolled on or after July 1, 2011:
You must be at least 65 yrs old with eight or more yrs of FRS service to qualify for retirement under normal retirement and receive your full monthly benefit if you were enrolled on or after July 1, 2011. Or, you can retire earlier if you have over 33 yrs of FRS service completed. If you are a Special Risk Class member, you can retire at 60 if you have at least eight yrs of Special Risk service, or have 30 yrs of Special Risk service, or at age 57 if you have 30 yrs of Special Risk service and military service.
Hired Before July 2011
The above takes into consideration those who enrolled in the pension plan after July 1, 2011. For those who enrolled before July, 2011, here is what you need to know:
- Normal retirement age members is set at age 62 with a minimum of 5 years of service
- Have 30 years of special risk service, regardless of your age at retirement
- If you are at least age 62 years old
After you reach normal retirement age, you are entitled to receive the full value of your pension, based on the factors detailed above.
However, you do have the right to receive your vested benefits before reaching full retirement age. If you make the decision to do so, your payout is subject to an early retirement reduction.
As a high risk employee, such as a police officer, you gain access to a special set of eligibility requirements under the FRS Pension Plan. Its important to become familiar with the plan as a whole, the amount of money you can receive upon retirement, and when youre able to start collecting.
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An Overview Of The Florida Retirement System
Employees filling a “Regularly Established” position are automatically members of the Florida Retirement System . The FRS allows you to choose from one of two retirement plans: The FRS Pension Plan or the FRS Investment Plan. Additionally, the FRS offers free and personalized educational resources to help you understand your options and prepare for retirement. New employees must choose their FRS plan by the end of the eighth month following their month of hire.
Frs Pension For Teachers
You can think of the FRS pension as mail box money. To make it easy for you we included a calculator below so you can estimate how much money you will receive.
You will receive mail box money for the rest of your life, no matter how long you live. The amount of money you will receive will be base on your years of service.
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How Many Years Do You Have To Work For The State Of Florida To Be Vested
The Florida Retirement System is required to ensure there are sufficient funds available to you when your retirement benefits are due, thus bearing the market risk and the investment decisions. The FRS Pension Plan was established to serve long term service employees who spend most of their career with the FRS. Employees who prefer not to manage their own retirement plan and older employees may prefer the FRS Pension Plan. All employees of FRS are eligible for the Pension Plan except for Mandatory State University System Optional Retirement Program members and Teachers Retirement System members.
Your benefits are back-loaded. This means you will accumulate your benefits more slowly at first, then begin to accumulate them at a quicker pace the longer you stay. In contrast, in the FRS Investment Plan, you will accumulate your benefits fairly evenly throughout your career with minor fluctuations in alignment with market fluctuations based on your investment strategy.
You are vested after you have completed six yrs of service is you were enrolled in FRS before July 1, 2011 and after eight yrs of service if you were enrolled in the FRS on or after July 1, 2011.
What Is The Retirement Age In The State Of Florida
The Florida Retirement System offers two different retirement options for employees who work for the state of Florida. You can choose the FRS Pension Plan, which will give you benefits on a monthly basis once you retire. Or, you can choose the FRS Investment Plan, which will allow you to choose how you want your money to be invested and how you will receive payments once you retire in Florida.
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What If I Have Questions
The FRS offers free help to assist you with your FRS plan choice, the management of your retirement account and general financial planning questions. You can call the MyFRS Financial Guidance Line toll free at 1-866-44-MyFRS 9 a.m. to 8 p.m. ET, Mon.- Fri. to speak with experienced financial planners at no cost to you. You can also use the personalized online Choice Services and Advisor Services available at www.myfrs.com.
Hired After July 2011
You will need to reach age 65 or 33 years of service to retire. Also the FRS will take the average of the highest 8 years as income for your calculations.
It means you will get credited all the extra hours and long shifts you work. That is why it makes sense to work more extra at the end of your career, as your pension will benefit forever.
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The History Of The Florida Retired Educators Day Proclamation
In 1979, FREA Member Fay M. Milton of MacClenny, FL began a two year quest to create Florida Retired Teachers Day.
The recognition for the day was first requested in 1979 and a proclamation was issued for the 3rd Sunday in October by then Governor Bob Graham.
In 1980 the proclamation was again requested and again Governor Graham proclaimed the 3rd Sunday in October as Florida Retired Teachers Day.
On June 1, 1981 the proposal was passed as a law that the 3rd Sunday in November would be recognized as Florida Retired Teachers Day. It was signed by Governor Graham. This particular date was chosen because it is the Sunday preceding National Education Week, which starts the third Monday of November.
To Download and Print a copy of this map click on the image below. For information on individual units please go to the Resources page and look for a link to a Website, Facebook page or Newsletter. If no information is available, please contact the FREA Office:
The Following Information Provides Additional Detail About How We Prepared Your Forecasts
IMPORTANT:Investment Analysis Methods:About Your Information:About Your Retirement Forecasts:Retirement Income Goal and Likelihood of Reaching Goal:Estimated Retirement Income:Forecasting Risk Over Time: Current Savings:New Savings: Contributions are Assumed to Continue: Contributions to an Account with a $0 Balance: Other Retirement Income Sources:
MyFRS.com is now offering Multi-Factor Authentication
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Unlock Account / Change Password
- SSN: Your Social Security Number – the 9 digit number that the government gives you as an identification number. This number is used at first time registration of your user profile, to unlock your account and to retrieve a forgotten password.
- PIN: Your Personal Identification Number – the number assigned and sent to you by the state of Florida is used for first time registration. Once registered, you need to keep your PIN in a safe place because you may need it in the future, but you will use your user name/password combination going forward on MyFRS.com. If you cannot remember your pin, or call the MyFRS Financial Guidance Line toll-free at 1-866-446-MyFRS .
- User ID: This is the name you give yourself during the MyFRS.com registration process. You should also keep your user name in a safe place for future use.
- Password: You create your password during the MyFRS.com registration process. You should also keep your password in a safe place for future use.
Pension/tax Questions Or Bank Or Address Changes Etc Please Contact The Florida Retirement System: 850
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Overview Of Floridas Retirement Systems
Florida Retirement System Investment Plan This is a defined contribution plan, where both the employer and the employee make contributions. How much is pre-determined by law. But employees choose their investments from 22 funds, and how much theyll have when they retire depends on how the investments do. Employees own their contributions, of course, while employer-contributions vest after one year.
Florida Retirement System Pension Plan Employees are eligible after six years of service. As with other pensions, it is funded entirely by the employer. Your average overall compensation, service time and membership class within Floridas state employee system are the combining factors that dictate your retirement distributions. Those who were enrolled in this program prior to 7/1/2011 will receive an additional cost-of-living increase every July as well.
Deferred Retirement Option Program This program was created as a temporary alternative to the FRS Pension Plan. It enables participants to transfer their retirement assets to DROP so they can earn interest in the FRS Trust Fund. Once you decide to cancel this, the money will be rolled over back to you likely as a lump sum.
Senior Management Service Optional Annuity Program SMSOAP is essentially the same system as SUSORP, just for a different group of eligible employees. Annuities and mutual funds again make up the vast majority of investment choices. However, products are available only from TIAA, AXA, VALIC and VOYA.
