If you receive payment before you reach age 59½, the IRS may impose an additional 10% penalty tax for early withdrawal. Before you take money out of your account, contact the MyFRS Financial Guidance Line at 1-866-446-9377, Option 2 (TRS 711), to discuss the impact that taxes will have on your benefit.
Is Florida retirement System a qualified plan?
Both plans are qualified plans under section 401(a) of the Internal Revenue Code. The FRS Pension Plan is a defined benefit plan. That means that your retirement benefit is set by a fixed formula. The FRS Investment Plan is a defined contribution plan.
Can I opt out of FRS?
Yes. In general, newly hired employees will be enrolled automatically in the FRS Pension Plan on their date of hire. They must first opt out of the Optional Retirement Plan into the Pension Plan within their first 90 days, and then choose the Investment Plan.)
How does the Florida retirement System work?
You receive a set, monthly benefit based on your age at retirement, salary, position, and how long you worked for the FRS. You receive the balance of your investment account; based on how well the plan performed. When you retire, if you are vested and are within 20 years of your normal retirement age.
How do I withdraw money from my FRS pension?
You can roll your other qualified retirement money into your Investment Plan account. Call the FRS Investment Plan Administrator toll- free at 1-866-446-9377, option 4, to request a distribution.
What is the retirement age for teachers in Florida?
age 65
New teachers starting out in Florida can retire with their full benefits at age 65 and with 8 years of service, or at any age after accruing at least 33 years of service. Additionally, Florida allows early retirement once a teacher has 20 years of experience.
Who qualifies for FRS?
Eligibility to Receive a Benefit
| All Classes of Membership (except Special Risk) | ||
|---|---|---|
| Hired prior to 7/1/11 | Age 62 or older and 1 or more years of Investment Plan service | Any age and 30 or more years of service |
| Hired after 7/1/11 | Age 65 or older and 1 or more years of Investment Plan service | Any age and 33 or more years of service |
