If any of your personal information is incorrect, call the MyFRS Financial Guidance Line as soon as possible at 1-866-446-9377, Option 2 (TRS 711). The personal information below may differ from the salary, age, service credit, and other factors used in calculating your estimated and final Pension Plan "buy in" cost or Investment Plan opening account balance.

Name
Age
Salary
Current Years of FRS Service
Current Election on File Placeholder -2nd Elec Only

Here is how your estimated benefits may vary between the Investment Plan and the Pension Plan using your personal information and the following assumptions. Investment Plan projections shown in the comparisons are created using an age-appropriate Retirement Date Fund.

Assumptions
Annual Salary Increase 1%
Investment Results Average
Your Age When You Leave FRS Employment
Age You Expect to Begin Receiving Benefits Upon leaving FRS employment
Your Estimated Benefits

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Your Age When You Leave FRS Employment
Assumes You Begin Receiving Benefit Payments When You Leave FRS Employment

If you elect to enroll in the Investment Plan now, the estimated opening account balance would be $. This estimated opening account balance was based on your salary, age, membership class, service credit, and other factors as of a certain point in time. Any changes to these factors will result in a revised opening account balance. The final, actual opening account balance cannot be determined until your election is processed and the opening account balance is calculated. Any changes to the actuarial assumptions used in the calculation of your estimated opening account balance are effective on July 1 and may have a significant impact on your opening account balance.

If you elect to enroll in the Investment Plan now, the estimated opening account balance would be $. This estimated opening account balance was based on your salary, age, membership class, service credit, and other factors as of a certain point in time. Any changes to these factors will result in a revised opening account balance. The final, actual opening account balance cannot be determined until your election is processed and the opening account balance is calculated. Any changes to the actuarial assumptions used in the calculation of your estimated opening account balance are effective on July 1 and may have a significant impact on your opening account balance.

Are You Ready to Choose a Plan?

Now that you have reviewed your estimated benefits for each plan, are you ready to make your election?

I am ready to make my election. Enroll

I want to customize my comparison assumptions. Customize

Questions? Please call the MyFRS Financial Guidance Line at 1-866-446-9377, Option 2 (TRS 711).

Are You Ready to Make a Decision?

Now that you have considered your options and compared your estimated benefits for each plan, are you ready to make a decision to change plans or stay in your current plan?

I am ready to make a decision. Decide

I want to customize my comparison assumptions. Customize

I have decided that I do not want to change plans at this time. You can come back to this site at any time before you terminate FRS-covered employment to compare your options and consider using your 2nd Election. MyFRS.com

Questions? Please call the MyFRS Financial Guidance Line at 1-866-446-9377, Option 2 (TRS 711).

We have used your current salary and other personal data to estimate your yearly retirement benefits. You can adjust these assumptions and click the "Customize My Benefits Estimate" button to see how your plan benefit estimates compare. You can change your assumptions and recalculate your customized estimate as many times as you like.

Assumptions
Annual Salary Increase
Investment Results
Your Age When You Leave FRS Employment
Age You Expect to Begin Receiving Benefits
Working...
Your Customized Estimated Benefits

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Here is how your estimated benefits may vary between the Investment Plan and the Pension Plan using your personal information and the assumptions you entered.

Your Age When You Leave FRS Employment
Assumes You Begin Receiving Benefit Payments at Age

Your projected years of service at age is . At age , your retirement benefit is calculated using an estimated Cost-of-Living Adjustment (COLA) of %.

If you elect to enroll in the Investment Plan now, the estimated opening account balance would be $. This estimated opening account balance was based on your salary, age, membership class, service credit, and other factors as of a certain point in time. Any changes to these factors will result in a revised opening account balance. The final, actual opening account balance cannot be determined until your election is processed and the opening account balance is calculated. Any changes to the actuarial assumptions used in the calculation of your estimated opening account balance are effective on July 1 and may have a significant impact on your opening account balance.

If you elect to enroll in the Investment Plan now, the estimated opening account balance would be $. This estimated opening account balance was based on your salary, age, membership class, service credit, and other factors as of a certain point in time. Any changes to these factors will result in a revised opening account balance. The final, actual opening account balance cannot be determined until your election is processed and the opening account balance is calculated. Any changes to the actuarial assumptions used in the calculation of your estimated opening account balance are effective on July 1 and may have a significant impact on your opening account balance.

If you elect to enroll in the Investment Plan now, then terminate FRS employment at age , and start receiving benefits at age , the future value of your Investment Plan balance is estimated to be $.

Learn more about the impact of DROP on your Pension Plan benefit

DROP is available only for Pension Plan members. You will begin DROP at age , continue working for , and retire at age . Your DROP account balance will be available to you after you terminate DROP.

While you are in DROP, payments from your Pension Plan benefit will accumulate in your DROP account. That accumulated amount will be available to you after you terminate DROP.

For comparison only, the bar chart and table results shown for the Pension Plan assume that you purchase an annuity at retirement using your DROP benefit and add that amount to your annual Pension Plan benefit, providing an estimated combined annual benefit amount of $. The DROP portion of your annual benefit amount is shown in a lighter shade of purple on the bar chart.

Learn more about buying into the Pension Plan

To change from the Investment Plan to the Pension Plan, you will need to "buy in" using your Investment Plan balance and possibly your own money from another source (which can include funds rolled over from another qualified retirement plan).

  • If you change to the Pension Plan, the estimated cost to buy in to the Pension Plan would be $. This estimated cost was based on your salary, age, membership class, service credit, and other factors as of a certain point in time. Any changes to these factors will result in a revised cost. The final, actual cost cannot be determined until your election is processed and the cost to buy in is calculated.
  • If you change to the Pension Plan, the estimated cost to buy in to the Pension Plan would be $. This estimated cost was based on your salary, age, membership class, service credit, and other factors as of a certain point in time. Any changes to these factors will result in a revised cost. The final, actual cost cannot be determined until your election is processed and the cost to buy in is calculated.
  • The current value of your Investment Plan is $.
  • To change to the Pension Plan, you must pay the estimated difference between $ and $, or $.
  • This means the estimated buy-in amount is only applicable if the 2nd Election Form is submitted and received by 4:00 PM ET on the last business day of . If the form is received after that date, the estimated buy-in amount will change.
    •
  • To keep this comparison balanced, the graph and table results for the Investment Plan assume that you invested $ of your own money in an investment vehicle similar to your Investment Plan. The investment results for the amount of $ are included in your Investment Plan annuity and are shown in a lighter shade of blue on the chart.
  • Due to the favorable results of your Investment Plan, it is estimated that $ would remain in your Investment Plan. If you leave this amount in the Investment Plan until you terminate FRS employment at age , your estimated account balance would be $.
  • Any changes to the actuarial assumptions used in the calculation of your estimated cost are effective on July 1 and may have a significant impact on your transfer costs.
Are You Ready to Choose a Plan?

Now that you have reviewed your estimated benefits for each plan, are you ready to make your election?

I am ready to make my election. Enroll

I want to return to "Compare Your Estimated Benefits," which shows my estimated benefits at various ages. Compare

Questions? Please call the MyFRS Financial Guidance Line at 1-866-446-9377, Option 2 (TRS 711).

Are You Ready to Make a Decision?

Now that you have considered your options and compared your estimated benefits for each plan, are you ready to make a decision to change plans or stay in your current plan?

I am ready to make a decision. Decide

I have decided that I do not want to change plans at this time. You can come back to this site at any time before you terminate FRS-covered employment to compare your options and consider using your 2nd Election. MyFRS.com

Questions? Please call the MyFRS Financial Guidance Line at 1-866-446-9377, Option 2 (TRS 711).

As you review your estimated future benefits, keep the following in mind:

  • Investment Plan projections shown in the comparisons are created using an age-appropriate Retirement Date Fund.
  • These pretax estimates assume that your employment with an FRS-participating employer in an FRS-covered position continues to the future age used to calculate your estimate, with no breaks in service. The estimates also assume that you begin receiving benefits upon meeting the normal retirement age or service requirements of the FRS Pension Plan.
  • The Investment Plan provides a lump-sum benefit. The Pension Plan provides a lifetime benefit. To help you compare the two benefits, the Investment Plan lump sum is shown as a lifetime benefit. This is for comparison purposes only.
  • Estimates that include DROP assume you will purchase an annuity with your DROP funds and you will receive a Pension Plan benefit. An annuity is an insurance contract that guarantees you monthly income for the rest of your life or for the period you choose. Your Pension Plan benefit is guaranteed for life.
  • These estimates are designed to help you compare your future estimated benefits for each plan. Assumptions were made about your salary to create these estimates and may vary from your actual salary. Your actual benefit amounts from the two plans will vary from these estimates based on actual changes in your salary, years of service, membership class, and investment performance.
  • The estimated FRS retirement income values you receive from the Choice Service are not guarantees of future results, only reasonable estimates based on information about you and forward-looking models of the economy and securities markets that use data such as historical returns, historical correlations, expected growth rates, and risk premiums. Since past performance is not an accurate predictor of the future, and reliance on historical and current data necessarily involves inherent limitations, you must understand that the estimates are only a tool to be used in evaluating your retirement portfolio and are not a substitute for your informed judgment. Nothing in this statement shall be construed as a guarantee or obligation to notify you of changes to the data displayed on this site. A description of your rights and responsibilities under the Pension Plan and Investment Plan is in the respective Summary Plan Descriptions, Administrative Rules, and Florida Statutes, available upon request.
  • These estimates do not take into account differences in benefits following disability or death, which can vary significantly from the retirement projections shown.
  • Depending on your date of hire, these projections may take into account a Cost-of-Living Adjustment, or COLA. COLA is an annual increase in your Pension Plan retirement benefit paid to you after you retire. The COLA percentage increase is determined as follows:
    • All of the service you had prior to July 1, 2011 will receive a 3% COLA in retirement.
    • If the service used in the calculation of your retirement benefit consists of both service prior to July 1, 2011 and service on and after July 1, 2011, your COLA is calculated by dividing your years of service before July 1, 2011 by your total years of service at retirement and multiplying by 3%.
    • If all of your service at retirement is on or after July 1, 2011, you are not eligible for a COLA.
  • You can compare your estimated benefits for each plan again by changing your assumptions above and recalculating.
Are You Ready to Choose a Plan?

Now that you have reviewed your estimated benefits for each plan, are you ready to make your election?

I am ready to make my election. Enroll

I want to compare the two plans again. Compare

Questions? Please call the MyFRS Financial Guidance Line at 1-866-446-9377, Option 2 (TRS 711).

Are You Ready to Make a Decision?

Now that you have considered your options and compared your estimated benefits for each plan, are you ready to make a decision to change plans or stay in your current plan?

I am ready to make a decision. Decide

I want to customize my comparison assumptions. Customize

I have decided that I do not want to change plans at this time. You can come back to this site at any time before you terminate FRS-covered employment to compare your options and consider using your 2nd Election. MyFRS.com

Questions? Please call the MyFRS Financial Guidance Line at 1-866-446-9377, Option 2 (TRS 711).

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    Speak With a Financial Planner

    Call the MyFRS Financial Guidance Line:
    1-866-446-9377
    Option 2 (TRS 711)
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    Monday through Friday, except holidays

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  • dollar icon

    There may be a cost if you decide to change plans.

    When you change from the Investment Plan to the Pension Plan, you have to "buy in" using your Investment Plan balance and possibly your own money from another source (which can include funds rolled over from another qualified retirement plan). Learn more about buying into the Pension Plan.

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    Want to customize your assumptions?

    You can create a custom estimate of your estimated benefits by changing the standard assumptions (e.g., annual salary increase, investment results, and other factors).

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    Consider carefully.

    Your 2nd Election is a one-time opportunity to change from your current FRS retirement plan to the other. Once you make a 2nd Election, you will not be able to change plans again. Carefully read the information on this site and take the time to speak with an experienced, unbiased financial planner. Planners can answer your questions about your retirement goals and choosing an FRS retirement plan, and there is no cost to you.

  • zero dollar icon

    Read this if your Pension Plan benefit is $0.

    You must be vested to qualify for a benefit. You qualify for a Pension Plan benefit once you complete 8 years of service in the Pension Plan. If you end your employment before you are vested, your estimated annual Pension Benefit will display as $0. Early retirement may be a consideration, too. However, you will own your employee contributions, which can be refunded.

  • gears icon

    Want to review your estimated benefits?

    You can return to Compare Your Estimated Benefits, which shows your estimated benefits at various ages.

  • dollar icon

    How much will the Investment Plan lump-sum benefit be when I leave FRS employment?

    It depends on your age when you leave and the plan you elect.

    • If you elect the Investment Plan now and leave the FRS at age and you receive the benefit at age , your estimated lump sum from the Investment Plan will be approximately .
    • If you elect the Pension Plan now and use your 2nd Election to change to the Investment Plan just prior to leaving FRS employment at age , your estimated lump sum from the Investment Plan will be approximately . However, if you have not yet vested under the Pension Plan rules, this sum may be subject to forfeiture.
  • dollar icon

    How much will the Investment Plan lump-sum benefit be when I leave FRS employment?

    If you leave the FRS at age and receive your benefit at age , your estimated lump sum from the Investment Plan will be approximately .

    How much will the Investment Plan lump-sum benefit be when I leave FRS employment?

    If you use your 2nd Election to change to the Investment Plan just prior to leaving FRS employment at age , your estimated lump sum from the Investment Plan will be approximately . However, if you have not yet vested under the Pension Plan rules, this amount may be subject to forfeiture.