Florida Sample Letter for Pension Plan Summary Plan Description
Description
How to fill out Sample Letter For Pension Plan Summary Plan Description?
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FAQ
The FRS Pension Plan Plan differences will vary slightly based on hire date, but the basics computation of the plan is as follows: *Years of Service x 1.6% of Average annual compensation for highest 5 years of salary during tenure = Annual benefit amount.
Employees contribute 3% of salary out of each paycheck to the pension fund. The average retirement benefit is $18,625 per year, or $1,552 per month. FRS covers 623,011 active school employees and 334,682 retirees and beneficiaries. Teachers are paid 14.3% less than comparable private sector workers.
Borrowing Basics Federal law allows borrowing from 401(k) (including solo), 403(b) and profit-sharing plans, but not from simplified employee pension (SEP) plans, SIMPLE plans, Keoghs or individual retirement accounts.
Defined contribution plans include the FRS Investment Plan, as well as 403(b), 457 and 401(k) plans.
The Investment Plan is known as a ?defined contribution? plan. That's because contributions ? the employee's and the employer's ? to the Plan are defined by law. The benefit, however, is not defined.
How does the FRS normally provide benefits? 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.
To make your request online, log in to MyFRS.com. Select Investment Plan, FRS Investment Plan > Withdrawals and Rollovers Out, and then select a payment type. To make your request by phone, call 1-866-446-9377, Option 4 (TRS 711).
The FRS Pension Plan is a defined benefit plan. That means that your retirement benefit is set by a fixed formula. No matter how well or poorly the trust fund investments perform, you are guaranteed to receive your accrued benefit for your lifetime. The FRS Investment Plan is a defined contribution plan.
The Investment Plan offers a variety of options for a member to receive a distribution. They can choose: A lump-sum payment. A rollover to another qualified plan.
If you leave FRS employment before you're vested in your Investment Plan benefit, you won't be entitled to any benefit (except for a distribution of employee contributions - see below). Your account balance will be placed in a suspense account, where it will accrue actual investment earnings.
