Florida Retirement Plan for Outside Directors
Description
How to fill out Retirement Plan For Outside Directors?
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FAQ
Payout Options ? Investment Plan You are always vested in employee contributions and entitled to a distribution of these contributions. If you leave prior to attaining at least one year of service, any unvested account balance in your account after you leave will be frozen for five years following the date you leave.
Under the FRS Pension Plan, normal retirement is the time when you are first eligible to receive an unreduced retirement benefit based on your age or years of service. You have 30 years of creditable service before age 62. You have 33 years of creditable service before age 65.
Refunds cannot be paid until after you have terminated FRS employment for three calendar months. Additionally, payments cannot be paid for at least 30 days after you receive this notice.
Vesting refers to the amount of time you're required to work for FRS employers before you "own" your benefit. If you're not vested in your plan benefit when you leave FRS employment, you could lose your benefit.
Payout Options ? Investment Plan. You can take a full or partial lump sum distribution of your account balance. You have a lump sum cash payment that you can use to pay health expenses or other necessary expenses (review the Tax Implications).
When you work for the state, the Florida Retirement System (FRS) offers two retirement options: The FRS Pension Plan provides a monthly benefit to you when you retire. The FRS Investment Plan lets you choose how your money is invested and how you want to receive payments.
Payout Options ? Investment Plan. You can take a full or partial lump sum distribution of your account balance. You have a lump sum cash payment that you can use to pay health expenses or other necessary expenses (review the Tax Implications).
FRS Investment Plan If you leave before reaching normal retirement and elect to begin receiving your vested benefit, it will be subject to an early retirement reduction. Your benefit will be reduced 5% for each year your age at retirement is under your normal retirement age.
