FLORIDA RETIREMENT SYSTEM (FRS) NEWLY ELECTED OFFICIALS INFORMATION FOR NEWLY ELECTED OFFICIALS

The Two FRS Plans

Participation in the FRS FRS became contributory effective 07/01/2011 Mandatory 3% employee contributions Beneficiary Designation FRS Pension Plan members complete Form BEN-001 FRS Investment Plan Members complete a FRS Investment Plan Beneficiary Designation form

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Vesting FRS Pension Plan FRS Investment Plan Six years of service with a participating FRS employer if employed on or after 07/01/2001 (Tier 1) Eight years of service with a participating FRS employer if initially employed on or after 07/01/2011 (Tier 2) FRS Investment Plan One year of service with a participating FRS employer

Normal Retirement – Tier 1 FRS Pension Plan Regular Class, Senior Management Service Class (SMSC), Elected Officers’ Class (EOC): *You are age 62 and vested with at least 6.00 years of service or; *You have at least 30.00 years of creditable service, regardless of your age before 62 or; *The age after age 62 when you become vested *Whichever occurs first

Normal Retirement – Tier 2 FRS Pension Plan Regular Class, Senior Management Service Class (SMSC), Elected Officers’ Class (EOC): *You are age 65 and vested with at least 8.00 years of service or; *You have at least 33.00 years of creditable service, regardless of your age before 65 or; *The age after age 65 when you become vested *Whichever occurs first

Deferred Retirement Option Program (DROP) Vested and eligible for normal retirement benefits Twelve month window to make election Establish future termination date Maximum participation = 60 months DROP account accrues 1.30% interest compounded annually Monthly benefit increase based on COLA every July 1 (Tier 1 members only)

DROP Deferral Elected Officers’ Class If you reach your normal retirement date while holding an elective office covered by the Elected Officers’ Class, you may defer your DROP participation date until your next succeeding term in office and may participate for up to 60 months, or the length of that successive term of office, whichever is less.

Contact Information FRS Pension Plan Toll Free: 1-844-377-1888 Local: (850) 907-6500 Email: Retirement@dms.myflorida.com Website: www.frs.MyFlorida.com FRS Investment Plan Toll Free: 1-866-446-9377 Website: www.myfrs.com