1. Lake County Schools

2. A Tale of Two Retirement Plans:
The FRS offers a choice between two very different retirement plans:
The FRS Investment Plan and the FRS Pension Plan.
The good news is that they are both excellent plans to which you and your employer contribute.

3. All employees contribute 3% of their gross pay to their retirement
All employees contribute 3% of their gross pay to their retirement. Lake County also contributes a percentage of your gross pay to your FRS account.

4. Pension: If originally hired prior to July 1, 2011
Vested after 6 years of employment
May retire when vested and have 30 years of creditable FRS service OR are vested and age 62 years or more

5. Pension: If originally hired after July 1, 2011
Vested after 8 years of employment
May retire when vested and have 33 years of creditable FRS service OR are vested and age 65 years or more

6. Investment Plan: Vested with 1 year of FRS creditable service
Withdrawing funds upon termination of employment:
There aren't any age or service requirements for you to receive a benefit, once you've become vested.
There are, however, tax implications; I recommend speaking to an Ernst & Young representative so you may understand the tax implications of an early withdrawal.
You cannot receive a distribution of your benefits until you have been terminated from FRS-covered employment for 3 calendar months.

7. Free Financial Planning Resources
Investment Plan and Pension Plan members are encouraged to telephone Ernst & Young…MyFRS Financial Guidance Line at
Free and unbiased help with:
Retirement planning
Investment planning
Estate planning
Tuition planning
Debt, spending, and credit issues
• The FRS provides all Investment Plan and Pension Plan members with free access to unbiased Ernst & Young financial planners who are available to discuss any issue you think is important to your financial future.
• The FRS contracted with Ernst & Young to staff a team of unbiased financial planners dedicated to helping FRS plan members.
• Your Ernst & Young financial planner does not sell any investment or insurance products. They are there to serve as your personal retirement and financial advocate. In addition to helping you choose a retirement plan now, they can answer any financial questions you may have about:
• Retirement planning
• Investment planning
• Estate planning
• Education funding
• Debt, spending, and credit issues
• I encourage you to use this resource by calling the MyFRS Financial Guidance Line and selecting:
• Option 1 for help with your initial plan choice decision and later your 2nd Election
• Option 2 for help with all other financial matters.
FRS New Employee Orientation
Choosing A Retirement Plan

8. More Than 5 Months to Decide
“New Employee FRS Enrollment Kit” mailed to your home
Reminder letters mailed to your home
Your hire date 1 2 3 4 5
MONTH OF HIRE
ENROLLMENTDEADLINE
INVESTMENT PLAN OR
PENSION PLAN?
Orientation through your employer
Make your choice early and avoid reminder mailings!
Includes your PIN
Watch the video CD in your kit
• You have 5 months to choose your plan. Here’s what happens during this time.
• MONTH OF HIRE: All new employees are automatically placed into the Pension Plan on their date of hire, so your retirement benefit can start accumulating right away.
• You can make a formal election any time up to your deadline. Your deadline countdown starts on your date of hire and ends at 4:00 p.m. ET on the last business day of the month, 5 months later.
• MONTHS 1-2: The New Employee FRS Enrollment Kit will be mailed to your home within 30 to 60 days from your date of hire. You can use your PIN to access the MyFRS resources and enroll online if you are a member of the Regular or Special Risk class.
• Please be sure that we have your current mailing address. If your address has changed or changes in the future, contact your Lake County Public School, Retirement Specialist as soon as possible to make sure you receive your kit and other important plan information in a timely manner.
• MONTHS 4-5: If you have not enrolled by this time, you will begin receiving reminder letters at your home address.
• ENROLLMENT DEADLINE: Your deadline is 4:00 p.m. ET on the last business day 5 months after your month of hire. For example, if you were hired this month, your deadline is [YOU CAN FIND THE DATE ON THE MOST RECENT EMPLOYER NEWSLETTER]. Your individual deadline will be listed in your New Employee FRS Enrollment Kit and any reminder letters you receive.
4:00 p.m. ET on the last business day
5 months after you are hired.
FRS New Employee Orientation
Choosing A Retirement Plan

9. Substitutes or Temporary Employees:
FICA Alternative Plan:
Substitute and Temporary employees are automatically enrolled in the FICA Alternative Plan
The FICA Alternative Plan is a retirement plan for substitute and temporary personnel
You are not a participant of Social Security or Medicare while enrolled in the FICA Alternative Plan
7.50% of your gross pay is deposited into your FICA Alternative Plan
Distribution of funds:
You will generally be taxed on a payment from the plan if you do not roll it over. If you are under age /2 and do not do a rollover, you will also have to pay a 10% additional income tax on early distributions (unless an exception applies). However, if you do a rollover, you will not have to pay tax until you receive payments later and the 10% additional income tax will not apply if those payments are made after you are age 59 1/2 (or if an exception applies).

10. CONTACT US: Sheila Bennett, Retirement Coordinator
Office: (352)
Fax: (352)
Address: 201 West Burleigh Blvd.
Tavares, Florida 32778