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Comparing the Plans

Need to know all the details? Then you've come to the right place! Here's where you'll get a side-by-side comparison of some of the major elements of the FRS Pension Plan and the FRS Investment Plan.
Plan Comparison Chart
The following pages provide only a general summary of the FRS Pension Plan and the FRS Investment Plan and their characteristics. If there are any differences between this summary and the statutes and rules that govern the two plans, the statutes and rules will prevail. Facts and circumstances specific to your personal situation should be carefully considered before you make your choice.

Decision-Making ConsiderationsWhich plan might be better for me?
Beneficiaries Who's eligible to be my beneficiary?
Benefit Calculation How is my benefit determined?
Changing Plans What happens to my benefit if I switch to the other retirement plan option in the future?
Contributions Who contributes to the plan, how often and how much?
Cost-of-Living Adjustments Does my benefit qualify for a cost-of-living adjustment once payments begin?
Disability What plan benefits do I receive if I become disabled?
DROP What is the Deferred Retirement Option Program, and who's eligible to participate?
Early Retirement What age and/or service requirements must I meet in order to retire early, and how is my benefit affected?
Eligibility to Receive a Benefit Are there age and years-of-service requirements to receive my benefit?
Health Insurance Subsidy (HIS) What is the Health Insurance Subsidy, and when am I able to receive it?
Investment Risk Who's responsible for investing employer contributions, and who assumes the risk and rewards of making those decisions?
Leaves of Absence How is my creditable service affected if I take a leave of absence?
Normal Retirement What age and/or service requirements must I meet in order to retire with my full benefit?
Payment Options When I'm eligible to begin receiving benefits, what are my payment options?
Portability Does my benefit keep growing when I leave my job?
Purchase of Additional Retirement Service Credit Can I buy back out-of-state service, in-state service, military service or leave-of-absence time?
Reemployment After Retirement What do I need to know about reemployment after retirement?
Survivor Benefits Are there benefits available to my spouse or other beneficiary if I die before or after electing payment?
Taxability of Benefit Is my benefit taxable when it is paid to me, and, if so, by how much?
Type of Plan How does the Internal Revenue Service Code define each plan?
Vesting How long do I need to work for an FRS employer to own my benefit?