|FRS Pension Plan||FRS Investment Plan|
You're eligible for DROP participation.
DROP provides you with an alternative method for payment of your retirement benefits. If enrolled, you stop earning service credit toward a future benefit and your retirement benefit is calculated at the time your DROP participation begins. While you are in DROP, your monthly retirement benefits accumulate in the FRS trust fund earning interest while you continue to work with an FRS-participating employer. When you terminate, your DROP account is paid to you.
You're eligible to participate as of your normal retirement date - the earliest date at which you are eligible for full, unreduced benefits based upon your age and/or service.
If you enrolled in the FRS prior to July 1, 2011, normal retirement is age 62 with 6 years of service or 30 years of service, regardless of age. For Special Risk Class members, normal retirement is age 55 with at least 6 years of Special Risk service, or 25 years of Special Risk service, regardless of age, or age 52 with 25 years of Special Risk service and military service.
If you enrolled in the FRS on or after July 1, 2011, normal retirement is age 65 with 8 years of service or 33 years of service, regardless of age. For Special Risk Class members, normal retirement is age 60 with at least 8 years of Special Risk service, or 30 years of Special Risk service, regardless of age, or age 57 with 30 years of Special Risk service and military service.
When your DROP participation ends, you receive two retirement benefits - one from the FRS Pension Plan paid as a lifetime monthly benefit payment and one from DROP. The DROP benefit is paid as a lump sum, a rollover to another qualified plan, or a combination partial lump-sum payment and rollover. You are also eligible to roll your DROP lump sum into the FRS Investment Plan as one of your roll over options to keep your money growing in the FRS.
You're not eligible for DROP participation as an Investment Plan member, but Pension Plan members are eligible to roll their DROP lump sum into the Investment Plan as one of the distribution methods under the Pension Plan.