Pension Plan | Investment Plan |
You are considered retired when you have terminated all employment with all FRS employers, established an effective retirement date through the application process, and cashed or deposited a benefit payment. If you participate in DROP, your retirement is completed when you terminate employment with your FRS employer. There are termination requirements that affect your retirement benefit if you are employed with FRS employers in any capacity/arrangement (paid or unpaid) during the first 6 calendar months after your effective retirement date without DROP participation or after your DROP termination date. You must meet the definition of termination by remaining unemployed by any FRS employers for the first six calendar months of your retirement or the first six calendar months after your DROP termination date. If you return to work during this six calendar month period, you will void your retirement and must repay all benefits received, including your DROP accumulation payout. Voiding your retirement applies even if the particular position you hold is not covered by the FRS. This restriction also applies to employment with the same employer if your agency withdrew from the FRS effective Jan. 1, 1996, for newly hired employees. Retirees may provide volunteer services with an FRS employer without violating the termination requirements (must comply with Section 121.091(15), Florida Statutes). After 6 Calendar Months There are no limitations on receiving your retirement benefit while working for an FRS-participating employer after you have been retired for 6 calendar months. Renewed Membership Renewed membership in the FRS is not available for retired Pension Plan members who are initially reemployed in a regularly established position on or after July 1, 2010. Different termination requirements and reemployment limitations apply if you retired and were initially reemployed prior to July 1, 2010. |
You are considered retired once you terminate employment with all FRS employer and request a distribution (including a rollover) from your Investment Plan
account. A distribution may not be issued until you have been terminated for three calendar months (except that if you have met the normal retirement requirements of the
Investment Plan you may receive a one-time distribution of up to 10% of your account balance after one calendar month). If you are reemployed with an FRS employer, in any capacity/arrangement (paid or unpaid), prior to receiving a distribution of your benefits, you will not be considered to have terminated. You may not be reemployed with an FRS employer in any capacity/arrangement (paid or unpaid) for the first 6 calendar months after a distribution without suspending your retirement benefits. Suspension of benefits, in this case, refers to your inability to take additional distributions from your Investment Plan account balance until certain requirements have been met. If you are reemployed with an FRS employer, in any capacity/arrangement (paid or unpaid), prior to taking a distribution of your benefits, you will not be considered retired. You cannot return to employment with an FRS-participating employer, in any capacity/arrangement (paid or unpaid), until you have been retired for six calendar months (i.e., 6 calendar months following the month in which a distribution was taken). If you are reemployed by an FRS employer, in any capacity/arrangement (paid or unpaid), within the six calendar month period after receiving a distribution (retiring), your retirement will be voided. You and your employer will be required to repay any benefits received; and your FRS membership will then be reinstated. An alternative to repaying these benefits is for you to terminate employment for an additional period to satisfy the six calendar month termination requirement. Retirees may provide volunteer services with an FRS employer without violating the termination requirements (must comply with Section 121.091(15), Florida Statutes). After 6 Calendar Months Once 6 calendar months have passed since retirement, you can receive further Investment Plan distributions even if you are reemployed by an FRS-participating employer. Renewed Membership Effective July 1, 2017, retirees of the Investment Plan, State University System Optional Retirement Program (SUSORP), Senior Management Service Optional Annuity Program (SMSOAP), and State Community College System Optional Retirement Program (SCCSORP) are eligible for renewed membership in the Investment Plan, SUSORP, or SCCSORP. You must be employed in an FRS-covered position on or after July 1, 2017 in order to gain renewed membership. It is important to note this new provision does not afford renewed membership retroactively for the period of July 1, 2010 to June 30, 2017, nor does it grant disability benefits for renewed members. Different termination requirements and reemployment limitations apply if you retired prior to July 1, 2010. |