Normal retirement occurs when you retire with full (unreduced) benefits based on your age and/or length of service, as follows:
If you have FRS service prior to July 1, 2011:
If you first joined the FRS on or after July 1, 2011:
"Years of creditable service" means the total of all years and parts of years you worked in a retirement-covered position with an FRS employer. It also includes any additional service credit that you purchase before you retire or enter the Deferred Retirement Option Program (DROP).
Yes. If, prior to retirement, you commit a crime specified by Florida Statutes as requiring forfeiture of benefits and are found guilty, or enter a plea of guilty or nolo contendere, or your employment was terminated because of an admission to committing, aiding, or abetting a specified crime, retirement rights and benefits are forfeited (except for any portion of your Investment Plan account attributable to a refund of personal retirement contributions or deposits, if any were made to the plan when they were previously allowed). The forfeiture of benefits provision applies if a job-related felony offense as outlined below is committed:
See s. 112.3173, F.S., and s. 8, Article II of the Florida Constitution for additional information. In addition to the crimes stated above, if a court of competent jurisdiction finds that you violated any state law against strikes by public employees, your benefits are forfeited.
If your beneficiary is found to have intentionally killed you or procured your death, he or she forfeits all rights to retirement benefits. Any remaining benefits payable would be paid as if your beneficiary died before you.
No. The fiscal year for retirement purposes is July 1 through June 30.
For school district employees on less than 12-month contracts (and who are making their initial election) it depends on your status at the end of the contract year and whether your employment was terminated at that time. You may make your retirement plan election at any time prior to the end of the school year. If you or your school district does not terminate your service at the end of the school year or prior to you making a plan choice, you may make a plan election during the summer break at any time prior to your choice period deadline. However, you must return to work in the Fall to make the plan choice valid. If you or your school district terminates your employment at the end of the school year prior to your making a plan choice, you will receive Pension Plan retirement credit for the service rendered during the school term and upon returning to employment in the Fall you will receive a new choice period. If you elect the Investment Plan with the new choice, the accrued value of your previous Pension Plan service will be transferred to the Investment Plan as your opening account balance.