Enroll EZ Retirement Plan Enrollment Form
EZ Retirement PLAN Enrollment Form
For Regular, Special Risk, and Special Risk Administrative Support Class Employees
For Regular, Special Risk, and Special Risk Administrative Support Class Employees
Your plan choice is due by 4:00 p.m. ET on the last business day of the 8th
month following your month of hire.
Please complete all fields, review the information on page 2, then click "Submit." Items marked with an asterisk (
) are required fields.
If you enrolled in the FRS prior to January 1, 2018, your plan choice is due by 4 :00 p.m. EST on the last business day of the 5th month following your month of hire.
LAST 4 DIGITS OF SOCIAL SECURITY NUMBER
DATE OF BIRTH (MM/DD/YYYY)
Select Your Plan
FRS Investment Plan
FRS Pension Plan
I acknowledge that I have read and understand the information on page 2 of this Enrollment Form and certify all supplied information to be true and correct. I understand that this form cannot be processed without the last four digits of my Social Security number, my date of birth, my plan choice, and my signature.
(type your full name here)
See page 2 for information on your electronic signature.
PHONE NUMBER WITH AREA CODE
TO SUBMIT YOUR ELECTION, REVIEW THE INFORMATION ON PAGE 2 THEN AT THE BOTTOM OF THE PAGE COMPLETE CAPTCHA THEN CLICK "SUBMIT".
MyFRS Financial Guidance Line
1-866-446-9377, Option 2 (TRS 711)
Get free, unbiased guidance from experienced financial
planners about the plans or the election process.
Visit anytime for tools and information about
the FRS Investment Plan and Pension Plan.
ELE-1-EZ Rev 01/18 19-11.006 F.A.C.
Review the Following Important Information Carefully
—A Hybrid Option is available if you have 8 years of previous Pension Plan service and were initially enrolled in the FRS on or after July 1, 2011 (5 years if hired prior to July 1, 2011). This option is designed to freeze your accrued Pension Plan benefit and establish an Investment Plan account for all future employer and employee contributions. For more information, call the MyFRS Financial Guidance Line, Option 2.
—You will be notified if your form is incomplete and was not processed. You must submit a new completed form by your deadline in order for your plan choice to be processed.
Plan Choice Deadline
—You are responsible for ensuring your election is received by the Plan Choice Administrator on or before 4:00 p.m. ET on the last business day of the 8th month following your month of hire or 5th month of hire if enrolled in the FRS prior to January 1, 2018.
—To choose a plan, you must be actively employed and earning salary and service credit when your form is received by the Plan Choice Administrator. If it is determined that you were not eligible to make a plan choice, your election will be invalid and reversed.
—If you do not submit a plan choice, the Investment Plan will be considered your initial election by default. Exception: If you are enrolled in the Special Risk Class or if you enrolled in the FRS prior to January 1, 2018 the Pension Plan will be considered your initial election by default.
Reversing an Election Made in Error
—If you make your plan choice in error or change your mind, you have until 4:00 p.m. ET on the last business day of the month following your election month to cancel your election. To do so, call the MyFRS Financial Guidance Line, Option 2.
—You will receive a confirmation statement once your Enrollment Form has been processed. The confirmation statement will be mailed to your address on file as supplied by your employer. Allow 2 to 3 weeks to receive it. Notify your employer of any address changes.
—Designate a beneficiary by submitting a Beneficiary Designation Form (BEN-001 Pension Plan or IPBEN-1 Investment Plan). Forms are available online at MyFRS.com or by calling the MyFRS Financial Guidance Line, Option 1. If you do not designate a beneficiary, in the event of your death, your benefits, if any, will be distributed in accordance with Section 121.091(8) or Section 121.4501(20), Florida Statutes, as applicable.
—You have a one-time opportunity during your FRS career to switch from the FRS plan you initially chose to the other plan. There may be a cost for doing so. You cannot file a 2nd Election using this form. Call the MyFRS Financial Guidance Line, Option 1, or use the online resources at MyFRS.com for further information.
If You Elected the Pension Plan
—You understand that the Pension Plan is a defined benefit plan, which will provide you with benefit payments at retirement if you meet certain criteria. As of the most recent actuarial valuation date, the FRS actuarial liability exceeded the actuarial value of its assets, yielding an unfunded actuarial liability. This liability may increase or decrease in the future. The Florida Legislature may increase or decrease the amount that you and your employer contribute to this Plan to keep it actuarially funded.
If You Elected the Investment Plan
—You understand, acknowledge, and authorize the following:
You reviewed the Fund Profiles, the Investment Fund Summary, and the Annual Fee Disclosure Statement at MyFRS.com before submitting your Enrollment Form and before selecting any investment funds.
The Annual Fee Disclosure Statement for the FRS Investment Plan provides information concerning the Investment Plan’s structure, administrative and individual expenses, and investment funds, including performance, benchmarks, fees, and expenses. This Statement is designed to set forth relevant information in simple terms to help you make better investment decisions. The Statement is available online in the “Investment Funds” section on MyFRS.com, or you can request a printed copy be mailed at no cost to you by calling the MyFRS Financial Guidance Line, Option 4 (TRS 711).
Any accrued value you may have in the Pension Plan will be transferred to your Investment Plan account as your opening balance and is subject to the vesting requirements of the Pension Plan. The initial transfer amount is an estimate and your account will be reconciled within 60 days of the transfer using your actual FRS membership record pursuant to Florida law. You direct that all future employer and employee contributions be deposited in your Investment Plan account.
Your Plan assets will initially be invested in an age-appropriate Retirement Date Fund as provided under Plan provisions. At any time after your account is activated, you can change your fund allocations to any of the Plan’s investment options by logging in to MyFRS.com or by calling the MyFRS Financial Guidance Line, Option 4.
Your Investment Plan account will be accessible at the end of the month following the effective date of this election.
You understand a Self-Directed Brokerage Account is offered by the Plan and enrollment will be available to you after you meet the required Plan provisions.
(8)(b)4 and 121.4501(15)(b), Florida Statutes, incorporate the federal law concept of participant control, established by regulations of the U.S. Department of Labor under Section 404(c) of the Employee Retirement Income Security Act of 1974. If you exercise control over the assets in your Investment Plan account, pursuant to Section 404(c) regulations and all applicable laws governing the operation of the Investment Plan, no program fiduciary shall be liable for any loss to your account which results from your exercise of control.
The Investment Plan is a defined contribution plan. The Florida Legislature can increase or decrease the amount that you and your employer contribute to your account.
The Investment Plan is not designed to facilitate short-term excessive fund trading. Foreign and global investment funds are subject to a minimum holding period of 7 calendar days following any non-exempt transfers into such funds. You may be subject to trading controls on the funds in the event that you trade excessively.
Investment management fees are deducted from your Investment Plan account. These fees may change in the future, and funds may be added or terminated. If any of the funds you select are terminated in the future, you will be able to move your assets into other investment funds prior to fund termination. If you do not move your assets out of a terminated fund, those assets will automatically be moved into a replacement fund designated at that time.
If you terminate employment and are vested in your account balance, you may be subject to a mandatory payout of your account if the balance is $1,000 or less, or an account maintenance fee of $6 per quarter if your account balance is more than $1,000.
You consent to electronic delivery of documents through the MyFRS.com website, including but not limited to prospectuses, quarterly account statements, account transaction confirmation statements, privacy notices, fee disclosures, and other documents. Anytime one of these documents is available, an email notice will be sent to the email address you provided. You will need to log in to MyFRS.com to view these documents and to make any updates to your email address. Receipt of documents through MyFRS.com will continue until you revoke your consent by calling the MyFRS Financial Guidance Line, Option 4. Your internet service or cellphone provider may charge you a fee for the time required to view your documents online or for other services.
Rights and Responsibilities
— A description of your rights and responsibilities under the Pension Plan and the Investment Plan is in the respective Summary Plan Description, the Florida Statutes, and the Administrative Rules and can be obtained by calling the MyFRS Financial Guidance Line, Option 2, or by visiting MyFRS.com.
— You agree that this enrollment form may be electronically signed and that your electronic signature is the same as a handwritten signature for the purposes of validity, enforceability, and admissibility. If you prefer, you may print out a hard copy of this form and submit it (form is located in the "Forms Section" on MyFRS.com).