Understanding The Second Election Option for the Florida Retirement System
So you’re in the investment plan, and you have elected second election for your retirement plan with the State of Florida. The question is, when can you get your money?
If you have more than 30 years, you are able to get 10% of your money from the investment plan no fewer than one full calendar month after you retire. For example, if you retire January 1st, the whole month of January does not count. You must wait the whole month of February. March 1st, you would be able to get 10% of your money in the investment plan. You would be able to get the other 90% out of the plan 60 days later.
This is important information because most people retire from the FRS and have no idea as to when they can get their money. You must plan accordingly.
On the other hand, if you have fewer than 30 years, and you want to get out of the investment plan, you must wait 3 calendar months to get the money out of your investment plan. For example, you retire June 2nd 2013. The entire month of June does not count as you worked 2 days in that month. You would need to wait all of July, August and September. October 1st is when you would be eligible for 100% of your money.
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