Under the Investment Plan, participants may choose to receive their account balance at termination of employment as a lump sum or to take periodic distributions. Generally, the amount an FRS participant withdraws from a qualified retirement plan before reaching age 59½ is called “early” distributions. Generally, participants must pay a 10% early withdrawal penalty and […]
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You may have read the paper recently about the Florida legislature’s goal of closing the door on the FRS pension plan to new hires starting in 2014. House Bill 7011 would prohibit government employees, police and firefighters, and teachers across the state hired after January 4th, 2014, from enrolling in the state of Florida’s pension […]
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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 […]
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So you’re in the FRS and you’re a participant, but the question is do you know what happens to your money is you die prematurely, in other words while you’re still working? The default option in the state of Florida is option three, which means that there is a benefit that would be paid to […]
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As you may or may not be aware there are four options available to you when you retire from the State of Florida in either entering DROP and/or taking a monthly pension benefit. Option one provides a lifetime benefit but nothing to your spouse when you pass away. Option two provides a life and 10-year […]
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The Dow closed on Wednesday, March 20th, at 14,538 points. This is the 10th record ( as of that date) for 2013. Please take the market gain in stride. Yes, it is great that the market is up, but as we all know, markets do retreat. This of course is out of our control. I […]
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As most of you have probably hear, steps have been taken to close the Florida Pension Plan. The house speaker, Will Weatherford has a top priority to close the State’s traditional pension plan. There has been tremendous opposition form union representatives. This may help the State of Florida, but will do nothing to shore up the respect […]
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Marc began his financial planning career in 1983 and formed Silverman Financial in 1989. Since the beginning of his career, Marc has been a leader and has thoroughly enjoyed his profession.
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