To DROP or Not to DROP…That is the Question
Florida employees face an important financial decision before officially retiring: select DROP or Second Election? Read more for related pros and cons and sample scenarios.
read more »Category Archives: FRS Investment Plan
Moving Forward by Reaching Backwards: Reverse Mortgages
A reverse mortgage may seem like an ideal way to finance retirement, but knowing the implications and risks can help determine if obtaining one makes financial sense.
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What is the Florida Retirement System Investment Plan Hybrid Option?
If you wish to switch to the FRS Plan Hybrid Option, there is no charge. However, you must be vested with the Florida Retirement System. If you were a member of the Florida Retirement System prior to July 1, 2011, you must have 6 years of creditable service to be vested. If you were a […]
read more »Penalty Tax on Early Distributions from Investment Plan for Qualified Public Safety Employees
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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What Should I Choose When Deciding on My Retirement with the FRS Investment Plan?
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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