Frs Loan From Retirement
Bridging the Savings Gap
The FRS and Social Security are likely to only provide about 78% income replacement during retirement. That leaves a 22% gap in income replacement. The Deferred Compensation Plan is available to help State employees “bridge the savings gap.”
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Frs Loan From Retirement 401k
Key Benefits of the Plan
- No administrative, maintenance, or commission fees
- Penalty-free withdrawals after separation from employment
- Lower current taxable income through automatic pretax payroll contribution
- Excellent investment options, including guaranteed principle and interest accounts, Target Date Funds, and numerous Mutual Funds
- Penalty-free account modification, such as contribution change, investment reallocation, and Investment Provider addition/replacement
- Rollover other pre-tax retirement accounts into the Florida Deferred Compensation Plan
- Dedicated customer service and professional investment performance oversight from the Bureau of Deferred Compensation and the Plan’s Investment Providers
- Immediate vesting
FRS Investment Plan In the FRS Investment Plan, you and your employer make a monthly contribution for your retirement based on your salary and membership class. You decide how to invest your account balance in various investment funds the plan offers.
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Florida Division Of Retirement Frs Online
Connect with the Bureau
Your non-FRS Retirement Accounts You're not taking enough risk with your investments and you might be leaving money on the table. Creating a well-balanced, personalized portfolio can increase risk while protecting your savings as it grows. Unlike a traditional pension plan, the FRS investment plan does not have a defined amount of money you will receive at retirement. Rather, the retirement funds you receive are based on the performance of your investments.
- Toll-Free: 877-299-8002
- Fax: 850-488-7186
- 200 East Gaines Street, Tallahassee, FL 32399-0343
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Looking for Additional Information?
- FRS retirement benefits are available through regular pension plan disbursements, which provide a fixed monthly benefit based on your years of service and salary history, and through the FRS investment plan. The FRS investment plan allows you to contribute to a regular IRA.
- FRS Retirement Eligibility Miami-Dade County provides retirement benefits for eligible employees through the Florida Retirement System (FRS). Enrollment is automatic for full-time and part-time employees.