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.”
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.
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
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.