Retirement program florida

The Florida Retirement System FRS offers two retirement plans for state employees: a pension plan for long-term workers and a defined contribution plan for shorter-service workers or people who do not plan on working for the state for more than six years.

The FRS also oversees the retirement plans for state university and community colleges and for local police and firefighters. With so many plans and employee accounts under its management, FRS is the fourth largest public system in the country. If you are overwhelmed trying to sort out your retirement options, a financial advisor can help you with both your employer-sponsored plan and your personal investments.

Still, its plans are pretty straightforward. All state employees are eligible for either the pension plan or the defined contribution plan also called the Investment Plan. Here are all the plans under the FRS umbrella and eligible employees:. Florida Retirement System Investment Plan — This is a defined contribution plan, where both the employer and the employee make contributions. You are now leaving the MyFRS. Florida Retirement System. My Profile Log Out.

The amount of your future benefit is determined by a formula, based on your earnings, length of service, and membership class, and may be adjusted by a cost-of-living increase each July adjustment only applicable for FRS service earned prior to July 1, If you are initially enrolled in the Pension Plan on or after July 1, , you will not have a cost-of-living increase after retirement.

Your benefit is pre-funded by your employee and employer contributions. The Florida Retirement System must ensure that sufficient funds are available when your benefits are due and bears the market risk and investment decisions. It is primarily designed to serve longer-service employees who will be with the FRS for most of their career.

Older employees and those employees who do not want to control their retirement plan may also prefer the Pension Plan. This is not an FRS plan. We can help you get to the answers. Taking action now can make a big impact on closing the gap to reaching your retirement goals. Are all your investments working hard for you? We can give you savings and investment advice on your other accounts and you'll get a true picture of what to expect in retirement.

We provide: Unbiased investment advice to help you reach your goals An actionable path for how you can allocate your investments A personalized investment mix that balances risk against growth opportunity. How do I invest my retirement savings? How do I stay on track to achieve my goals? Financial Planning You have free access to EY financial planners, who can answer general financial planning questions you may have.

Methodology and Assumption Text The following information provides additional detail about how we prepared your forecasts. IMPORTANT: Any forecasts, projected outcomes or other information generated regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. In addition, results may vary each time a forecast is generated for you. Also, these estimates assume you leave FRS-covered employment at Normal retirement age.

Any DROP benefit is shown as a lifetime series of payments, not a single lump sum. These estimates assume a certain future salary growth rate.

The assumed salary growth rate is the default for your cohort i. Investment Analysis Methods: Any forecasts presented are not a guarantee of future results, but only reasonable estimates. Forecasts are based upon information about you and your current accounts and investments that we know about, estimated annual savings amount and forward-looking models of the economy and securities markets that utilize data such as historical returns, historical correlations, expected growth rates, and calculated risk premiums.

Since past performance is not an accurate predictor of the future and reliance on historical and current data necessarily involves inherent limitations, you must understand that the estimates are only a tool to be used in evaluating your retirement portfolio. Forecast amounts are in today's dollars, which means that they have been adjusted for inflation except as otherwise indicated.

Forecasts are created by generating thousands of hypothetical future economic scenarios to evaluate how an investment portfolio might perform under a variety of circumstances, including changing interest rates, inflation, and market conditions.

About Your Information: Financial Engines relies on information provided by you or your plan provider to create your forecast. If you have provided spouse or partner information, we rely on that information as well. For detailed information about the accounts and investments included in your analysis and the methodology used, visit the Advisor service to view your retirement income drawer and "Your Profile.

To update any information provided by you, go to the "Your Profile" tab. Financial Engines makes no representations as to the accuracy of the data. Financial Engines is not responsible for communicating any of your changes to your personal information to either your plan sponsor or provider. If you own investments that you did not tell us about or that we were unable to model, Financial Engines does not analyze those investments and they are not included in the analysis.

If you are relying on a generic fund to represent an asset that we are unable to model i. While we will attempt to update security prices daily and monitor your investments for the various corporate actions that may occur i. About Your Retirement Forecasts: To show your forecasts, we take the 5th, 50th, and 95th percentiles of thousands of hypothetical future economic scenarios. Charts or graphs may not be drawn to scale. Unless otherwise specified, the forecasts assume your current retirement decisions.

Your retirement income goal is expressed in today's dollars. To adjust the income growth assumption, visit the Advisor service to edit your job under the "Your Profile" tab. Expected inflation averages about 3. We do not update your retirement income goal. Your actual desired retirement income may differ depending on your circumstances, such as medical or housing expenses. You should review this goal regularly and change as needed. To change your retirement income goal, visit the Advisor service and go to the "Your Information" page under the "Your Profile" tab.

The "Retirement Forecast" shows your likelihood of reaching the indicated retirement income goal. This likelihood is an estimate based on running thousands of hypothetical future economic scenarios and is not a guarantee. Estimated Retirement Income: The income you have available in your retirement will be based on income from your investments, Social Security, Railroad Retirement, and any pension or other forms of retirement income you may have told us about.

To see the detailed assumptions we used, please visit the Advisor service and refer to the "sources of retirement income" table in the retirement income drawer for your retirement income forecast on the home page. To estimate your retirement income, we use a process called annuitization and adjust for inflation to translate estimated portfolio values at retirement age into annual pre-tax estimated retirement incomes in today's dollars.

If you have an account with an after-tax basis e. We start with your current basis as given to us by you or your plan provider and then add your projected future after-tax contributions. We then gross up that value to convert to a pre-tax dollar value to express your retirement income forecast in pre-tax dollars. We do the same for any taxable accounts and any basis attributable to Roth contributions and earnings thereon.

If your retirement age, your contribution rate or your employer contribution changes, your forecasts may differ. Forecasting Risk Over Time: If you hold a fund whose investment objective includes reducing risk over time typically referred to as "target date funds" , we model its declining risk according to its stated timeframe.