Helping Public Employees
Plan for the Future
Florida's public employees are making more informed choices about their retirement needs and options, thanks to a groundbreaking SBA program. The MyFRS Financial Guidance Program provides personalized multimedia retirement planning services to all 693,000 working members of the Florida Retirement System (FRS). This program provides personalized statements; one-on-one counseling and workshops with qualified financial planners; and a comprehensive, award-winning Web site complete with online election filing capabilities - all at no cost to the employees. As always, the SBA is not bound by any conflicting interests and provides these services with the highest level of objectivity.
Importantly, the program helps members choose the FRS retirement plan that best reflects their individual preferences and needs. The FRS Investment Plan, an optional defined contribution plan, took effect in fiscal year 2002-03. Eligible public sector employees may choose to enroll in this plan as an alternative to the traditional FRS Pension Plan, which continues to offer formula-based retirement benefits. The new plan is modeled after 401(k) plans in the private sector in order to help employers recruit and retain mobile employees. All employees get an initial FRS election (within 6 months after hire) and have a "2nd Election" that affords them the option to change FRS plans one time later in their career.