The FRS Pension Plan is a defined benefit retirement plan designed for longer-term employees. Members
  are promised a benefit determined by a formula based on the member's earnings, length of service, age
  and membership class. Vesting in the plan is six years and, for most members, normal retirement is
  attained at the earliest of age 62 or 30 years of service. Benefits are paid under one of four lifetime monthly
  payment options. A 3% annual benefit increase is given each July. A Deferred Retirement Option Program
  (DROP) is available for up to 60 months (96 months for teachers under certain conditions) after a member
  reaches normal retirement.

  The SBA invests the FRS Pension Plan Trust Fund on behalf of all members, subject to the ERISA
  fiduciary standards of care and a Trustee-approved Investment Policy Statement. The plan does not
  require employee contributions, and employer contribution rates are adjusted annually according to
  investment performance and actuarial experience. As of June 30, 2005, the Trust Fund was in a surplus
  position with 109% of actuarial assets relative to projected actuarial liabilities.