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 670,000 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.
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