Change card in the Investment Plan

Aug 6th, 2022
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You have a one-time (once in your active FRS career) opportunity after your Choice period ends, or you make your plan election, if earlier, to switch from the Investment Plan to the Pension Plan, or from the Pension Plan to the Investment Plan.
When you work for the state, the Florida Retirement System (FRS) offers two retirement options: The FRS Pension Plan provides a monthly benefit to you when you retire. The FRS Investment Plan lets you choose how your money is invested and how you want to receive payments.
Payout Options Investment Plan You are always vested in employee contributions and entitled to a distribution of these contributions. If you leave prior to attaining at least one year of service, any unvested account balance in your account after you leave will be frozen for five years following the date you leave.
Loans and hardship withdrawals are not permitted.
Payout Options Investment Plan. You can take a full or partial lump sum distribution of your account balance. You have a lump sum cash payment that you can use to pay health expenses or other necessary expenses (review the Tax Implications).
Switching Plans Youll need to buy back in to the Pension Plan. If your Investment Plan balance is less than the buy-back amount you must make up the difference out of your own money. If your Investment Plan account balance is greater than the buy-back amount, your balance will be reduced by the buy-back amount.
You can choose to have a full or partial lump-sum distribution of your Investment Plan account balance paid directly to you. You should think twice about taking a lump-sum payment.

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