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Aug 6th, 2022
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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.
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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).
As a member of the FRS Investment Plan, you contribute 3 percent of your gross monthly salary on a pre-tax basis to help fund your FRS Investment Plan account. The state also contributes a percentage of your gross monthly salary based on your membership class.
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.
For normal retirement and to receive your full monthly benefit, you must be age 65 with at least 8 years of service or have 33 years of service regardless of age.
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.
The Investment Plan does not permit payouts to members due to hardships, unforeseeable emergencies, loans, medical expenses, educational expenses, the purchase of a principal residence, payments necessary to prevent eviction or foreclosure on a members principal residence, or for any other reason prior to retirement.

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