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Second Election is an option within the Florida Retirement System. By electing second election, one is opting out of the defined benefit pension plan (otherwise known as the pension plan) and into the defined contribution plan (otherwise known as the investment plan or second election). In other words, you would be opting out of the defined benefit pension plan and into the defined contribution plan, and the investment risk would shift from the employer to you, the employee.

The amount of money contributed to the investment plan is slightly less than what is contributed to the pension plan. Please visit www.myfrs.com to see the exact amount.

While in the investment plan, you need to decide where and how to best invest your money. When you leave the FRS, your money is vested, which means that the money stays with you and does not revert back to the state of Florida. This money can be rolled over into an IRA so that you will not have a taxable event. In the event of death, the money would be paid to a named beneficiary.

When you retire, you cannot get all of your money out of the investment plan right away. If you had been employed for fewer than 30 years, you are able to get 100% of your money out of the plan no earlier than 90 days following the month in which you retired. For example. You retire June 2nd. The entire month of June does not count as the first month of retirement as you worked that month (even though it was only for 2 days). You would need to be retired the month of July, August, September and you would be able to collect, 100% of what was owed to you on October 1st. If you had more than 30 years (regular class), you are able to collect 10% of the investment plan money as outlined in the previous example. Therefore, you would be eligible to receive 10% of your money August 1st and the other 90% October 1st.

This month, as previously mentioned, can be rolled over to an IRA so that you will not incur federal income tax on the rollover.


To learn more about Second Election and the FRS Program, visit one of our monthly workshops.