Your Retirement Plan Choice: Time is Money!
If you’re like many people, your FRS Retirement Choice Kit has been gathering dust because you know that your deadline for making a choice is November 30. Unfortunately, putting off this decision could cost you money.
Here’s why. IF you’re going to switch to the Investment Plan, the earlier you choose, the earlier contributions to your account start. For example, if you had a $30,000 annual salary, you’d lose about $225 per month in employer contributions for each month that you delay your decision!
We know the Investment Plan isn’t right for everyone, particularly longer-service employees. But it may be right for you, especially if you:
- Don’t plan to stay with an FRS employer for at least six years, or
- Leave FRS employment early in your career
Since everyone’s situation is so different, it’s worth finding out — for sure — which plan works best for you. How? By using the Choice Service.
It takes only 15 minutes to start comparing your plan options. After using the Choice Service, if you’re not ready to make an election, you don’t have to. You can come back to the Choice Service as often as you wish (up until November 30th) and compare your plan choices under any number of assumptions. If you haven’t yet registered a choice, you’ll receive a reminder letter with your PIN in the mail soon.
To access this service, simply logon through the MyFRS.com Web site. If you prefer to talk directly with a Choice Service expert to get professional, objective help using the service and making your decision, call the MyFRS Financial Guidance Line at 186644MyFRS (18664469377). A financial planner from Ernst & Young can operate the Choice Service for you.
You can also register your email address with the Florida Retirement System by sending an email to, including your group number (Group 2) and employer name, and asking to be included on the email list. You’ll be able to receive electronic FRS newsletters and other updates — no matter which plan you choose.
Keep in mind that nearly 280,000 people haven’t yet registered their choice. If you act right now, you won’t have to wait or be inconvenienced by the stampede of people who are too busy to choose until the very last day. You’ll feel better, and you might earn more money for your retirement.
What are you waiting for?
The MyFRS Financial Guidance Program — Use It No Matter Which Plan You Choose
Phone: MyFRS Financial Guidance Line: 1-866-44-MyFRS (1-866-446-9377; or TTY: 1-888-429-2160) •
Online: MyFRS.com • Retirement Choice Workshops: Offered During Your Outreach Period