Embarking on a retirement plan change within the Florida Retirement System (FRS) is a significant decision that necessitates thorough understanding and consideration. The Frs Ele 2Ez form serves as a crucial document in this process, offering FRS members a one-time opportunity to switch between the FRS Investment Plan, FRS Pension Plan, or FRS Hybrid Option. This form demands careful completion and submission with a clear indication of the chosen plan and includes a meticulous acknowledgment of the implications that come with each selection. Individuals must delve into the details of page 2 of the form to grasp the nuances of their options—whether it's migrating from the Investment Plan to the Pension Plan and understanding potential buy-in costs or switching to the Investment Plan and realizing the impact on accrued pension benefits and future contributions. The form also emphasizes the irrevocability of this election, underscores the necessity of a complete and signed submission for processing, and highlights the importance of seeking guidance via the MyFRS Financial Guidance Line or utilizing online tools for a well-informed decision. With a design to aid FRS members in fortifying their retirement readiness, this form stands as a gateway to aligning one's retirement plan with their long-term financial objectives, ensuring they are well-prepared for the transition into retirement.
| Question | Answer |
|---|---|
| Form Name | Frs Form Ele 2Ez |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | BEN-001, myfrs app, and3, EZ |
2nd Election EZ Retirement Plan Enrollment Form
*088006*
Before completing this form, read the information on page 2.
RETIREMENT PLAN 2nd ELECTION (You MUST complete this form and return it to the address noted below.)
Please print |
|
|
Name _______________________________________________ |
__________________________________ |
__________ |
(Last Name) |
(First Name) |
(Middle Initial) |
Social Security Number: ______________________________________________________________________
I am exercising my
1. Change from the FRS Investment Plan or FRS Hybrid Option to the FRS Pension Plan (Review page 2, Sections 1 and 3.) You understand you are using your existing FRS Investment Plan account balance and possibly other personal resources to “buy” into the FRS Pension Plan.
2. Change from the FRS Pension Plan to the FRS Investment Plan (Review page 2, Sections 1, 2 and 3.) You understand you are transferring the present value, if any, of your FRS Pension Plan benefit to the FRS Investment Plan. You understand that future employer contributions will be deposited in your Investment Plan account and that your assets will be deposited in the FRS Select Moderate Balanced Fund. (If you are currently a member of the FRS Hybrid Option, you cannot select this option.)
3. Change from the FRS Pension Plan to the FRS Hybrid Option (Review page 2, Sections 1, 2 and3.) You understand you are retaining any accrued benefit in the FRS Pension Plan and future employer contributions will be deposited in your FRS Investment Plan account and that your assets will be deposited in the FRS Select Moderate Balanced Fund. You understand you must have 5 years of Pension Plan service or 8 years fi you were initially enrolled in the FRS on July 1, 2011 or after to select this option.
SIGN HERE (Your form cannot be processed without your acknowledgement and signature.)
By signing this form, I acknowledge that I have read and understand the information on page 2 and certify all completed information above to be true and correct.
____________________________________________ |
_________________ ________________________ |
||
Signature |
|
Date |
Daytime Telephone Number |
____________________________________________ |
____________________________________________ |
||
Employing Agency (optional) |
|||
FAX OR MAIL YOUR COMPLETED FORM TO: |
|
|
|
Fax: |
Mail: |
FRS Plan Choice Administrator |
|
(Do not include a cover sheet and retain |
P.O. Box 785027 |
||
the original for your records) |
|
Orlando, FL |
|
(Do not mail this form to your employer or to the Division of Retirement and retain a copy for your records.)
CAUTION: Your form will not be processed if you submit a form that does not indicate your 2nd Election plan choice or does not have your signature or Social Security number. You will be notified if your form is incomplete and was not processed. You must submit a new completed form in order for your 2nd Election to be processed. Keep a copy for your records.
Your 2nd Election will become final at 4:00 p.m. ET on the day it is received by the FRS Plan Choice Administrator. This form must be received by the FRS Plan Choice Administrator no later than 4:00 p.m. ET on the last business day you are earning salary and service credit and prior to your date of termination or it will be invalid. If you later feel this retirement plan choice was made in error, you may be able to cancel it. Please call the MyFRS Financial Guidance Line at
A confirmation statement will be mailed to your address of record once your completed form is received and processed. Please allow 2 to 3 weeks to receive it. Your address of record is provided to the FRS by your employer. It is your responsibility to make sure your employer is notified of any address changes.
BENEFICIARY DESIGNATION
You can designate a beneficiary at any time. If you do not designate a beneficiary, your benefits (if any) will be distributed in the event of your death in accordance with s. 121.091(8) or s. 121.4501(20), Florida Statutes, as applicable. You can designate a beneficiary by completing a Beneficiary Designation Form
MyFRS Financial Guidance Line
PAGE 1 OF 2 |
IMPORTANT INFORMATION - Review Carefully
Your 2nd Election retirement plan change becomes effective on the first day of the month after the Plan Administrator receives your form, provided it is complete and signed. You must be actively employed earning salary and service credit when your form is received by the FRS Plan Choice Administrator. If you are leaving
The
The 2nd Election CHOICE SERVICE, an online benefits projection tool, available at MyFRS.com or by calling the MyFRS Financial Guidance Line, Option 2.
Section 1: Plan Choice
You understand that your
If you selected Option 1 (Page 1): You understand that the FRS Pension Plan is a defined benefit plan, which will provide you with benefit payments at retirement if you meet certain criteria. As of the most recent actuarial valuation date, the FRS actuarial liability exceeded the actuarial value of its assets yielding an unfunded actuarial liability. This liability may increase or decrease in the future. The Legislature may increase or decrease the amount that you and your employer contribute to this plan to keep it actuarially funded. You have elected to switch to the Pension Plan and understand there may be a
If you selected Option 2 (Page 1): You understand and acknowledge the following: You have elected to switch to the Investment Plan and that any accrued value you may have in the FRS Pension Plan will be transferred to the Investment Plan as your opening account and any Pension Plan accrued value transferred to your account will be subject to the vesting requirement of the FRS Pension. You can find out the accrued value of your FRS Pension Plan account by calling the MyFRS Financial Guidance Line, Option 3, to connect to the Division of Retirement. The initial transfer amount is an estimate and your account will be reconciled within 60 days of that transfer pursuant to Florida law using your actual FRS membership record. The reconciled amount could be more or less than the estimate you receive and your account will be adjusted accordingly. You direct all future employer contributions be deposited in my FRS Investment Plan account.
If you selected Option 3 (Page 1): You understand and acknowledge that you have elected to switch retirement plans to the FRS Hybrid Option and that the accrued value of your current FRS Pension Plan benefit will remain in your FRS Pension Plan account. You understand that an FRS Investment Plan account will be established to receive all future employer contributions.
If you selected Option 2 or 3 (Page 1): You understand and acknowledge that your Plan assets be invested in the FRS Select Moderate Balanced Fund as provided under Plan provisions, that other investment funds are available to you, and that you can change your fund allocations at any time after your account is activated by logging onto MyFRS.com or by calling the
You understand that Sections 121.4501(8)(b)2 and 121.4501(15)(b) of Florida law incorporate the federal law concept of participant control, established by regulations of the U.S. Department of Labor under Section 404(c) of the Employee Retirement Income Security Act of 1974. If you exercise control over the assets in your Investment Plan account, pursuant to Section 404(c) regulations and all applicable laws governing the operation of the Investment Plan, no program fiduciary shall be liable for any loss to your account which results from your exercise of control.
You understand you can find a description of your rights and responsibilities under the FRS Pension Plan and the FRS Investment Plan in the respective Summary Plan Descriptions, Florida Statutes, and Administrative Rules available through the MyFRS Financial Guidance Line, Option 2, or at MyFRS.com.
You understand that the Investment Plan is a defined contribution plan in which the Florida Legislature can increase or decrease the amount that you and your employer contribute to your account.
You can find a description of your rights and responsibilities under the FRS Pension Plan and the FRS Investment Plan in the respective Summary Plan Descriptions, Florida Statutes, and Administrative Rules by calling the MyFRS Financial Guidance Line, Option 2, or visiting MyFRS.com.
SECTION 2: FRS INVESTMENT PLAN FUND SELECTIONS (Review if you selected Option 2 or 3 page 1.)
You have 19 investment options to choose from. Please use the free MyFRS Financial Guidance Program resources to help you understand your investment fund choices.
MyFRS Financial Guidance Line
PAGE 2 OF 2 |