FRS INVESTMENT Plan (FRSI)

Eligibility

The FRS Investment Plan (FRSI) is available to Administration, Faculty and Staff employees.  

Note:  employees appointed to a Faculty position in the College of Medicine are required to enroll in the Optional Retirement Plan (ORP). 

Description of the Plan

The FRSI is a defined contribution plan sponsored by the State of Florida. Employees are vested into the plan upon completion of one year of creditable service. The amount of your benefit at retirement is determined by the performance of your investment choices.

The plan is funded by employer contributions that are based on your salary and FRS membership class (Regular Class, Special Risk Class, etc.) as well as mandatory employee contributions of 3% of your gross salary. Contributions are directed into an individual account, and you will be able to select how to allocate the contributions among various investment funds. This plan does not accept Voluntary employee contributions.

Vesting Scedule - Based on Hire Date

Plan
Hired before 07/01/2011
Hired on or after 07/01/2011
FRS Pension
6 years
8 years
FRS Investment
1 year
1 year

Retirement Age:

Employee Class Hired before 07/01/2011 Hired on or after 7/01/2011
Regular
Age 62 or 30 years of service Age 65 or 33 years of service
Special Risk
Age 55 or 25 years of service Age 60 or 30 years of service

A health insurance subsidy is available under this plan at the time of retirement.

The plan record keeper is Hewitt Associates. For additional information or professional financial guidance regarding this plan, contact Ernst & Young Financial Planners at (866) 446-9377 or visit the Florida Retirement System here.

How to Enroll

  • Employee will receive an information packet at their home address approximately three months after date of hire.
  • Enrollment in this plan must occur by the end of the 5th month from the date of hire or the employee will automatically be enrolled in the FRS Pension Plan.
  • Staff: Complete a General Plan Retirement Choice form (ELE-1) or (ELE-1-EZ). Select the FRS Investment Plan option and mail as directed on the form.
  • Administration and Faculty: Complete the ORP Eligible Employee Retirement Enrollment Form (ORP-ENROLL). Select FRS Member option and complete the ELE-1 or ELE-1-EZ form and send both completed forms to USF Human Resources.

How to Retire

  1. Contact Ernst & Young Financial Planners at (866) 446-9377 concerning your investment account.
  2. Contact your Benefits Representative in your Service Center concerning continuing benefits at retirement. 

 

FIND IT

State of Florida links:

Florida Retirement System

FRS Forms


Have a Question? Contact your Service Center.

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