2nd Election
Your one chance to switch between the Pension Plan and the Investment Plan.
Investment Plan SPD (2026), p. 34More on this →These are the words you'll meet in Division of Retirement letters and on these pages. To put them to work, try the FRS calculator with FRS's own example, or start with which tier am I? and the formula.
Average final compensation (AFC)
The average of your 5 (enrolled before July 1, 2011) or 8 highest fiscal years of pay.
Handbook (2026), p. 29More on this →COLA
The yearly July cost-of-living increase.
Handbook (2026), p. 58More on this →Creditable service
All years and parts of years in a covered FRS job, plus service you buy.
Handbook (2026), p. 29More on this →DROP
The Deferred Retirement Option Program, where your benefits build up for up to 96 months while you keep working.
Handbook (2026), p. 40More on this →Early retirement
Retiring once vested but before your normal retirement date, with a 5% a year cut.
Handbook (2026), p. 46More on this →FRS Online
The Division's member website, where you can see your service, run estimates, apply to retire or join DROP, and, once retired, get your 1099-R.
Handbook (2026), p. 8, Online ResourcesMore on this →HIS
The Health Insurance Subsidy, a monthly payment toward retiree health insurance.
Handbook (2026), p. 58More on this →Hybrid Option
An Investment Plan choice for a Pension Plan member with five years (enrolled before July 1, 2011) or eight years that freezes the pension and sends future contributions to an Investment Plan account.
Investment Plan SPD (2026), p. 15, Investment Plan Hybrid OptionMore on this →Investment Plan
FRS's defined contribution plan, an account instead of a pension.
Investment Plan SPD (2026), p. 8More on this →Joint annuitant
The person who keeps getting a benefit after your death under Option 3 or 4.
Handbook (2026), p. 50More on this →Member Annual Statement
The yearly statement of your service and estimated benefit, in your birth month.
Handbook (2026), p. 9Normal retirement date
The first date you can get an unreduced benefit, by age or years of service.
Handbook (2026), p. 45More on this →Option 1
A monthly benefit for your lifetime only. At your death, your beneficiary gets only any of your own contributions that exceed the benefits you were paid.
Handbook (2026), p. 50, Options 1 and 2More on this →Option 2
A reduced lifetime benefit. If you die within 10 years (120 months) of retiring, your beneficiary gets the same amount for the rest of the 120 months.
Handbook (2026), p. 50, Options 1 and 2More on this →Option 4
An adjusted benefit while you and your joint annuitant are both living; when either dies, the survivor gets two-thirds of that amount for life. If the joint annuitant is your child (or ward) under 25 or disabled, they get your Option 1 amount instead, until 25 or no longer disabled.
Handbook (2026), pp. 50-51, Options 3 and 4More on this →Optional Retirement Programs
Plans that state university and state college faculty and some administrators can use instead of the FRS (SUSORP and SCCSORP).
Handbook (2026), p. 21, Optional Retirement ProgramsPercentage value
The share of AFC each year of service earns, 1.60% to 1.68% for the Regular Class.
Handbook (2026), p. 29, p. 30More on this →Plan year
July 1 through June 30.
Handbook (2026), p. 4Preservation of Benefits Plan
The FRS plan that pays any part of your benefit above the federal section 415(b) limit.
Handbook (2026), p. 52, Limitation of BenefitsMore on this →Regular Class
The FRS membership class for most employees, including teachers.
Handbook (2026), p. 10More on this →Renewed membership
Earning new service toward a second benefit after retiring. Pension Plan retirees first reemployed on or after July 1, 2010 can't.
Handbook (2026), p. 59, Renewing Membership after RetirementMore on this →Teachers' Retirement System (TRS)
The closed Florida teacher plan merged into the FRS on Dec. 1, 1970. Remaining TRS members can still join DROP.
Pension Plan SPD (July 1, 2026), p. 1, Creation; DROP Guide (2026), p. 4; Handbook (2026), p. 63, Closed Retirement SystemsTermination requirement
Leaving all FRS employers for the first six calendar months of retirement.
Handbook (2026), p. 48More on this →Vested
Having enough service (6 or 8 years) to qualify for a future benefit.
Handbook (2026), p. 26More on this →Source: FRS Pension Plan Member Handbook, 2026 Edition, pp. 4, 8, 9, 10, 21, 26, 29, 30, 40, 45, 46, 48, 50-51, 52, 58, 59, 63. Also: Investment Plan SPD (2026), pp. 8, 15, 34; Pension Plan SPD (July 1, 2026), p. 1; DROP Guide (2026), p. 4. Last reviewed .