Option 1: lifetime benefit, the maximum
A monthly benefit for your lifetime. Nothing continues to a beneficiary: at your death the beneficiary gets only any of your own contributions that exceed the benefits you received.
Handbook (2026), p. 50, Options 1 and 2; Pension Plan SPD (July 1, 2026), p. 6, Benefit OptionsOption 2: reduced lifetime benefit, 10 years guaranteed
A reduced monthly benefit for your lifetime. If you die within 10 years (120 months) of your effective retirement date, your beneficiary receives the same monthly amount for the rest of the 120 months (DROP months count). Nothing is paid after 10 years.
Handbook (2026), p. 50, Options 1 and 2; Pension Plan SPD (July 1, 2026), p. 6, Benefit OptionsOption 3: reduced joint benefit, 100% to your joint annuitant
A reduced monthly benefit for your lifetime; after your death your joint annuitant receives the same amount for life. A child joint annuitant under 25 receives your Option 1 amount until 25 (or while disabled).
Handbook (2026), p. 50, Options 3 and 4; Pension Plan SPD (July 1, 2026), p. 6, Benefit OptionsOption 4: adjusted joint benefit, two-thirds to the survivor
An adjusted monthly benefit while you and your joint annuitant are both living. When either of you dies, the survivor receives two-thirds of that amount for life. A child joint annuitant under 25 receives your Option 1 amount until 25 (or while disabled).
Handbook (2026), pp. 50-51, Options 3 and 4; Pension Plan SPD (July 1, 2026), p. 6, Benefit OptionsOptions 2, 3 and 4 are actuarially reduced from the Option 1 amount; the total under each is actuarially equal to what you alone would be expected to receive under Option 1. Handbook (2026), p. 49, Benefit Payment Options
The handbook says Options 2-4 are actuarially reduced from Option 1, and rule 60S-7.0041 says the factors for retirements from Jan. 1, 2026 are in 'FRS Actuarial Equivalence Factors Effective January 1, 2026'. The rule only incorporates those tables by reference (flrules.org Ref-18343); none of the downloaded documents prints a factor.
We show Option 1 in dollars and describe Options 2-4 in words, with no amounts.
What would settle it: The factor tables (flrules.org Ref-18343, or from the Division of Retirement at 844-377-1888), or an FRS estimate showing all four options.
The age FRS uses
If the effective retirement date is fewer than 7 months after the birth month, the factor for the age at the last birthday is used; if 7 or more months after, the factor for the age at the next birthday. The same rule applies to the joint annuitant's age.
For example, born March 10, 1964: retiring September 1, 2026 uses age 62; retiring October 1, 2026 uses age 63 (our example).
Fla. Admin. Code R. 60S-7.0041(6)Who can be your joint annuitant
A joint annuitant is your spouse; your natural or legally adopted child under 25 or disabled and incapable of self-support; your parent or grandparent, or a person for whom you are legal guardian, if you provide at least half of their support. Handbook (2026), p. 50, Options 3 and 4; Handbook (2026), p. 25, When You Retire
Married?
If you are married and choose Option 1 or Option 2, your spouse must acknowledge the choice in writing. Handbook (2026), p. 49, Benefit Payment Options
Changes after you retire
Once a benefit payment is cashed, deposited, or credited to DROP, your retirement is final: you cannot change your option or add service credit. Handbook (2026), p. 49, Application for Benefits
Under Option 3 or 4 you may change your joint annuitant only twice after retiring; the benefit is recalculated on your current age, the new joint annuitant's age, and whether the present one is living. Divorce lets you nullify the designation (unless a QDRO prevents it); under Option 4 the benefit then drops by one-third. Handbook (2026), p. 25, After You Retire
Under Option 1 or 2 you may change your beneficiary at any time without changing the benefit. Handbook (2026), p. 25, After You Retire
Proof of age is required for you, and for your joint annuitant under Option 3 or 4. Handbook (2026), p. 51, Proof of Age
The facts
- You choose one of four options when you retire. Options 2, 3 and 4 pay less than Option 1 each month, but each is actuarially equal in total value to Option 1.Handbook (2026), p. 49, Benefit Payment Options
- Option 1 pays the most, for your lifetime only. At your death your beneficiary gets only any of your own contributions that exceed what you were paid.Handbook (2026), p. 50, Options 1 and 2
- Option 2 pays a reduced amount for life. If you die within 10 years (120 months) of retiring, your beneficiary gets the same amount for the rest of the 120 months. DROP months count.Handbook (2026), p. 50, Options 1 and 2
- Option 3 pays a reduced amount for your life, then the same amount for your joint annuitant's life.Handbook (2026), p. 50, Options 3 and 4
- Option 4 pays an adjusted amount while you and your joint annuitant are both alive. When either dies, the survivor gets two-thirds of that amount.Handbook (2026), pp. 50-51, Options 3 and 4
- A joint annuitant must be your spouse; your child under 25 or disabled; or a parent, grandparent or ward you support at least half.Handbook (2026), p. 50, Options 3 and 4
- If you are married and choose Option 1 or 2, your spouse must acknowledge it in writing.Handbook (2026), p. 49, Benefit Payment Options
- Once a payment is cashed, deposited or credited to DROP, your option is final.Handbook (2026), p. 49, Application for Benefits
- Under Option 3 or 4 you can change your joint annuitant only twice after retiring. After a divorce you can cancel the designation; under Option 4 your benefit then drops by one-third.Handbook (2026), p. 25, After You Retire
- Check with FRSFRS's option factors are in tables the state rule incorporates by reference. None of the published guides prints them, so this site shows no dollar amounts for Options 2-4.The factor tables (flrules.org Ref-18343) were not available; ask FRS for an estimate showing all four options.Fla. Admin. Code R. 60S-7.0041(5)
- FRS picks a factor using your age at your last birthday if you retire fewer than 7 months after your birth month, or at your next birthday if 7 or more months after.Fla. Admin. Code R. 60S-7.0041(6)
The Division's guide 'What Option Should You Choose?' explains the options with examples. Handbook (2026), p. 6, Publications
Next: survivor benefits or DROP.
Questions
What are the FRS payment options?
Option 1: lifetime benefit, the maximum. Option 2: reduced lifetime benefit, 10 years guaranteed. Option 3: reduced joint benefit, 100% to your joint annuitant. Option 4: adjusted joint benefit, two-thirds to the survivor.
How much less do Options 2, 3 and 4 pay?
It depends on your age and your joint annuitant's. FRS's factor tables are incorporated in a state rule by reference and aren't printed in its guides, so ask the Division for an estimate showing all four.
Can I change my option later?
Once a benefit payment is cashed, deposited, or credited to DROP, your retirement is final: you cannot change your option or add service credit. Under Option 3 or 4 you may change your joint annuitant only twice after retiring; the benefit is recalculated on your current age, the new joint annuitant's age, and whether the present one is living. Divorce lets you nullify the designation (unless a QDRO prevents it); under Option 4 the benefit then drops by one-third.
Source: FRS Pension Plan Member Handbook, 2026 Edition, pp. 6, 25, 49, 50-51. Also: Pension Plan SPD (July 1, 2026), p. 6; Fla. Admin. Code R. 60S-7.0041. Last reviewed .