As a Florida Retirement System (FRS) member, you have a one-time opportunity to change from your current FRS retirement plan to the other. That means you can transfer from the Pension Plan to the Investment Plan, or from the Investment Plan to the Pension Plan. Making this change is called a 2nd Election. You must be actively employed in an FRS-covered position, earning salary and service credit, the month you make a 2nd Election. Depending on which plan you’re changing to, there could be an out-of-pocket cost to you. Once your 2nd Election is finalized, you must remain in the plan you changed to until your FRS-covered employment ends and you retire. To determine whether a 2nd Election is right for you, start with the plan you’re in now. If you’re not sure which plan you’re in, call the MyFRS Financial Guidance Line at 1-866-446-9377 (toll-free), Option 1 (TRS 711).
Please review the FRS flyer about the FRS 2nd Election:
https://www.myfrs.com/pdf/forms/2nd_election.pdf
Comparing the Plans:
https://www.myfrs.com/FRSPro_ComparePlan_Contri.htm
Great Resource & Free! MyFRS is the free financial guidance service (Ernst & Young, E/Y).
MyFRS's contact information:
Please 1-866-446-9377 and listen for the prompt to speak with a financial advisor If you go to myfrs.com you may click on the "Chat" feature to discuss with an Ernst & Young Financial Advisor any retirement or financial questions you may have. You may even pose questions such as "What Plan Should I Enroll In? "Should I take a car loan?" or "can I transfer another retirement plan into FRS or out of FRS?"