Understanding your FRS plan options
New Special Risk members choose between the Pension Plan and the Investment Plan within the first eight months of employment. This page lays out the structural differences — what goes in, when you vest, and what the fund menu looks like — so the choice is grounded in facts rather than marketing.
What are my two options?
As a new FRS member, you choose between the Pension Plan and the Investment Plan. The Pension Plan is a defined benefit plan — at retirement you receive a guaranteed monthly check for life, calculated from a formula that multiplies your years of service by a percentage and by your highest-paid years of salary. The Investment Plan is a defined contribution plan — you have a personal account that you invest, and your benefit at retirement is whatever the account is worth when you leave.
How much money actually goes in?
Both plans take 3% from your paycheck. Your employer pays the same blended rate either way. The difference shows up in where that employer money goes. In the Investment Plan, only 16.0% of your salary is deposited into your personal account. In the Pension Plan, the full 35.42% funds your future lifetime benefit. The remainder in either case flows to the FRS Trust Fund as UAL, HIS, and administrative charges — not to you.
- Your contribution
- $1,800/ year
- Investment Plan employer deposit
- $9,600/ year to your account
- Pension Plan employer cost
- $21,252/ year funding your benefit
On a $60,000 salary
16.0% of salary
35.42% of salary
Rates are from the Florida Department of Management Services Contributions Components document for fiscal year 2025-2026.
When do I own it?
Vesting is where the two plans differ most starkly. The Investment Plan vests after 1 year of service. The Pension Plan vests after 6 years for members enrolled before July 1, 2011 or 8 years for members enrolled on or after that date. Leave before you vest in the Pension Plan and you receive nothing from the employer side.
- Investment Plan vesting
- 1 year
- Pension Plan vesting
- 6 yrs (pre-2011) · 8 yrs (post-2011)
What about DROP?
The Deferred Retirement Option Program is available only to Pension Plan members. DROP lets you retire on paper while still working — your pension is locked in, you stop accruing service credit, and each month your pension is deposited into an interest-bearing account for up to 96 months. Investment Plan members cannot access DROP. For Special Risk members especially, this is a material differentiator.
What if I get hurt on the job?
Both plans provide disability coverage. An Investment Plan member who qualifies for in-line-of-duty or regular disability retirement is transferred to the Pension Plan for benefit calculation, so the disability safety net is structurally the same under either plan.
Can I change my mind?
Florida law provides a one-time second election that lets you switch plans once during your FRS career. A financial true-up runs at the switch: moving from the Pension Plan to the Investment Plan transfers the present value of your accrued pension to your account; moving from the Investment Plan to the Pension Plan uses your account balance to buy back service credit. The conversion is not dollar-for-dollar, and the longer you wait, the more the true-up math can compound.
Where can I get personalized help?
FRS members have free access to financial planning through the Division of Retirement: call the EY planners at 1-866-446-9377 or use the MyFRS Advisor Service at myfrs.com. These services are free to all members and can model your specific numbers. PensionForge presents information; EY is the human advisor.
The Investment Plan fund menu
If you elect the Investment Plan, your account is invested among the funds below. This table lists every fund in the State Board of Administration menu, grouped by asset class, with fees and historical returns as published by the SBA. No ranking, no commentary — the three SBA disclaimers appear at the bottom and apply in full.
Investment Plan fund menu
April 2026 edition · performance as of 2026-03-31
| Fund | Strategy | Risk | Fee / $1,000 | 1y return | 5y return | 10y return |
|---|---|---|---|---|---|---|
| Retirement Date FundsDiversified portfolios using target date asset allocation. Mix becomes more conservative as retirement approaches. | ||||||
FRS 2065 Retirement Date Fund Fund code 2065 | active | 5 · Highest | $1.20 | 18.82% | — | — |
FRS 2060 Retirement Date Fund Fund code 2060 | active | 5 · Highest | $1.20 | 18.73% | 8.12% | — |
FRS 2055 Retirement Date Fund Fund code 2055 | active | 5 · Highest | $1.20 | 18.71% | 8.11% | 10.18% |
FRS 2050 Retirement Date Fund Fund code 2050 | active | 5 · Highest | $1.20 | 18.70% | 8.03% | 10.10% |
FRS 2045 Retirement Date Fund Fund code 2045 | active | 5 · Highest | $1.30 | 18.50% | 7.84% | 9.92% |
FRS 2040 Retirement Date Fund Fund code 2040 | active | 4 · High | $1.40 | 17.90% | 7.56% | 9.59% |
FRS 2035 Retirement Date Fund Fund code 2035 | active | 4 · High | $1.60 | 16.63% | 7.05% | 9.08% |
FRS 2030 Retirement Date Fund Fund code 2030 | active | 3 · Moderate | $1.90 | 14.74% | 6.24% | 8.26% |
FRS 2025 Retirement Date Fund Fund code 2025 | active | 3 · Moderate | $2.30 | 12.60% | 5.25% | 7.35% |
FRS 2020 Retirement Date Fund Fund code 2020 | active | 2 · Low | $2.10 | 11.69% | 4.77% | 6.59% |
FRS Retirement Fund Fund code 2000 | active | 2 · Low | $2.00 | 10.92% | 4.43% | 5.82% |
| Stable ValueConservative option focused on capital preservation. Invests in fixed income securities and wrap contracts. | ||||||
FRS Stable Value Fund Fund code 350 | active | 1 · Lowest | $0.80 | 3.23% | 2.58% | — |
| Inflation ProtectionSeeks long-term real returns to preserve purchasing power. Includes TIPS, commodities, REITs, and other assets. | ||||||
FRS Inflation Sensitive Fund Fund code 300 | active | 3 · Moderate | $3.50 | 11.81% | 4.53% | 4.67% |
| Bond FundsInvests in government and corporate bonds. Lower short-term risk but affected by interest rates and inflation. | ||||||
FRS U.S. Bond Enhanced Index Fund Fund code 80 | passive | 2 · Low | $0.40 | 4.47% | 0.42% | 1.79% |
FRS Diversified Income Fund Fund code 310 | active | 2 · Low | $2.50 | 5.27% | 1.45% | 3.04% |
| U.S. Stock FundsInvests in U.S. company equities. Higher short-term risk but historically higher long-term returns. | ||||||
FRS U.S. Stock Market Index Fund Fund code 120 | passive | 5 · Highest | $0.10 | 18.08% | 10.89% | 13.77% |
FRS U.S. Stock Fund Fund code 340 | active | 5 · Highest | $3.50 | 15.61% | 9.15% | 12.50% |
| Foreign & Global Stock FundsInvests in non-U.S. or combined U.S./foreign equities. Additional risk factors include currency, political, and regulatory differences. | ||||||
FRS Foreign Stock Index Fund Fund code 200 | passive | 5 · Highest | $0.25 | 27.37% | 7.44% | 8.80% |
FRS Foreign Stock Fund Fund code 220 | active | 5 · Highest | $4.70 | 24.41% | 5.28% | 9.02% |
FRS Global Stock Fund Fund code 210 | active | 5 · Highest | $4.30 | 17.28% | 7.71% | 12.71% |
Model the two plans side by side
The Plan Election Explorer lets you enter your own salary, raise, and assumed return to see the Pension Plan's projected monthly benefit next to the Investment Plan's projected account balance. You control the return assumption — we never substitute one for you.
Where to get personalized help
MyFRS Financial Guidance Line (EY planners)
1-866-446-9377 — free, confidential phone-based financial planning for all FRS members.
MyFRS Advisor Service
Online retirement calculators and guidance tailored to your actual FRS record.
Investment Plan Fund Profiles
Per-fund objectives, fees, managers, and historical returns published by the State Board of Administration.