2nd Election EZ Retirement PLAN Enrollment Form

Before using your one time 2nd Election, be sure you understand the impact of changing from one plan to another. Call the toll-free MyFRS Financial Guidance Line at 1-866-446-9377, Option 2, use the 2nd Election CHOICE SERVICE on MyFRS.com, and review the requirements of Rule 19-11.007, F.A.C.

Please complete all fields, review the information on page 2, then click "Submit." Items marked with an asterisk
(*) are required fields.



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Option 1: Change from the FRS Investment Plan or FRS Hybrid Option to the FRS Pension Plan
I want to transfer from the Investment Plan to the Pension Plan. I understand my existing Investment Plan account balance and possibly other personal resources will be used to “buy” into the Pension Plan.
Option 2: Change from the FRS Pension Plan to the FRS Investment Plan*
I want to transfer the present value of my Pension Plan (if any) and direct all future contributions from myself and my employer to the Investment Plan. I understand the present value (if any) and contributions will be deposited in an age-appropriate Retirement Date Fund based on my current age.
* This option is not available if you currently participate in the Hybrid Option.
Option 3: Change from the FRS Pension Plan to the FRS Hybrid Option* I want to retain my accrued benefit in the Pension Plan (if any), but I want to direct all future contributions from myself and my employer to the Investment Plan. I understand my assets will be deposited in an age-appropriate Retirement Date Fund based on my current age.
* To select this option, you must have 8 years of Pension Plan service if you were initially enrolled in the FRS on or after July 1, 2011, or 5 years of Pension Plan service if you were initially enrolled in the FRS prior to July 1, 2011.
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See page 2 for information on your electronic signature.

TO SUBMIT YOUR ELECTION, REVIEW THE INFORMATION ON PAGE 2 THEN AT THE BOTTOM OF THE PAGE COMPLETE CAPTCHA THEN CLICK "SUBMIT".
Questions?
MyFRS Financial Guidance Line
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ELE-2EZ Rev 01/18 19-11.007 F.A.C.
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Review the Following Important Information Carefully


  • Eligibility - You must be actively employed and earning salary and service credit when your form is received by the FRS Plan Choice Administrator. If it is determined that you were not eligible, your election will be invalid and reversed. If you are on an unpaid leave of absence or you are an employee of an educational institution on summer break, you cannot use your 2nd Election until you return to work.
  • 2nd Election Deadline - This form must be received by the FRS Plan Choice Administrator no later than 4:00 p.m. ET on the last business day you are earning salary and service credit and prior to your date of termination.
  • One-Time Opportunity - You have only one opportunity during your FRS career to switch from the FRS plan you initially chose to the other plan. If you are a renewed member enrolled in the Investment Plan July 1, 2017 or after, you are not allowed to switch to the Pension Plan.
  • Irrevocable - A 2nd Election is irrevocable. You must remain in the plan you choose until your FRS-covered employment ends and you retire from the FRS.
  • Effective Date - Your 2nd Election will become final at 4:00 p.m. ET on the day this form is received by the FRS Plan Choice Administrator.
  • Incomplete Form - You will be notified if your form is incomplete and was not processed. You must submit a new completed form while eligible in order for your choice to be processed.
  • Reversing an Election Made in Error - If you make your choice in error or change your mind, you have until 4:00 p.m. ET on the last business day of the month following your election month to cancel your election. To do so, call the MyFRS Financial Guidance Line and select Option 2.
  • Confirmation Statement - You will receive a confirmation statement once your Enrollment Form has been processed. The confirmation statement will be mailed to your address on file as supplied by your employer. Allow 2 to 3 weeks to receive it. Notify your employer of any address changes.
  • Beneficiary Designation - Designate a beneficiary by submitting a Beneficiary Designation Form (BEN-001 Pension Plan or IPBEN-1 Investment Plan). Forms are available online at MyFRS.com or by calling the MyFRS Financial Guidance Line, Option 1. If you do not designate a beneficiary, in the event of your death, your benefits, if any, will be distributed in accordance with Section 121.091(8) or Section 121.4501(20), Florida Statutes, as applicable.
  • If You Elected Option 1 - You understand, acknowledge, and authorize the following:
  • The Pension Plan is a defined benefit plan, which will provide you with benefit payments at retirement if you meet certain criteria. As of the most recent actuarial valuation date, the FRS actuarial liability exceeded the actuarial value of its assets, yielding an unfunded actuarial liability. This liability may increase or decrease in the future. The Florida Legislature may increase or decrease the amount that you and your employer contribute to this Plan to keep it actuarially funded.
  • There is a buy-in cost to make a 2nd Election. The Investment Plan Administrator will apply any and all funds in your Investment Plan account toward this cost. If the buy-in cost is greater than your current Investment Plan account balance, you will be required to pay the difference. You can find out the buy-in cost by calling the MyFRS Financial Guidance Line, Option 3 to connect to the Division of Retirement.
  • Prior to the liquidation and transfer of your account balance to the Pension Plan, you have the ability to move your Investment Plan account balance into conservative investment options to potentially reduce the volatility of your account balance.
  • If You Elected Option 2 - You understand, acknowledge, and authorize that any accrued value you may have in the Pension Plan will be transferred to your Investment Plan account as your opening balance and is subject to the vesting requirements of the Pension Plan. The present value of your Pension Plan benefit is not segregated as employee and employer contributions, but rather is an actuarial determination of your accrued Pension Plan benefit. The initial transfer amount is an estimate and your account will be reconciled within 60 days of the transfer using your actual FRS membership record pursuant to Florida law. You direct that all future employer and employee contributions be deposited in your Investment Plan account.
  • If You Elected Option 3 - You understand, acknowledge, and authorize that the accrued value of your current Pension Plan benefit will remain in your Pension Plan account and that an Investment Plan account will be established for you to receive all future contributions.
  • If You Elected Option 2 or 3 - You understand, acknowledge, and authorize the following:
  • You reviewed the fund profiles, the Investment Fund Summary, and the Annual Fee Disclosure Statement at MyFRS.com before submitting your Enrollment Form and before selecting any investment funds.
  • The Annual Fee Disclosure Statement for the FRS Investment Plan provides information concerning the Investment Plan’s structure, administrative and individual expenses, and investment funds, including performance, benchmarks, fees, and expenses. This statement is designed to set forth relevant information in simple terms to help you make better investment decisions. The statement is available online in the “Investment Funds” section on MyFRS.com, or you can request a printed copy be mailed at no cost to you by calling the MyFRS Financial Guidance Line, Option 4.
  • Your Plan assets will initially be invested in an age-appropriate Retirement Date Fund as provided under Plan provisions. At any time after your account is activated, you can change your fund allocations to any of the Plan’s investment options by logging in to MyFRS.com or by calling the MyFRS Financial Guidance Line, Option 4. Be sure to review the “Default Investment Fund Notice” located in the “Privacy, Security, & Terms of Use” section on MyFRS.com
  • Your Investment Plan account will be accessible at the end of the month following the effective date of this election.
  • A Self-Directed Brokerage Account is offered by the Plan and enrollment will be available to you after you meet the required Plan provisions.
  • Sections 121.4501(8)(b)4 and 121.4501(15)(b), Florida Statutes, incorporate the federal law concept of participant control, established by regulations of the U.S. Department of Labor under Section 404(c) of the Employee Retirement Income Security Act of 1974. If you exercise control over the assets in your Investment Plan account, pursuant to Section 404(c) regulations and all applicable laws governing the operation of the Investment Plan, no program fiduciary shall be liable for any loss to your account which results from your exercise of control.
  • The Investment Plan is a defined contribution plan. The Florida Legislature can increase or decrease the amount that you and your employer contribute to your account.
  • The Investment Plan is not designed to facilitate short-term excessive fund trading. Foreign and global investment funds are subject to a minimum holding period of 7 calendar days following any non-exempt transfers into such funds. You may be subject to trading controls on the funds in the event that you trade excessively.
  • Investment management fees are deducted from your Investment Plan account. These fees may change in the future, and funds may be added or terminated. If any of the funds you select are terminated in the future, you will be able to move your assets into other investment funds prior to fund termination. If you do not move your assets out of a terminated fund, those assets will automatically be moved into a replacement fund designated at that time.
  • If you terminate employment and are vested in your account balance, you may be subject to a mandatory payout of your account if the balance is $1,000 or less, or an account maintenance fee of $6 per quarter if your account balance is more than $1,000.
  • You consent to electronic delivery of documents through the MyFRS.com website, including but not limited to prospectuses, quarterly account statements, account transaction confirmation statements, privacy notices, fee disclosures, and other documents. Anytime one of these documents is available, an email notice will be sent to the email address you provided. You will need to log in to MyFRS.com to view these documents and to make any updates to your email address. Receipt of documents through MyFRS.com will continue until you revoke your consent by calling the MyFRS Financial Guidance Line, Option 4. Your internet service or cellphone provider may charge you a fee for the time required to view your documents online or for other services.
  • Rights and Responsibilities - A description of your rights and responsibilities under the Pension Plan and the Investment Plan is in the respective Summary Plan Description, the Florida Statutes, and the Administrative Rules and can be obtained by calling the MyFRS Financial Guidance Line, Option 2, or by visiting MyFRS.com.
  • Electronic Signature - You agree that this enrollment form may be electronically signed and that your electronic signature is the same as a handwritten signature for the purposes of validity, enforceability, and admissibility. If you prefer, you may print out a hard copy of this form and submit it (form is located in the "Forms Section" on MyFRS.com).
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