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State HR Conference. December 15, 2005. What We Will Talk About Today. FRS Retirement Plan Update Your support has been key in a challenging environment Legislative changes The Financial Guidance Program Resources available to you Resources available to ALL your employees (PP and IP)

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State hr conference

State HR Conference

December 15, 2005


What we will talk about today
What We Will Talk About Today

  • FRS Retirement Plan Update

    • Your support has been key in a challenging environment

    • Legislative changes

  • The Financial Guidance Program

    • Resources available to you

    • Resources available to ALL your employees (PP and IP)

  • The New Hire Process

    • Resources

    • Plan administration

  • Roles and Responsibilities

    • Helping your employees help themselves


  • Frs the florida retirement system
    FRS: The Florida Retirement System

    • FRS is 4th largest U.S. public pension plan

      • 850 public sector employers

      • 660,000 working members

      • 243,000 retired Pension Plan (PP) members

    • Nearly all members are covered by the defined benefit “FRS Pension Plan”

      • $109 billion held in trust for Pension Plan benefits as of June 30,2005

    • In 2002, FRS Investment Plan (IP) was introduced to provide members a choice


    Frs investment plan offering choice
    FRS Investment Plan – Offering Choice

    • Currently over 60,000 Investment Plan members

    • $1.7 billion in participant accounts

    • Money entering Investment Plan accounts:

      • $15 million in ‘new money’ through FRS employer contributions on a monthly basis

      • $50 million through ‘2nd Election’ on a monthly basis

  • 1,500 active IP elections on a monthly basis

    • 1,000 new hire enrollment elections

    • 500 2nd Elections (97% of all elections are into IP)

  • Active election default rate continues to decrease



  • Employee use of myfrs resources 12 months ended june 30 2005
    Employee Use of MyFRS Resources 12 months ended June 30, 2005


    Your support in promoting use of all education resources
    Your Support in Promoting Use of All Education Resources

    • Financial education and counseling resources are available

      • They will be around for the long-run, as long as employees use them

  • Help your employees help themselves

    • Program resources can help you manage your workload

    • Program resources are world class and they work

      • Independent, objective and available at no cost to employees

    • Resources are rated very highly by those employees who use them


  • SB 1446 Legislative Changes –

    Effective July 1, 2005

    • Generally Housekeeping

    • 2nd Election Requirements

    • Stale-Dated Checks

    • DROP Rollover

    • IP Retirement Distribution Requirements

    • IP Reemployment-after-Retirement Requirements


    Sb 1446 legislative changes effective july 1 2005
    SB 1446 Legislative Changes –Effective July 1, 2005

    • 2nd Election Requirements

      • 2nd Election Enrollment Form must be filed with CitiStreet prior to termination date

      • No requirement to work during next month

  • Pension Plan DROP Accumulations may be rolled over to Investment Plan


  • Sb 1446 legislative changes effective july 1 20051
    SB 1446 Legislative Changes – Effective July 1, 2005

    • Stale-dated Checks

      • Distribution checks not cashed or deposited within 180 days from date of issue are considered stale-dated

      • Check is cancelled and the funds are placed in a suspense account for up to 10 years while CitiStreet searches for the payee

      • If the payee is not found within 10 years, the funds are forfeited and used to pay plan expenses

    • Investment Plan Retirement Distribution Requirements

      • Must remain off all FRS payrolls for 3 calendar months

      • If eligible for Pension Plan normal retirement, may receive up to 10% distribution after 1 month; rest after 3 months unless returned to work (some excepted positions such as substitute/teachers, bus drivers, etc.)


    Sb 1446 legislative changes effective july 1 20052
    SB 1446 Legislative Changes – Effective July 1, 2005

    • Reemployment-After-Retirement Requirements

      • Cannot return to FRS-covered employment for 12 months after retirement, unless in an excepted position

      • Cannot return to an excepted position for three calendar months after taking a distribution (seven months from termination)

      • If meets normal retirement requirements of Pension Plan may return after one month to a statutorily excepted position (i.e., substitute teacher, adjunct instructor, firefighter, etc)

      • Employer may be jointly liable for repayment of funds paid out if retiree is hired in violation of reemployment after retirement provisions, unless employer has a letter certifying retirement status (new employee certification form can be found at MyFRS.com)



    On going program employer resources
    On-going Program – Employer Resources

    • MyFRS.com Web Site

      • New Hire Roadmap

      • Employer Services Tab

    On-line Employer Catalog

    • Order communications

    Quarterly Electronic (email) and Hardcopy Newsletter

    • Regular updates on FRS program

    • Special newsletters/attachments

    The FRS Employer Assistance Line

    • 1-866-FRS-2121 (1-866-377-2121)

    • Open M – F, except holidays, 9 a.m. to 8 p.m. Eastern time (8 a.m. to 7 p.m. Central time)


    On going program employee resources
    On-going Program – Employee Resources

    • ALL employees can get their questions answered on financial planning, both FRS Plans, 2nd Election, DROP and Retirement.

    Toll-free MyFRS Financial Guidance Line, staffed by Ernst & Young financial planners, DOR counselors, and CitiStreet representatives

    Employee workshops: Using the FRS to Plan for Your Retirement, Investment Planning for Everyone, Estate Planning: Protecting Your Family, Pension Plan Education (DOR)

    MyFRS.com with FAQ’s, brochures, forms, user notificationfeature, investment facts, Advisor Service, Choice Service and 2nd Election Service

    Brochures and Videos via MyFRS.com, Financial Guidance Line and Employers


    Myfrs financial guidance line choice and financial planning
    MyFRS Financial Guidance Line – Choice andFinancial Planning

    • One-on-one counseling provided by experienced Ernst & Young financial planners

    • Impartial and balanced guidance on all financial planning topics

    • Do not sell products or services

    • Confidential

    • Help with the Advisor Service and Choice Service

    • Toll-free number 1-866-44-MyFRS

    • Available 9 a.m. to 8 p.m. Eastern time (8 a.m. to 7 p.m. Central time), M – F, except holidays


    Quick overview of advisor service it s not just for investment plan members
    Quick Overview of Advisor Service – It’s not just for Investment Plan members


    On going program employee workshops
    On-going Program – Employee Workshops

    • Using the FRS to Plan Your Retirement

      • 60-90 minute discussion of 5 keys to retirement planning

        (including the role of your FRS Retirement Plans)

  • Investment Planning: The Basics

    • 90 minute discussion on the basics of investing

      (no matter which FRS Retirement Plan you participate in)

  • Estate Planning: Protecting Your Survivors

    • 90 minute discussion on wills, living wills and health care surrogate powers,

      life insurance planning, gifting and estate taxes

  • New Hire Retirement Options Workshop

  • Division of Retirement Workshops on Pension Plan and DROP

  • Call the FRS Employer Assistance Line

  • for more information!


  • New hires retirement plan choice resources
    New Hires – Retirement Plan Choice Resources

    • MyFRS.com resources

      • New Hire Roadmap

      • FAQ’s, brochures, forms, detailed plan comparisons

      • Online Choice Service

      • Enrollment

    • MyFRS Financial Guidance Line available to answer all choice questions (Choice Service)

    • New Hire videos or workshops

    • Two reminder letters during 5th month


    Plan administration resources
    Plan Administration – Resources

    • The FRS Employer Assistance Line Connects to:

      • Ernst & Young

      • Division of Retirement

        • Payroll administration

        • Pension Plan questions/calculations

      • CitiStreet

        • Investment Plan administration

        • MyFRS Financial Guidance Program education materials fulfillment


    New hires retirement plan enrollment process
    New Hires – Retirement Plan Enrollment Process

    • On their date of hire, new hires are automatically enrolled in the FRS Pension Plan

    • If a new hire wants to transfer to the FRS Investment Plan, he/she must file an election before the end of the fifth month following his/her month of hire by submitting a Retirement Enrollment Form

    • 80% of IP enrollments are via the new EZ Enrollment Form and remain in the ‘default’ fund

    • The FRS Select Moderate Balanced Fund is the default fund in the FRS Investment Plan


    New hires retirement plan enrollment process1
    New Hires – Retirement Plan Enrollment Process

    • Enrollment Forms are available in the new hire kit, with reminder letters or online at MyFRS.com

    • If the new hire is a Regular or Special Risk Class employee, he/she can make the choice by paper, online or by calling the MyFRS Financial Guidance Line and having them file the choice

    • As an active employee, a new hire has the ability to reverse his/her choice one time before he/she retires from or leaves FRS-covered employment


    Employer roles and responsibilities new hires
    Employer Roles and Responsibilities – New Hires

    • Use the specialized resources in your orientations

      • FRS Retirement Options for New Employees Brochure

      • New Hire Videos

        • Long version (15 min.) now available via MyFRS.com

        • Short version (7 min.) available via video

  • Know where to point new employees to get their plan choice questions answered

    • Toll-free MyFRS Financial Guidance Line

    • MyFRS.com

    • Workshops

  • Promote the importance of an active and informed choice between plans


  • Employer roles and responsibilities existing employees
    Employer Roles and Responsibilities – Existing Employees

    • Know where to point existing employees to get their questions answered on financial planning, either FRS Plan, 2nd Election, DROP and Retirement

    Toll-free MyFRS Financial Guidance Line, staffed by Ernst & Young financial planners, DOR counselors, and CitiStreet representatives

    Employee workshops: Using the FRS to Plan for Your Retirement, Investment Planning for Everyone, Estate Planning: Protecting Your Family, Pension Plan Education (DOR)

    MyFRS.com with FAQ’s, brochures, forms, user notificationfeature, investment facts, Advisor Service, Choice Service and 2nd Election Service

    Brochures and Videos via MyFRS.com, Financial Guidance Line and Employers


    What we talked about today
    What We Talked About Today

    • FRS Retirement Plan Choice Update

      • Legislative changes

  • The On-going Financial Guidance Program

    • Resources available to you

    • Resources available to ALL your employees (PP and IP)

  • The New Hire Process

    • Resources

    • Plan administration

  • Employer Roles and Responsibilities

    • Helping your employees help themselves



  • State hr conference1

    State HR Conference

    December 15, 2005


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