Transcription of SUMMARY PLAN DESCRIPTION - MyFRS
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SUMMARY PLAN DESCRIPTION - MyFRS
Florida retirement SystemSUMMARY PLANFRS Investment PlanDESCRIPTIONJuly 2021 TABLE OF CONTENTS DISCLAIMER .. 4 INTRODUCTION .. 5 INVESTMENT 6 Defined .. 6 Plan Information .. 6 Amendments or Termination of the Plan .. 8 Public Records Exemption .. 8 Rights to a Benefit .. 9 Situations Affecting Your Investment Plan Benefits .. 11 INVESTMENT PLAN HYBRID 13 MEMBERSHIP .. 14 Classes of Membership .. 14 Investment Plan Eligibility Requirements .. 15 Optional retirement Programs .. 15 Dual Membership Not Allowed .. 16 Social security Coverage .. 16 Portability .. 16 Employment Status Types .. 17 ENROLLING IN THE INVESTMENT PLAN .. 18 Determining Pension Plan Present Value .. 19 Cancelling a retirement Plan Election .. 20 CONTRIBUTIONS .. 21 BENEFICIARY DESIGNATION .. 23 YEARS OF CREDITABLE SERVICE .. 24 VESTING .. 25 NORMAL retirement .. 27 INVESTMENT FUNDS .. 28 Changing Investment Funds .. 29 Excessive Fund Trading Guidelines .. 30 ACCOUNT FEES .. 33 ROLLOVERS TO THE INVESTMENT PLAN.
As a state government plan, the Employee Retirement Income Security Act of 1974 (ERISA) does not apply except to the extent certain sections of that federal law are incorporated into Florida law. Section 121.4501(15), F.S., incorporates the federal law concept of fiduciary responsibility on the part of the
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