Florida Retirement System

We believe that every member of the Florida Retirement System (or FRS*) should be educated on the benefits allowed to them. At Voyage, we provide guidance to understanding those benefits and help you discover how you can leverage them in your retirement strategy. Please see the video below for more information and resources on the key aspects of the FRS.

What is the FRS?

Put simply, FRS is a Florida‐state‐run retirement plan for state and county workers. As a county employee, you are a member of the Florida Retirement System or FRS.

As such, you have the option of two retirement plans:

The FRS Pension Plan | The FRS Investment Plan

Both terrific plans offer important benefits.

Pension Plan

The FRS Pension Plan is a defined benefit plan in which you are promised a benefit at retirement if you meet certain criteria. The amount of your future benefit is determined by a formula, based on your earnings, length of service and membership class, and may be adjusted by a cost‐of‐living increase each July (adjustment only applicable for FRS service earned prior to July 1, 2011).

If you are initially enrolled in the Pension Plan on or after July 1, 2011, you will not have a cost‐of‐living increase after retirement. Your benefit is pre‐funded by contributions paid by your employer. The Florida Retirement System must ensure that sufficient funds are available when your benefits are due and bears the market risk and investment decisions.

Investment Plan

The FRS Investment Plan is a defined contribution plan, in which employer and employee contributions are defined by law, but your ultimate benefit depends, in part, on the performance of your investment funds.

It is funded by employer and employee contributions that are based on your salary and your FRS membership class. The Investment Plan directs contributions to individual member accounts, and you allocate your contributions and account balance among various investment funds. Your retirement benefit is the value of your account at termination. Unlike the Pension Plan, there is no fixed benefit level at retirement. However, a guaranteed lifetime cost‐of‐living payment option can be purchased.


D.R.O.P., or the Deferred Retirement Option Program, allows you to maintain your employement and continue to receive your salary while your pension is paid into a Trust Fund with the State of Florida, tax deferred.

There are a lot of factors to consider when making a big decision like whether or not to register for D.R.O.P. and these factors vary from person to person so it’s important to consider your personal circumstances when making this decision. We invite you to register for our online webinar: D.R.O.P. or Not?

If you’ve already decided to enter the program, we’ve put together an Entering D.R.O.P. Checklist just for members like yourself, you can read it here.


No matter what step you’re on, we would be happy to walk you through any next steps during a complimentary, no‐obligation meeting with one of our professionals today.

Helpful Resources

FRS Pension Options

The FRS offers four different pension options to its members, but what’s the difference? We’re here to give you a brief overview of each.

Understanding the FRS Investment Plan

Are you approaching retirement and wondering about the Investment Plan? Do you know how you could use the Investment Plan in your retirement plan? Let us aid you with that important decision.

Voyage Retirement Solutions and its representatives do not represent, nor are they affiliated with, Florida Retirement Systems (FRS).

FRS Focused Live Events

Attend one of our informational seminars to learn more about retirement income strategies, wealth management and more.

FRS Focused Webinars

We have an ongoing series of webinars to give you the information you need from the comfort of your own home on your own schedule.