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Questions to Ask Before Filing Your FRS Retirement Paperwork

Picture of James Gates, CFP® Investment Advisor Representative of GWN Securities Inc.

Filing your Florida Retirement System (FRS) retirement paperwork is one of the most important administrative steps you’ll take in your career. Once forms are submitted and benefits begin, many decisions become permanent and difficult—or impossible—to change.

Whether you’re retiring from the Pension Plan, entering or exiting DROP, or retiring from the Investment Plan, asking the right questions before you file can help prevent delays, confusion, and unintended outcomes.

Below is a checklist of key questions every FRS member should consider before submitting retirement paperwork.

1. Have I confirmed my eligibility and retirement date?

Before filing anything, make sure you’ve verified:

  • Your normal retirement eligibility based on your class (Special Risk vs. Regular).

  • Whether you are eligible for DROP, and if so, when.

  • That your chosen retirement date aligns with FRS rules, including end-of-month considerations.

Even a one-day difference in retirement timing can affect benefit calculations or payment start dates.

2. Are my years of service and salary records accurate?

Your pension benefit depends heavily on years of creditable service and Average Final Compensation (AFC).

Ask yourself:

  • Are all years of service correctly reported on MyFRS?

  • Are there any gaps, leave periods, or service credit purchases that need to be resolved?

  • Does my salary history reflect promotions, overtime, or special pay correctly (where applicable)?

Catching errors before filing is far easier than correcting them after retirement begins.

3. Do I understand how my benefit is calculated?

Even if FRS provides an estimate, it’s important to understand the basics:

AFC × Years of Service × Multiplier = Annual Pension Benefit

Questions to consider:

  • Am I under the High-5 or High-8 AFC rule?

  • How does the 3% Special Risk multiplier or 1.6% Regular Class multiplier apply to me?

  • How much of my service qualifies for a fractional COLA (pre-2011 service)?

Understanding the formula helps you evaluate whether the estimate makes sense.

4. Have I reviewed my pension payment option carefully?

If you’re retiring under the Pension Plan, choosing a payment option (Options 1–4) is one of the most permanent decisions you’ll make.

Before filing, ask:

  • How will this option affect my monthly income?

  • What happens to the benefit if I pass away first?

  • How does this choice impact my spouse or beneficiaries?

Once benefits begin, pension option elections generally cannot be changed.

5. Do I know what happens to my DROP or Investment Plan balance?

If DROP or the Investment Plan is part of your retirement, clarity here is critical.

Consider:

  • When will my DROP balance be paid?

  • Will I roll it over, leave it in the FRS Investment Plan, or take distributions?

  • If I’m in the Investment Plan, do I understand the one-month vs. three-month waiting rules for distributions?

How and when you access these funds can affect taxes, cash flow, and reemployment rules.

6. Have I planned for health insurance and the HIS benefit?

Healthcare planning often becomes urgent right after retirement.

Ask yourself:

  • How will I cover health insurance before Medicare at age 65?

  • Have I identified employer retiree coverage, Marketplace options, or COBRA if needed?

  • Have I confirmed my eligibility for the Health Insurance Subsidy (HIS)?

Remember:

  • HIS pays $7.50 per month per year of service, up to $225 per month.

  • It begins after official retirement and requires proof of coverage.

7. Do I understand reemployment rules after retirement?

FRS has strict rules about working after retirement.

Before filing, clarify:

  • Whether a 6-month or 12-month reemployment restriction applies to you.

  • What types of work count as FRS employment.

  • How taking even a small distribution can trigger “retired” status.

Missteps here can result in suspended benefits or repayment issues.

8. Have I reviewed my beneficiaries and personal information?

Retirement is a major life transition—and a good time to double-check the basics.

Confirm that:

  • Beneficiary designations are current and accurate.

  • Contact information on file with FRS is correct.

  • Life insurance, estate planning, and survivor considerations align with your retirement elections.

These details often get overlooked but can have serious consequences later.

9. Do I know when my first payment will arrive?

Understanding the timeline helps manage expectations.

Ask:

  • When will my employer report my termination date?

  • How long does FRS typically take to process benefits?

  • Will my first payment include retroactive amounts if processing takes longer?

Knowing this in advance helps you plan cash flow during the transition.

Final Thoughts

Filing FRS retirement paperwork isn’t just a formality—it’s a series of decisions that shape your retirement income, benefits, and flexibility for years to come.

By slowing down and asking the right questions before you file, you can:

  • Reduce delays

  • Avoid irreversible mistakes

  • Enter retirement with greater clarity and confidence

Preparation doesn’t mean complexity—it means understanding your options before they’re locked in.