Defined Benefit (Pension) Plan
The following categories show your options if you are covered under the Pension Plan:
Service/Early (Regular Retirement)
A traditional retirement plan that pays a guaranteed lifetime monthly benefit. Click on the links below for additional information.
Deferred Retirement Option Program (D.R.O.P.)
The Deferred Retirement Option Program (DROP) provides employees with the opportunity to retire and begin accumulating your retirement benefits for up to 60 months, without terminating employment. Please select the DROP Guide below to see if you are eligible to participate in the DROP plan.
Entering DROPOnce you enter DROP, you stop earning additional years of service credit towards a future benefit. You have your retirement benefit calculated at the time your DROP period begins and your monthly retirement benefits accumulate in the FRS Trust Fund earning interest while you continue to work. During this period of employment, you no longer contribute 3% of your salary towards retirement.
If you work until your original DROP termination date, the Division of Retirement will mail you your DROP termination Packet approximately 90 days prior to your DROP termination date.
If you are exiting DROP prior to your original DROP termination date, it is important that you contact FRS at 1-844-377-1888. Leave a message with your final date of employment and FRS will send you a personalized DROP termination packet.