Retirement Calculators

Florida FRS Retirement Calculator

Q: Does my FRS pension get a cost-of-living adjustment?

Only for service earned before July 1, 2011. Members enrolled after that date receive no cost-of-living adjustment.

Q: Is Florida retirement income taxed?

No - Florida has no state income tax, so FRS benefits are never subject to state tax.

Unlike most public pensions, FRS makes you actually choose — a guaranteed lifetime formula, or a market-based account you control. Don't decide, and you're defaulted into the second one after 8 months.

Compare your Pension Plan and Investment Plan estimates

Both plans take the same 3% from your paycheck — the employer money is where they genuinely diverge.

Average final compensation

Years of service

Pension Plan settings

Accrual value (Regular Class ≈ 1.6%; Special Risk is higher — verify your class)

Investment Plan settings

Employer contribution to your account

Assumed annual return

Pension Plan

Guaranteed annual benefit for life

Investment Plan

Projected account balance at retirement

The employer contribution rate to your Investment Plan account varies by membership class and year — confirm your specific rate at myfrs.com. This is a planning estimate, not an official calculation.

The choice most public pensions don't give you

Most state pension systems assign you a single formula. FRS is genuinely different: within eight months of hire, you must actively choose between the Pension Plan (a traditional defined benefit, guaranteeing a fixed monthly payment for life) and the Investment Plan (a defined contribution account you invest yourself, similar to a 401(k), where your eventual benefit is whatever the account is worth). If you don't make an election, you're automatically defaulted into the Investment Plan — worth knowing if you'd actually prefer the guaranteed alternative.

Same 3% from you — very different destination for the employer's money

Both plans take an identical 3% employee contribution from your paycheck, and Florida sets a single blended employer contribution rate that applies either way. The genuine difference is where that employer money actually goes. Under the Investment Plan, only a portion of that employer rate is deposited directly into your personal account — the rest funds the system's unfunded liabilities, retiree health subsidy program, and administrative costs. Under the Pension Plan, the full employer contribution funds the collective pool that backs your guaranteed future benefit. Neither is automatically better — it depends on how long you plan to stay and how comfortable you are with investment risk versus a fixed guarantee.

Vesting: 8 years vs. 1 year

Plan	Vesting requirement
Pension Plan (enrolled on/after July 1, 2011)	8 years of creditable service
Pension Plan (enrolled July 1, 2001 - June 30, 2011)	6 years
Investment Plan	1 year

This is one of the sharpest differences between the two plans. Someone who might leave Florida public employment before completing a long career gets ownership of their Investment Plan account far sooner than they'd ever vest in the Pension Plan — a real factor for anyone uncertain about staying long-term.

A COLA cutoff worth knowing

Pension Plan cost-of-living adjustments only apply to FRS service earned before July 1, 2011. If you were initially enrolled in the Pension Plan on or after that date, your benefit will not receive any cost-of-living increase after retirement at all — a real, significant difference in purchasing power protection over a long retirement compared to members enrolled before the cutoff.

What both plans share

Health Insurance Subsidy (HIS): a separate monthly payment of $7.50 per year of service (capped at 30 years, so a maximum of $225/month), available to members with qualifying health insurance coverage.
DROP: Pension Plan members who reach normal retirement can participate in the Deferred Retirement Option Program — effectively "retiring" on paper while continuing to work, accumulating their pension payments in a separate account with interest for later access.
No Florida state income tax: unlike NYSLRS, VRS, or Ohio's OPERS/STRS, Florida has no state income tax at all — your FRS benefit, whichever plan you choose, is never subject to state tax.

The Pension Plan and Investment Plan structures, vesting requirements, the July 2011 COLA cutoff, and HIS benefit figures verified directly against Florida's Division of Retirement and MyFRS official materials (frs.fl.gov, myfrs.com). Employer contribution allocation percentages varied somewhat across sources depending on membership class and year; this calculator uses an editable, illustrative rate. This is a planning estimate — FRS's free MyFRS Advisor Service can model your exact numbers.

Frequently asked questions

Before you choose your FRS plan.

What happens if I don't choose between the Pension Plan and Investment Plan?

You're automatically defaulted into the Investment Plan after eight months from your hire date if you haven't made an active election.

What's the difference between FRS Pension Plan and Investment Plan vesting?

Pension Plan members enrolled on or after July 1, 2011 vest after 8 years of service. Investment Plan members vest after just 1 year, since it's a defined contribution account.

Does my FRS pension get a cost-of-living adjustment?

Only for service earned before July 1, 2011. If you were initially enrolled on or after that date, your Pension Plan benefit receives no cost-of-living adjustment after retirement.

Is Florida retirement income taxed?

No - Florida has no state income tax at all, so FRS benefits under either plan are never subject to state tax, unlike states such as New York, Virginia, or Ohio.

What is the Health Insurance Subsidy (HIS)?

A separate monthly payment of $7.50 per year of service, capped at 30 years (maximum $225/month), available to eligible FRS retirees with qualifying health insurance coverage.