Yes, you can withdraw money from your Florida Retirement System (FRS) Investment Plan, but specific conditions and limitations apply.
Understanding FRS Investment Plan Withdrawals
Accessing funds from your FRS Investment Plan is possible once you meet certain criteria related to your retirement status and employment termination. It's not an open-ended option but rather a specific type of distribution available under defined circumstances.
Key Conditions for Withdrawal:
To be eligible for a distribution from your FRS Investment Plan, you must satisfy both of the following requirements:
- Achieve Normal Retirement Requirements: You must have already met the standard requirements for normal retirement as defined by the FRS. These typically relate to your age and/or years of service.
- Employment Termination Period: You must have been officially terminated from employment for at least one full calendar month. This means there's a waiting period after your last day of work before you can request a distribution.
Withdrawal Details:
If you meet the eligibility criteria, you can make a specific type of distribution from your account.
Feature | Description |
---|---|
Eligible Plan | Florida Retirement System (FRS) Investment Plan |
Distribution Type | One-time distribution |
Maximum Amount | Up to 10% of your Investment Plan account balance |
Frequency | Only once after meeting eligibility requirements and termination |
This means you can access a portion of your account balance, but it's a single, limited withdrawal, not an ongoing income stream or full payout. For more comprehensive information regarding your specific FRS Investment Plan account, it's advisable to consult official FRS resources.