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First Quarter, January 2017Florida Retirement System
FRS EMPLOYER Newsletter
ChooseMyFRSplan.com UpdateOn October 1, 2016, a new interactive website, ChooseMyFRSplan.com, went live for new hires. The site features an interactive video that helps match new hires to the FRS retirement plan that might make the most sense for them. In the month of October, the site had more than 7,500 visitors. Of those visitors, almost 3,500 watched the interactive video “Help Me Choose,” and 1,632 members made an online election using the online EZ Retirement Plan Enrollment Form.
You are encouraged to familiarize yourself with ChooseMyFRSplan.com by visiting the site and exploring the various videos and resources. A site overview and the newly redesigned new hire publications were discussed during the first 15 minutes of the Investment Plan Employer Training webcast on October 12, 2016. You can view a recording of the webcast at MyFRS.com > Employers > Investment Plan Employer Training Video.
Also for New Hires To check out these new and redesigned resources for new hires, click the links below.
• New Hire Video — Perfect for new hire orientation sessions, this video promotes ChooseMyFRSplan.com. The video is accessible online only; no DVDs are available.
• Orientation Brochure — Request free printed copies by calling the FRS Employer Assistance Line at 1-866-377-2121, Option 3, or by ordering them at MyFRS.com > Employers > Order Materials.
• Benefit Comparison Statement — This statement is mailed to all new hires approximately 60 days after their hire date. It includes their plan choice deadline date and PIN.
• Plan Comparison Chart — This online publication compares the Investment Plan and Pension Plan side by side.
• Online EZ Retirement Plan Enrollment Form — This new online form gives Regular and Special Risk Class new hires an easy way to choose their retirement plan.
• Welcome Flyers — One of these four flyers (Investment Plan, Investment Plan Hybrid, Pension Plan, Pension Plan Default) is mailed to the new hire’s home address after an election is made.
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FRS EMPLOYER NewsletterJanuary 2017
Previous Print Version
New Electronic Version
- Makes it easy to click to the stories you want to read
- Designed for on-screen reading
- Links directly to helpful online resources
- Still printer-friendly
New Electronic Version of FRS Employer NewsletterStarting with this issue, the FRS Employer Newsletter will be published electronically only and distributed via email. It will no longer be printed and mailed.
The new electronic version has been redesigned to make it easier to view on-screen and link directly to helpful online resources, while remaining easy to print on demand.
Also starting with the January issue, employers will receive the Investment Plan Quarterly Newsletter by email only. Employee members will continue to receive printed copies with their quarterly statements.
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FRS EMPLOYER NewsletterJanuary 2017
Fatal Error Reporting Reminder for Non-State AgenciesThe fatal error program for all non-state agencies rolled out on October 1, 2016. As a reminder, all fatal error rejections are at the member level, meaning that the agency’s full retirement report and contributions will be accepted and that only data with fatal errors at the member level will be rejected. The Division of Retirement will notify agencies of their fatal errors through a report accessible on FRS Online and contributions returned on an invoice.
The agency will be required to submit an error correction for the rejected data on the following month’s retirement report as a Fatal Error Correction. Any error corrections resulting in a shortage of contributions will be assessed a delinquent fee on the underreported amount. Error corrections received later than the next monthly retirement reporting period will be assessed a delinquent fee.
Loss of earnings for Investment Plan members as a result of fatal errors cannot be waived, even when the error is corrected within one month. If you have any questions, please call the Division’s Contributions Section toll-free at 1-877-377-1266 (Option 1) or at 850-907-6540 (Option 1) in the Tallahassee local calling area.
Help Keep Your Co-Workers Informed If you know a co-worker who should receive this newsletter, send an email to [email protected] with the co-worker’s name, title, agency name, and email address.
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FRS EMPLOYER NewsletterJanuary 2017
FRS Employer Training WorkshopsAfter a successful trial run, joint Pension Plan and Investment Plan employer training workshops will continue to be offered both in person in Tallahassee and by live broadcast over the internet. The morning session will cover the Pension Plan, and the afternoon session will cover the Investment Plan.
These workshops will be presented by representatives from the Division of Retirement and the State Board of Administration. They are a good opportunity for you and your staff to hear an overview of the FRS and the various areas, functions, and processes that involve your agency and its employees.
8:30 to 11:00 a.m. ET 1:00 to 4:00 p.m. ET
February 2 Pension Plan Investment Plan
May 15 Pension Plan Investment Plan
August 2 Pension Plan Investment Plan
November 8 Pension Plan Investment Plan
To register:By phone: 1-866-377-2121, Option 1
Ask for Marc Mancuso, Angela Ko, or Scott Jennings. Be ready to provide your name, contact information, the date and time of the workshop you want to attend, and the number of people from your agency who will be attending.
Online: Log in to the workshop registration page. Select “Attend a Workshop,” then “Employer” under the “County” drop-down box. Under the “Workshop” drop-down box, choose the training you wish to attend, then click “Next” to select a date. You must register separately for each workshop you wish to attend.
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FRS EMPLOYER NewsletterJanuary 2017
Free Financial Planning Workshops for EmployeesWorkshops are free and unlimited for FRS-covered employees. Employees can attend in person in Tallahassee or from anywhere by webcast.
Evening Webcasts Now Available! Select webcasts will now be available in the evenings to accommodate members who can’t attend during the day. Check the schedule below for details.
January 5 Using the FRS to Plan for Retirement10:00 a.m. to Noon4:30 to 6:30 p.m.
January 5 Income Tax Planning: Smart Planning for Your Taxes 1:00 to 3:00 p.m.7:00 to 9:00 p.m.
January 6 Nearing Retirement in the FRS10:00 a.m. to Noon4:30 to 6:30 p.m.
January 6 New Employee Retirement Plan Choice1:00 to 3:00 p.m.7:00 to 9:00 p.m.
April 5 Using the FRS to Plan for Retirement 10:00 a.m. to Noon
April 5 Using the FRS to Plan for Retirement (SPANISH) 1:00 to 3:00 p.m.
April 6 Nearing Retirement in the FRS 10:00 a.m. to Noon
April 6 New Employee Retirement Plan Choice (SPANISH) 1:00 to 3:00 p.m.
July 6 Using the FRS to Plan for Retirement 10:00 a.m. to Noon
July 6 Cash and Debt Management: Smart Spending & Saving for Retirement 1:00 to 3:00 p.m.
July 7 Nearing Retirement in the FRS 10:00 a.m. to Noon
July 7 Education Planning: Funding the Future 1:00 to 3:00 p.m.
October 4 Using the FRS to Plan for Retirement 10:00 a.m. to Noon
October 4 Investment Planning for Everyone - The Basics 1:00 to 3:00 p.m.
October 5 Nearing Retirement in the FRS (SPANISH) 10:00 a.m. to Noon
October 5 Estate Planning: Protecting Your Family 1:00 to 3:00 p.m.
ALL TIMES ARE ET
To register:By phone: 1-866-446-9377, Option 2 (TRS 711)
Online: Log in to the workshop registration page. Select “Attend a Workshop,” then “WEBINAR” under the “County” drop-down box.
Financial Planning Workshops in Spanish We now have three workshops available in Spanish. These workshops are led by an experienced EY planner who speaks fluent Spanish, and the workshop slides are also in Spanish.
• Using the FRS to Plan for Retirement (watch video)
• New Employee Retirement Plan Choice
• Nearing Retirement in the FRS (watch video)
To schedule a Spanish workshop for your employees, call the FRS Employer Assistance Line at 1-866-377-2121, Option 1.
Webcast only
Webcast only
Webcast only
Webcast only
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FRS EMPLOYER NewsletterJanuary 2017
Upcoming Plan Choice DeadlinesDeadlines apply to all members, no matter how they submit their retirement plan choice. To confirm a new hire’s deadline, call the FRS Employer Assistance Line at 1-866-377-2121, Option 3, or refer to the member’s Benefit Comparison Statement.
Ways to Submit a Retirement Plan Choice
Month of Hire Enrollment DeadlineJuly 2016 4:00 p.m. ET, December 30, 2016
August 2016 4:00 p.m. ET, January 31, 2017
September 2016 4:00 p.m. ET, February 28, 2017
October 2016 4:00 p.m. ET, March 31, 2017
November 2016 4:00 p.m. ET, April 28, 2017
December 2016 4:00 p.m. ET, May 31, 2017
January 2017 4:00 p.m. ET, June 30, 2017
February 2017 4:00 p.m. ET, July 31, 2017
March 2017 4:00 p.m. ET, August 31, 2017
April 2017 4:00 p.m. ET, September 29, 2017
May 2017 4:00 p.m. ET, October 31, 2017
June 2017 4:00 p.m. ET, November 30, 2017
Plan enrollment forms must be received by 4:00 p.m. ET on the last business day of an employee’s enrollment deadline month.
Fastest Go to ChooseMyFRSplan.com
Fast (especially if the employee has questions) Call the MyFRS Financial Guidance Line at 1-866-446-9377, Option 4 (TRS 711).
Slower Fax a form to 1-888-310-5559.
Slowest Mail a form to: Aon Hewitt P.O. Box 785027 Orlando, FL 32878-5027
Forms are available on MyFRS.com.
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FRS EMPLOYER NewsletterJanuary 2017
Are You Using Outdated FRS Forms?FRS forms are routinely updated throughout the year. To use up-to-date forms and save paper, download and print the forms you need as you need them from MyFRS.com > Resources > Forms.
Reminders
Help Keep Names and Addresses Current for Inactive and Retired Members Encourage your inactive and retired FRS members to keep their contact information current so they don’t miss any important information from you or the FRS.
Pension Plan MembersInactive – Not Currently Employed
Address Change
The member must call the Division of Retirement, or scan, mail, or fax a signed and dated letter to the Division of Retirement.
Retired and Receiving a Benefit
Address Change
The member can log in to their FRS Online account, call the Division of Retirement, or send a signed letter or Form ADDCH-1 to the Division of Retirement by mail or fax.
Name Change
The member must mail or fax a signed letter to the Division of Retirement. The letter must be accompanied by a copy of the court order, marriage certificate, or driver license reflecting the member’s new name.
Division of Retirement
Mail: Division of Retirement, P.O. Box 9000, Tallahassee, FL 32315-9000
Fax: 850-410-2010
Phone: 1-844-377-1888 (toll-free) or 850-907-6500 (Tallahassee area)
Active Employees
Names and addresses are automatically updated on the FRS database when you submit your agency’s monthly payroll report.
Investment Plan Members Inactive or RetiredSee the online FAQ “How can I change my name or mailing address if retired or terminated from the Investment Plan?”
Annual Fee Disclosure Statement NoticeThe Annual Fee Disclosure Statement for the FRS Investment Plan provides information concerning the Investment Plan’s structure, administrative and individual expenses, and investment funds, including performance, benchmarks, fees, and expenses. This Statement is designed to set forth relevant information in simple terms to help Investment Plan members make better investment decisions. The Statement is available online, or members can request a printed copy be mailed at no cost to them by calling the MyFRS Financial Guidance Line toll-free at 1-866-446-9377, Option 4 (TRS 711).
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FRS EMPLOYER NewsletterJanuary 2017
Resources
MyFRS.com Resources• Alerts & Hot Topics — Keep up with the latest legislation and more
• Contribution Rates — See “Retirement and Health Insurance Subsidy (HIS) Contribution Rates”
• Employer Form — Current forms available to print on demand
• Employer Handbooks — Technical guides for retirement coordinators, payroll staff, and others who have FRS responsibilities
• FAQs — Frequently asked questions, knowledge base, and glossary
• Helpful Links — Links to agencies, departments, and other resources
• Laws & Rules — Florida Statutes and administrative code governing the FRS
• Order Materials — Online catalog of printed materials that you can order free of charge
• Public Records — State Board of Administration and Division of Retirement Public Records Policy
• Publications — All available online publications
• Request for Intervention/Final Orders — Interventions may include unresolved customer service complaints, and allegations of misconduct or misrepresentation
• Videos — New hire, educational, and training videos
FRS Employer Assistance Line1-866-377-2121 (toll-free)
EY and Aon Hewitt representatives are available from 9:00 a.m. to 8:00 p.m. ET, Monday through Friday, except holidays.
Division of Retirement staff are available from 8:00 a.m. to 5:00 p.m. ET, Monday through Friday, except holidays.
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