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FLORIDA RETIREMENT SYSTEM

RETIREMENT OPTIONS - CLARIFIED FOR DIVORCE

This article covers the Retirement Options of an active FRS employee that are available –not available to a Former Spouse upon divorce.

Option 1.

An annuity paid to the retiree. Upon the death of the retiree all payments stop. This option provides the largest monthly benefit to the retiree.

Option 2.

A monthly benefit is payable for the greater of ten years or the lifetime of the retiree. If the retiree dies within the ten years, the same benefit that the retiree was receiving will be continued for the balance of the 10-year period. Then all payments cease. The retiree has full discretion as to the beneficiary for the balance of the unpaid period. This option is available to a Former Spouse.

Option 3: An actuarially reduced monthly benefit is paid to the retiree over her or his lifetime. Upon the retiree's death, the joint annuitant, if living, will receive a lifetime monthly benefit payment in the same amount as the retiree was receiving. The amount of reduction of the Option 3 benefit depends on the age of the retiree and his spouse at the time of retirement.

THIS OPTION IS NOT AVAILABLE TO A FORMER SPOUSE!

Option 4: An actuarially reduced monthly benefit is paid to the retiree over her or his lifetime. Upon the death of either SPOUSE, the monthly retirement annuity is reduced by one-third. This reduced monthly annuity will be paid to the survivor over the survivor's lifetime.

THIS OPTION IS NOT AVAILABLE TO A FORMER SPOUSE!