Retirement Planning Checklists

Prior to meeting with HR Benefits, here are some steps you may want to take as you get ready for retirement:

• Attend an FRS retirement workshop.
• Review your personal retirement plan and estimate your income at retirement. Call the MyFRS Financial Guidance Line at (866) 446-9377, option 2, or visit MyFRS.com to take advantage of the free retirement planning resources.
• Determine if switching FRS retirement plans via the 2nd Election makes sense now, in the future, or not at all.
• Evaluate your annual leave balance and determine if you are going to use your leave, contribute leave to your deferred compensation account, or cash out when you separate employment. The maximum amount you can cash out is 3 times your annual accrual rate. Unused floating holidays and personal days are not paid out at separation.
• Review the FRS Pension Plan Retirement Checklist.

Once you are ready to retire, you may:

• Book an appointment with Employee Benefits using the Appointment Scheduler or by calling (727) 464-3367, option 1, approximately 1 to 3 months in advance of your retirement date.
• Contact FEDlogic for free help navigating and maximizing your retirement benefits including Social Security and Medicare.
• Start reviewing Pinellas County’s retiree benefit plans and read What Happens to Your Benefits When You Retire. Please note that you only have 31 days from your last day of employment to enroll for retiree insurance.
• If you are approaching the age of 65, learn about Medicare eligibility and how to apply for Medicare Parts A and B.
• If you are applying for Social Security benefits, visit SSA.gov.
• Review the four FRS Pension Plan Benefit Options. Options 3 and 4 provide a continuing benefit to your spouse or other dependent beneficiary.
  • Option 1 provides a monthly benefit for your lifetime, with no continuing benefit to a beneficiary. 
  • Option 2 provides a reduced monthly benefit for your lifetime, with a guarantee that your beneficiary will be eligible for a continuing benefit for 10 years from the date you retire. After 10 years of retirement, no benefits are payable to your beneficiary, in the event of your death.
  • Option 3 provides a reduced benefit to you payable for your lifetime. Upon your death, your joint annuitant will receive the same amount for as long as they are living.
  • Option 4 provides an adjusted monthly benefit for you while both you and your joint annuitant are living. Upon the death of either you or your joint annuitant, the monthly benefit payable to the survivor is reduced.
• Start gathering important papers like your and your spouse’s birth certificates (your spouse’s is needed if selecting Option 3 or 4), marriage certificate, and beneficiary information.
• Review and start filling out the retirement forms. Employee Benefits can assist you with filling these forms out and notarize them if needed.
  • FRS Application for Service Retirement
  • Pinellas County Group Insurance Enrollment Form

Prior to meeting with HR Benefits, here are some steps you may want to take as you get ready for retirement:

• Attend an FRS retirement workshop.
• Determine if your assets are properly allocated in your Investment Plan account and outside investment accounts by calling the MyFRS Financial Guidance Line at (866) 446-9377, option 2, and speaking with an unbiased financial planner or visit MyFRS.com.
• Determine if switching FRS retirement plans via the 2nd Election makes sense now, in the future, or not at all.
• Evaluate your annual leave balance and determine if you are going to use your leave, contribute leave to your deferred compensation account, or cash out when you separate employment. The maximum amount you can cash out is 3 times your annual accrual rate. Unused floating holidays and personal days are not paid out at separation.
• Review the FRS Investment Plan Checklist.

Once you are ready to retire, you may:

• Book an appointment with Employee Benefits using the Appointment Scheduler or by calling (727) 464-3367, option 1, approximately 1 to 3 months in advance of your retirement date.
• Contact FEDlogic for free help navigating and maximizing your retirement benefits including Social Security and Medicare.
• Start reviewing Pinellas County’s retiree benefit plans and read What Happens to Your Benefits When You Retire. Please note that you only have 31 days from your last day of employment to enroll for retiree insurance.
• If you are approaching the age of 65, learn about Medicare eligibility and how to apply for Medicare Parts A and B.
• If you are applying for Social Security benefits, visit SSA.gov.
• Review the FRS Investment Plan Termination Kit
• Review and start filling out the retirement forms. Employee Benefits can assist you with filling these forms out and notarize them if needed.
  • Investment Plan Beneficiary Designation Form (this can also be done online)
  • Health Insurance Subsidy Packet (must be completed after your termination date and retirement)
  • Pinellas County Group Insurance Enrollment Form

Prior to meeting with HR Benefits, here are some steps you may want to take as you get ready for retirement:

• Attend an FRS retirement workshop.
• Review your personal retirement plan and estimate your income at retirement. Call the MyFRS Financial Guidance Line at (866) 446-9377, option 2, or visit MyFRS.com to take advantage of the free retirement planning resources.
• Determine if switching FRS retirement plans via the 2nd Election makes sense now, in the future, or not at all.
• Review your annual leave balance and decide if you want to sell up to 500 hours when entering DROP. Keep in mind if you sell leave at DROP enrollment, those hours will come off the total of what can be cashed out on your final check.
• Review the FRS Pension Plan Retirement Checklist and DROP Guide. 

Once you are ready to retire, you may:

• Book an appointment with Employee Benefits using the Appointment Scheduler or by calling (727) 464-3367, option 1, approximately 1 to 3 months in advance of your retirement date.
• Contact FEDlogic for free help navigating and maximizing your retirement benefits including Social Security and Medicare.
• Review the four FRS Pension Plan Benefit Options. Options 3 and 4 provide a continuing benefit to your spouse or other dependent beneficiary.
  • Option 1 provides a monthly benefit for your lifetime, with no continuing benefit to a beneficiary. 
  • Option 2 provides a reduced monthly benefit for your lifetime, with a guarantee that your beneficiary will be eligible for a continuing benefit for 10 years from the date you retire. After 10 years of retirement, no benefits are payable to your beneficiary, in the event of your death.
  • Option 3 provides a reduced benefit to you payable for your lifetime. Upon your death, your joint annuitant will receive the same amount for as long as they are living.
  • Option 4 provides an adjusted monthly benefit for you while both you and your joint annuitant are living. Upon the death of either you or your joint annuitant, the monthly benefit payable to the survivor is reduced.
• Start gathering important papers like your and your spouse’s birth certificates (your spouse’s is needed if selecting Option 3 or 4), marriage certificate, and beneficiary information.
• Review and start filling out the DROP Application. Employee Benefits can assist you with filling these forms out, notarizing, signing off and faxing them.

Prior to meeting with HR Benefits, here are some steps you may want to take as you get ready for retirement:

• If you are ending DROP early, call the FRS at (866) 446-9377 to request your DROP Termination packet.
• Determine your method of payment for the DROP benefit within 60 days of your DROP employment termination: Lump Sum, Direct Rollover or Partial Lump Sum. If you do not make an election of one of the methods within the 60-day period, the Division of Retirement will pay directly to you the accrued benefits in a lump sum, less IRS tax.
• Evaluate your annual leave balance and determine if you are going to use your leave, contribute leave to your deferred compensation account, or cash out when you separate employment. The maximum amount you can cash out is 3 times your annual accrual rate. Unused floating holidays and personal days are not paid out at separation.
  • If you sold leave at DROP enrollment, those hours would come off what can be cashed out on your final check.
• Review the FRS Pension Plan Retirement Checklist.

Once you are ready to retire, you may:

• Book an appointment with Employee Benefits using the Appointment Scheduler or by calling (727) 464-3367, option 1, approximately 1 to 3 months in advance of your retirement date.
• Contact FEDlogic for free help navigating and maximizing your retirement benefits including Social Security and Medicare.
• Start reviewing Pinellas County’s retiree benefit plans and read What Happens to Your Benefits When You Retire. Please note that you only have 31 days from your last day of employment to enroll for retiree insurance.
• If you are approaching the age of 65, learn about Medicare eligibility and how to apply for Medicare Parts A and B.
• If you are applying for Social Security benefits, visit SSA.gov.
• Review and start filling out the retirement forms. Employee Benefits can assist you with filling these forms out and notarize them if needed.
  • DP-TERM and DP-PAYT forms are sent directly to you by the FRS.
  • Pinellas County Group Insurance Enrollment Form