# How to Calculate FRS Retirement Benefits

If you're a Florida state employee, you may be entitled to retirement benefits under the Florida Retirement System (FRS). FRS retirement benefits are available through regular pension plan disbursements, which provide a fixed monthly benefit based on your years of service and salary history, and through the FRS investment plan. The FRS investment plan allows you to contribute to a regular IRA. Similar to regular retirement accounts, your contributions are invested into funds you select.

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## Step 1

Multiply your years of service by the percentage value of your career position. As a Florida state employee, you are assigned a percentage value to your position based on its complexity. High-risk positions are assigned higher percentage values. For example, if you work 20 years in a position that has a 2 percent value, multiply 20 by .02. The result is your percentage value equation (.40).

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## Step 2

Total your five highest annual salaries. Use the fiscal year method when you determine your salary year. Florida's fiscal year runs from July 1 through June 30. Divide your total by five to determine your average final compensation.

## Step 3

Multiply your result from the percentage value equation by your average final salary. For example, if your average final salary equals \$40,000 and your percentage value equation result is .40, multiply \$40,000 by .40. The result is your annual retirement benefit amount (\$16,000).

## Step 4

Divide your annual benefit amount by 12 to determine your monthly benefit payment.

## Step 1

Navigate to the My FRS Calculators web page (see Resources).

## Step 2

Select the calculator tool you want to use. You can use your retirement plan balance information to see how much you withdraw each month and for how long; find out how much money you need in your account to start retirement; and compare how investing into a Roth IRA differs from regular IRA investing.