Pension vs. Investment Plan, DROP, the State Board of Administration, and Florida Prepaid
The Direct Answer
The Florida Retirement System (FRS) is the retirement program for most Florida public employees — state agencies, universities and colleges, school districts, counties, and participating cities and special districts — covering well over a million active members, retirees, and beneficiaries (Florida Department of Management Services, Division of Retirement, FRS Annual Report). It offers two plans under Chapter 121, Florida Statutes: the FRS Pension Plan, a traditional defined-benefit pension paying a lifetime monthly benefit based on years of service, membership class, and average final compensation, and the FRS Investment Plan, a defined-contribution plan in which employer and employee contributions go into an individual account the member invests and owns (§ 121.021 and Part II of Chapter 121; MyFRS.com plan comparison). Employees make a one-time choice between them (with one later “second election” allowed), contribute 3% of pay to either (§ 121.71), and vest after eight years in the Pension Plan or one year in the Investment Plan for members enrolled since July 1, 2011 (§ 121.021(29) and § 121.4501). The Deferred Retirement Option Program (DROP) lets Pension Plan members who reach normal retirement keep working for up to eight years while their monthly benefit accumulates in an account earning 4% interest (§ 121.091(13), as amended by the 2023 legislation, SB 7024). The plans’ assets — the FRS Trust Fund, well over $200 billion — are invested by the State Board of Administration (SBA), a three-member board of the Governor, Chief Financial Officer, and Attorney General that also manages the Florida Hurricane Catastrophe Fund, Florida PRIME, and other state funds (SBA of Florida, Annual Investment Report). Separately, the Florida Prepaid College Board runs the state’s prepaid tuition plans and the Florida 529 Savings Plan (§§ 1009.97–1009.988). Every piece is explained below, with the source for each figure noted inline and a data source matrix at the end.
Who the FRS Covers and How Big It Is
The FRS is among the largest public pension systems in the United States. Its membership includes employees of every state agency, the state university and college systems, all 67 school districts, all counties, and the cities and special districts that have elected to participate (§ 121.021(10); Division of Retirement participating-employer list). Membership figures are published annually and fall roughly into: several hundred thousand active Pension Plan members, several hundred thousand Investment Plan members, several hundred thousand retirees and beneficiaries receiving benefits, and tens of thousands of DROP participants (FRS Annual Report; SBA Investment Plan quarterly report — confirm current counts).
Members are assigned to one of five membership classes, which determine contribution rates, accrual rates, and retirement ages (§ 121.021 and § 121.0515):
- Regular Class — the majority: teachers, clerical and administrative staff, most state and local employees.
- Special Risk Class — law enforcement officers, firefighters, correctional officers, emergency medical personnel, certain forensic and medical positions.
- Special Risk Administrative Support Class — former Special Risk members in support roles.
- Elected Officers’ Class — state and county elected officials, judges, and others.
- Senior Management Service Class — senior managers designated by statute or employer.
The two-plan structure dates to 2002, when the Investment Plan was created as an alternative to the traditional pension (Chapter 2000-169, Laws of Florida; § 121.4501). Since January 1, 2018, new members who do not make an active choice within their election window default into the Investment Plan — except Special Risk members, who default into the Pension Plan (§ 121.4501(4), as amended by SB 7022, 2017). That default change is why the Investment Plan’s share of new members has grown steadily.
The FRS Pension Plan
How the benefit is calculated. The annual benefit equals years of creditable service × the class accrual rate × average final compensation (AFC) (§ 121.091(1)). The accrual rates are set by statute: 1.60% per year for Regular Class (rising to 1.63%, 1.65%, and 1.68% for service after ages 63–65 or 31–33 years, under the pre-2011 schedule), 3.00% for Special Risk Class, 2.00% for Senior Management Service, and 3.00% for Elected Officers (3.33% for judges) (§ 121.091(1)(a); Division of Retirement Pension Plan member handbook). AFC is the average of the member’s highest eight fiscal years of salary for members enrolled on or after July 1, 2011, and the highest five years for earlier members (§ 121.021(24)).
A worked example. A Regular Class teacher with 30 years of service and an AFC of $60,000 receives 30 × 1.60% × $60,000 = $28,800 per year, or $2,400 per month, for life under the standard payment option. A Special Risk firefighter with 25 years and a $75,000 AFC receives 25 × 3.00% × $75,000 = $56,250 per year (computed from the statutory formula).
Normal retirement. For members enrolled on or after July 1, 2011: Regular, Senior Management, and Elected Officers’ Class members reach normal retirement at age 65 with 8 years of service, or 33 years of service at any age; Special Risk members reach it at age 55 with 8 years, or 25 years of service — the Special Risk age was reduced from 60/30 back to 55/25 by the 2023 legislation (§ 121.021(29); SB 7024, 2023 — confirm the class-by-class provisions). Pre-2011 members retain the earlier thresholds (age 62 or 30 years for Regular; 55 or 25 for Special Risk). Early retirement is available with a 5% per year reduction for each year before normal retirement age (§ 121.091(3)).
Vesting. Eight years of creditable service for members enrolled on or after July 1, 2011; six years for earlier members (§ 121.021(29)). A member who leaves before vesting forfeits the employer-funded benefit but may receive a refund of their own 3% contributions (§ 121.071).
Cost-of-living adjustment. Service earned before July 1, 2011 carries a 3% annual COLA; service earned after that date carries no COLA unless the legislature restores it, so a member’s COLA is prorated by the share of service before 2011 (§ 121.101; Division of Retirement COLA guidance). Bills to restore the post-2011 COLA have been filed in multiple sessions; confirm the current status (Florida Legislature bill search, “FRS cost-of-living”).
Health Insurance Subsidy. Retirees receive a monthly HIS of $7.50 per year of service, up to $225 per month (30 years), increased from $5/$150 by the 2023 legislation (§ 112.363; SB 7024).
Payment options. Four options at retirement: a life annuity with no survivor benefit (Option 1), a life annuity with a ten-year guarantee (Option 2), a 100% joint-and-survivor annuity (Option 3), and a two-thirds joint-and-survivor annuity (Option 4), each actuarially adjusted (§ 121.091(6)).
Contributions. Members contribute 3% of gross salary on a pre-tax basis (§ 121.71(2)). Employers contribute at class-specific rates set annually by the legislature based on actuarial valuation — in recent years roughly in the range of 11% to 14% of pay for Regular Class and above 30% for Special Risk, inclusive of the unfunded-liability amortization and HIS components (§ 121.71; annual conforming bill; Division of Retirement employer contribution rate tables — confirm current fiscal year rates).
Brian’s take: The Pension Plan is simple arithmetic with three variables you control — years, class, and your best eight years of pay — and one you don’t: whether the legislature ever brings back the COLA for post-2011 service. A 30-year Regular Class career at 1.6% replaces 48% of your final average pay for life. That’s the whole plan, and it’s a good one if you stay.
The FRS Investment Plan
How it works. The Investment Plan is a defined-contribution plan — the member’s account balance is the benefit (§ 121.4501). Contributions go into an account the member directs among a menu of investment funds; the account grows or shrinks with markets; and at retirement the member takes distributions, rolls over, or annuitizes.
Contributions. The member’s 3% plus an employer contribution set by class; for Regular Class the total employer-plus-employee contribution to the member’s account is in the range of 11% of pay after the 2023 legislation added two percentage points to the employer allocation, with higher totals for Special Risk and other classes (§ 121.72; SB 7024; MyFRS.com “Investment Plan contribution rates” — confirm current allocation by class). Employers also pay separate amounts toward the Pension Plan’s unfunded liability and administration on behalf of Investment Plan members, which do not go into the member’s account.
Vesting. Employer contributions vest after one year of service; the member’s own contributions vest immediately (§ 121.4501(6)).
Investment options. The SBA selects and monitors the fund lineup — a set of retirement-date funds, plus index and actively managed stock, bond, inflation-protected, money market, and self-directed brokerage options — with expense ratios that are among the lowest available to individual investors because of the plan’s scale (SBA Investment Plan fund performance and fee reports, published quarterly; MyFRS.com investment funds page). The plan is administered by a third-party administrator under contract to the SBA (SBA, Investment Plan administrator contract — currently Alight Solutions; confirm).
Distributions. Members may take distributions after separating from employment, subject to a minimum waiting period, and may leave the account invested, roll over to an IRA or another employer plan, take lump-sum or periodic payments, or purchase an annuity through the plan (§ 121.591; MyFRS.com distribution options). Federal early-withdrawal penalties apply to distributions before age 59½ except as federal law provides (IRC § 72(t)).
The free guidance. Every FRS member has access to the MyFRS Financial Guidance Program — a toll-free line staffed by Ernst & Young financial planners, online tools, and workshops, at no cost to the member (§ 121.4501(10); MyFRS.com). It is one of the more generous guidance benefits in any public system and is chronically underused.
Choosing Between Them — and the Second Election
The choice. New members have an election window (through the end of the eighth month after their hire month) to choose a plan; if they do not, the default rules above apply (§ 121.4501(4)).
The second election. Every member gets one opportunity, at any time during active employment, to switch plans (§ 121.4501(4)(f)). Switching from Pension to Investment converts the accrued pension benefit to a present-value lump sum deposited in the Investment Plan account; switching from Investment to Pension requires the member to “buy in” to the Pension Plan using the Investment Plan balance and, if the balance is insufficient, personal funds (MyFRS.com “2nd Election” guidance; Division of Retirement buy-in calculator). The second election is irrevocable.
Who tends to benefit from which. The Pension Plan rewards long careers — the benefit accrues faster in later years relative to contributions, and the lifetime annuity removes longevity and market risk. The Investment Plan rewards mobility — one-year vesting, a portable account, and full ownership. The crossover point depends on class, age at hire, salary growth, and expected tenure; the MyFRS Choice Service models it for individual members (MyFRS.com Choice Service). As a general pattern documented in the plans’ own materials, Special Risk members and career employees hired young are best served by the Pension Plan, while employees who expect fewer than roughly ten to fifteen years of FRS service are often better served by the Investment Plan.
Brian’s take: The one-time second election is the most valuable and least understood decision in Florida public employment. Run the MyFRS Choice model before you use it, because it’s irrevocable and the buy-in math changes every year. And use the free EY guidance line — you’re already paying for it.
DROP: The Deferred Retirement Option Program
What it is. DROP allows a Pension Plan member who has reached normal retirement to “retire” for pension purposes — freezing the benefit calculation — while continuing to work for the employer for up to 96 months (eight years) (§ 121.091(13), as amended by SB 7024, 2023 — the limit was previously 60 months, with a longer period for certain instructional personnel). During DROP, the member’s monthly pension benefit is paid into a DROP account rather than to the member, where it accumulates with 4% annual interest (raised from 1.3% by the 2023 legislation) (§ 121.091(13)(c); SB 7024). At the end of DROP the member separates from employment, receives the DROP account balance as a lump sum or rollover, and begins receiving the monthly pension directly.
Eligibility. Pension Plan members only — Investment Plan members are not eligible (§ 121.091(13)(a)). The member must have reached normal retirement (by age or years of service). The 2023 legislation removed the prior requirement that members enter DROP within twelve months of first reaching normal retirement, so eligible members may now enter at any time after reaching it (SB 7024; Division of Retirement DROP guidance — confirm).
The economics. A member with a $3,000 monthly benefit who enters DROP for the full eight years accumulates $288,000 in benefit payments plus interest — a lump sum in the low-to-mid $300,000s at 4%, in addition to continued salary during those years and the monthly pension afterward (computed from the statutory terms; Division of Retirement DROP calculator). The trade-off is that the benefit is frozen at entry: no further service credit or salary growth counts, and the COLA rules apply to the frozen benefit.
Taxes. DROP accumulations are taxable when distributed; a direct rollover to an IRA defers tax (IRC § 402(c); Division of Retirement DROP distribution guidance).
Reemployment after retirement. FRS retirees, including DROP participants after termination, face restrictions on returning to FRS-covered employment: a mandatory separation period (six calendar months) during which reemployment with an FRS employer voids the retirement, followed by additional limits during the first year (§ 121.091(9); Division of Retirement reemployment rules). These rules were amended in the 2023 legislation and are a frequent source of costly mistakes; confirm current text before any post-retirement return.
The State Board of Administration
What it is. The SBA of Florida, created under Article IV, Section 4 of the Florida Constitution and Chapter 215, Florida Statutes, is the investment manager for the FRS Trust Fund and more than two dozen other state funds (sbafla.com; § 215.44). Its three Trustees are the Governor, Chief Financial Officer, and Attorney General; day-to-day management is by an Executive Director and Chief Investment Officer and a professional staff of several hundred, advised by an Investment Advisory Council and an Audit Committee (SBA governance page; § 215.444).
What it manages. Total assets under management in the range of $250 billion or more, of which the FRS Pension Plan Trust Fund is the largest at more than $200 billion, alongside the FRS Investment Plan (tens of billions), the Florida Hurricane Catastrophe Fund, Florida PRIME (the local-government investment pool), the Lawton Chiles Endowment Fund, and various trust and debt-service funds (SBA Annual Investment Report; SBA “Funds Under Management” — confirm current figures).
How the pension fund is invested. The FRS Pension Plan follows an asset allocation set by the Trustees on staff and consultant recommendation, spread across global equities, fixed income, real estate, private equity, strategic investments (hedge funds, credit, infrastructure), and cash (SBA Investment Policy Statement; Annual Investment Report asset allocation tables). Long-term returns have generally met or exceeded the fund’s actuarial assumed rate of return, which the FRS Actuarial Assumption Conference has set in recent years at 6.7% after a series of reductions (FRS Actuarial Assumption Conference reports; Milliman actuarial valuation).
Funded status. The Pension Plan’s actuarial funded ratio — assets as a percentage of liabilities — has been in the range of the mid-80s percent in recent valuations, an improvement from the post-2008 trough and better than the average U.S. state pension, with an unfunded actuarial liability in the tens of billions that employers amortize through their contribution rates (FRS Actuarial Valuation, prepared annually by the system’s actuary; Pew Charitable Trusts “State Pension Funding Gap” for comparison — confirm the latest valuation’s ratio).
Transparency. The SBA publishes its investment policy, quarterly and annual performance, fees paid to external managers, and proxy-voting records, and the FRS annual actuarial valuation is public (sbafla.com → Performance, Reports, and Publications).
Brian’s take: The SBA is three politicians and a few hundred professionals running a quarter-trillion dollars, and the professionals have done well — funded status in the mid-80s beats most states. The number to watch isn’t returns, it’s the assumed rate: every time the Assumption Conference cuts it, employer contribution rates rise, and that’s your school board’s budget.
Florida Prepaid and the Florida 529 Savings Plan
The Florida Prepaid College Board. Created in 1987 under what is now § 1009.97–1009.988, Florida Statutes, the board administers two programs: the Florida Prepaid College Plans and the Florida 529 Savings Plan (myfloridaprepaid.com; § 1009.971). Both are qualified tuition programs under IRC § 529, so earnings are federal-tax-free when used for qualified education expenses (IRC § 529). Because Florida has no state income tax, there is no state deduction for contributions — the trade-off that makes a Florida resident’s choice among 529 plans purely a matter of plan design and cost.
Prepaid plans. A family locks in the cost of future tuition and fees at Florida public colleges and universities by paying today’s plan price, in a lump sum or monthly installments (Florida Prepaid plan descriptions). The plans on offer have included the 4-Year Florida University Plan, the 2-Year Florida College Plan, the 2+2 Florida Plan, the 1-Year Florida University Plan, and a University Dormitory Plan (myfloridaprepaid.com plan pages — confirm current lineup). Prices are set annually by the board based on actuarial projections of tuition growth and are announced for an open enrollment period that typically runs from February through April (Florida Prepaid annual pricing announcement — insert current-year prices; e.g., “4-Year University Plan for a newborn: $[X] lump sum or $[X]/month”). The plans are guaranteed by the State of Florida: if the fund cannot meet its obligations, the state must appropriate the shortfall (§ 1009.98(7)). Because tuition growth has run well below the board’s historical projections, the board has cut prices and issued refunds — including more than $1 billion in refunds and price reductions announced in 2019 (Florida Prepaid press release, 2019) — and the fund has reported an actuarial surplus (Florida Prepaid College Board annual actuarial report).
The Florida 529 Savings Plan. A direct-sold savings plan with no application fee and no sales charges, offering age-based and static portfolios (myfloridaprepaid.com/savings; plan disclosure statement). Independent plan raters have assessed it as a low-cost option in the direct-sold category (Morningstar 529 plan ratings; Saving for College plan pages — confirm current rating and fee schedule).
Interaction with Bright Futures. Florida’s merit-based Bright Futures Scholarship covers tuition and fees at Florida public institutions for qualifying students, which raises the question of whether prepaid plans are wasted on scholarship recipients. The answer: prepaid benefits can be used for other qualified expenses, transferred to another beneficiary, refunded, or applied at out-of-state and private institutions at the Florida public rate (Florida Prepaid “Bright Futures” FAQ; § 1009.98).
Frequently Asked Questions
How is my FRS pension calculated? Years of service × class accrual rate (1.60% Regular, 3.00% Special Risk, 2.00% Senior Management, 3.00% Elected Officers) × average of your highest eight fiscal years of salary (five years for pre-2011 members) (§ 121.091(1); § 121.021(24)).
When can I retire under FRS? For members enrolled since July 1, 2011: Regular Class at age 65 with eight years of service or at 33 years of service; Special Risk at age 55 with eight years or at 25 years. Earlier members have lower thresholds (§ 121.021(29)).
How long can I stay in DROP? Up to 96 months (eight years), with the account earning 4% interest, for Pension Plan members who have reached normal retirement (§ 121.091(13), as amended 2023).
Does the FRS pension have a COLA? A 3% COLA applies to service earned before July 1, 2011; service after that date carries no COLA unless the legislature restores it (§ 121.101).
Can I switch from the Pension Plan to the Investment Plan? Once, at any time during active employment, through the second election; it is irrevocable and involves a present-value conversion or buy-in (§ 121.4501(4)(f)).
Who manages the FRS money? The State Board of Administration — Governor, CFO, and Attorney General as Trustees — with a professional investment staff (§ 215.44).
Is the Florida Prepaid plan guaranteed? Yes. The State of Florida guarantees the prepaid plans by statute (§ 1009.98(7)).
Does Florida give a tax deduction for 529 contributions? No — Florida has no state income tax, so there is no state deduction; federal tax-free growth applies as with any 529 plan.
Sources
Statutes and regulations:
- Chapter 121, Florida Statutes (Florida Retirement System), including §§ 121.021, 121.071, 121.091, 121.101, 121.4501, 121.591, 121.71, 121.72; Chapter 215 (State Board of Administration), including §§ 215.44, 215.444; § 112.363 (Health Insurance Subsidy); §§ 1009.97–1009.988 (Florida Prepaid College Board) — Online Sunshine (leg.state.fl.us)
- SB 7024 (2023) and SB 7022 (2017) — Florida Legislature bill archives (flsenate.gov)
- Chapter 60S, Florida Administrative Code (Division of Retirement rules) — flrules.org
- Internal Revenue Code §§ 72(t), 402(c), 529
Agency data:
- Florida Department of Management Services, Division of Retirement — FRS Annual Report, member handbooks, employer contribution rate tables, DROP and reemployment guidance (frs.fl.gov / dms.myflorida.com)
- MyFRS.com — plan comparison, contribution rates, Choice Service, 2nd Election guidance, Financial Guidance Program
- State Board of Administration of Florida — Annual Investment Report, Investment Policy Statement, Funds Under Management, Investment Plan fund performance and fee reports (sbafla.com)
- FRS Actuarial Valuation (annual, prepared by the system’s actuary) and FRS Actuarial Assumption Conference reports (Florida Legislature, Office of Economic and Demographic Research)
- Florida Prepaid College Board — plan descriptions, annual pricing, actuarial reports, 529 Savings Plan disclosure statement (myfloridaprepaid.com)
Comparison and independent data:
- Pew Charitable Trusts — State Pension Funding Gap reports
- Morningstar 529 plan ratings; Saving for College plan data
- Florida Office of Program Policy Analysis and Government Accountability (OPPAGA) — FRS reviews
Appendix: Data Source Matrix
Every data field in the article mapped to its source, access method, and refresh cadence. Fields without an adequate public source are flagged.
| Field | Primary source | Cross-check | Access | Refresh |
|---|---|---|---|---|
| Total FRS membership (active, retired, DROP, Investment Plan counts) | FRS Annual Report (Division of Retirement) | SBA Investment Plan quarterly report; FRS Actuarial Valuation membership tables | frs.fl.gov → Publications → Annual Report | Annual (fiscal year ending June 30) |
| Participating employers | Division of Retirement participating-employer list | § 121.021(10) | frs.fl.gov → Employers | Ongoing |
| Membership classes | § 121.021; § 121.0515 | Member handbooks | Online Sunshine | Per session |
| Default plan rule (2018) | § 121.4501(4); SB 7022 (2017) | MyFRS.com | Online Sunshine; flsenate.gov | Per session |
| Accrual rates by class | § 121.091(1)(a) | Pension Plan member handbook | Online Sunshine | Per session |
| AFC definition (8 years / 5 years) | § 121.021(24) | Member handbook | Online Sunshine | Per session |
| Normal retirement ages/years by class and enrollment date | § 121.021(29); SB 7024 (2023) | Division of Retirement summary of 2023 changes | Online Sunshine; flsenate.gov | Per session — confirm 2023 Special Risk provision |
| Early retirement reduction (5%/yr) | § 121.091(3) | Member handbook | Online Sunshine | Per session |
| Vesting (8 yr / 6 yr / 1 yr) | § 121.021(29); § 121.4501(6) | Member handbooks | Online Sunshine | Per session |
| COLA rules and restoration bills | § 121.101; Legislature bill search | Division of Retirement COLA page | Online Sunshine; flsenate.gov | Per session — confirm current status |
| Health Insurance Subsidy ($7.50 / $225) | § 112.363; SB 7024 | Division of Retirement | Online Sunshine | Per session |
| Payment options | § 121.091(6) | Member handbook | Online Sunshine | Static |
| Employee contribution 3% | § 121.71(2) | MyFRS.com | Online Sunshine | Per session |
| Employer contribution rates by class | Annual FRS conforming bill; Division of Retirement rate tables | FRS Actuarial Valuation | frs.fl.gov → Employers → Contribution Rates | Annual (July 1) — insert current rates |
| Investment Plan contribution allocation by class | § 121.72; MyFRS.com | SB 7024 | myfrs.com | Annual — confirm |
| Investment Plan fund lineup, fees, performance | SBA Investment Plan quarterly reports | MyFRS.com fund pages | sbafla.com → FRS Investment Plan | Quarterly |
| Investment Plan administrator | SBA contract records | MyFRS.com | sbafla.com | On change — confirm current vendor |
| Distribution rules | § 121.591; MyFRS.com | IRC § 72(t) | Online Sunshine | Per session |
| Financial Guidance Program (EY line) | § 121.4501(10); MyFRS.com | SBA contract records | myfrs.com | On change |
| Election window and second election | § 121.4501(4) | MyFRS.com 2nd Election page | Online Sunshine | Per session |
| Buy-in calculation | Division of Retirement buy-in calculator | MyFRS.com | frs.fl.gov | Annual (actuarial factors) |
| DROP duration (96 months), interest (4%), entry timing | § 121.091(13); SB 7024 | Division of Retirement DROP guidance | Online Sunshine | Per session |
| DROP worked example | Computed from statute | Division of Retirement DROP calculator | — | — |
| Reemployment restrictions | § 121.091(9) | Division of Retirement reemployment page | Online Sunshine | Per session — confirm 2023 changes |
| SBA governance (Trustees, ED/CIO, IAC) | Art. IV § 4, Fla. Const.; §§ 215.44, 215.444 | sbafla.com governance page | Online Sunshine; sbafla.com | On change — confirm current Executive Director |
| SBA total AUM; FRS Trust Fund size | SBA Annual Investment Report; “Funds Under Management” | FRS Actuarial Valuation asset figures | sbafla.com → Reports | Annual/quarterly — insert current figures |
| Asset allocation | SBA Investment Policy Statement; Annual Investment Report | — | sbafla.com | Annual |
| Assumed rate of return (6.7%) | FRS Actuarial Assumption Conference report | Actuarial Valuation | edr.state.fl.us → Conferences → FRS Actuarial Assumptions | Annual — confirm |
| Funded ratio and unfunded liability | FRS Actuarial Valuation | Pew State Pension Funding Gap | frs.fl.gov / sbafla.com | Annual — insert latest |
| Long-term returns vs. assumption | SBA Annual Investment Report performance tables | — | sbafla.com | Annual |
| External manager fees, proxy voting | SBA reports and publications | — | sbafla.com | Annual |
| Florida Prepaid statutory basis and state guarantee | §§ 1009.97–1009.988; § 1009.98(7) | myfloridaprepaid.com | Online Sunshine | Per session |
| Prepaid plan lineup | myfloridaprepaid.com plan pages | Plan master contract | myfloridaprepaid.com | Annual — confirm current lineup |
| Prepaid plan prices | Florida Prepaid annual pricing announcement | Enrollment kit | myfloridaprepaid.com (open enrollment Feb–Apr) | Annual — insert current prices; NO OTHER PUBLIC SOURCE |
| Prepaid fund actuarial surplus; 2019 refunds | Florida Prepaid College Board annual actuarial report; 2019 press release | Board meeting minutes | myfloridaprepaid.com → About → Reports | Annual |
| Florida 529 Savings Plan fees, portfolios, ratings | Plan disclosure statement; Morningstar 529 ratings; Saving for College | — | myfloridaprepaid.com/savings; morningstar.com | Annual — confirm current rating |
| Bright Futures interaction | Florida Prepaid FAQ; § 1009.98 | Florida Department of Education, Office of Student Financial Assistance | myfloridaprepaid.com; floridastudentfinancialaid.org | Per session |
| Gap: member-level plan-choice outcomes (which plan members actually pick, by class) | Not published in detail | — | Public records request to Division of Retirement/SBA; or FLFN member survey | — |
| Gap: DROP participant lump-sum distribution averages | Not published | — | Public records request; FLFN survey | — |
| Gap: Prepaid plan pricing history in one table | Only current-year prices are published | — | FLFN compiles from archived annual announcements (Wayback Machine) | — |
This article is general information, not financial, tax, or legal advice. It synthesizes Florida statutes, agency publications, and public reports current as of the verification date above, with the source for each figure noted inline. Contribution rates, plan provisions, fund figures, and Prepaid prices change annually and by legislative session; FRS members should confirm their own situation through MyFRS.com, the Division of Retirement, and the free MyFRS Financial Guidance Program before making any election or retirement decision.
