Find Financial Advisors for Florida Retirement System Pension Plan (FRS) Members: Q&A Insights from the Experts

Looking for a financial advisor who specializes in working with Florida Retirement System Pension Plan (FRS) members? You’re in the right place. Below, you’ll find advisors who understand Florida Retirement System Pension Plan (FRS) benefits and compensation — along with their answers to common financial questions from Florida Retirement System Pension Plan (FRS) members.

Whether you recently started working in a role eligible for the Florida Retirement System Pension Plan (FRS) or you’ve worked for the state over a multi-year career, making smart decisions about your income and Florida Retirement System Pension Plan (FRS) benefits can have a lasting impact on your financial future. For example:

✅ Do you know the right moves to get the greatest value from the Florida Retirement System Pension Plan (FRS) benefits available to you?

✅ If you’re thinking about leaving your government job for a role in the private sector, are you taking the right steps today to receive all the compensation and benefits you’ve earned?

Why Florida Retirement System Pension Plan (FRS) Members Work with a Specialist Financial Advisor

Throughout the year, Florida Retirement System Pension Plan (FRS) provides its members with updates about their benefits, ranging from health insurance to a defined-benefit pension, a 457(b) or Thrift Savings Plan, and other benefits available to members. While the organization offers many useful resources and access to knowledgeable staff who can assist with questions, you’ll also find financial professionals not affiliated with Florida Retirement System Pension Plan (FRS) who specialize in helping Florida Retirement System Pension Plan (FRS) members make the most of their income and benefits.

Whether you work as a Florida state government employee in Tallahassee, from a regional location further south, or remotely from home, you may have questions about your compensation package and benefits better suited for a financial professional who can offer unbiased advice and guidance.

Sensitive topics — like the steps you should take before quitting your government job to work elsewhere, protecting yourself in advance of a layoff or workforce reduction, or deciding when you should plan to retire — are all conversations that may be more comfortable with a trusted financial advisor.

Should You Hire a Florida Retirement System Pension Plan (FRS) Specialist or a Local Financial Advisor?

You’ll likely find dozens of nearby financial advisors well-suited to help you reach your money goals with a personalized plan. But it can be harder to find a financial advisor who specializes in serving Florida Retirement System Pension Plan (FRS) members. Fortunately, many financial advisors offer virtual services, so you can meet online no matter where you (or they) live — which means you can hire a specialist financial advisor who lives hundreds of miles away if their knowledge and experience working with Florida Retirement System Pension Plan (FRS) members is the better fit for your unique needs.

💡 In the Q&A below, you’ll gain insights from financial advisors who work with Florida Retirement System Pension Plan (FRS) members to help them make smart decisions, get the most value from their compensation and benefits, reduce their money stress, and prepare for a comfortable retirement.

🙋‍♀️ Have a question not yet answered? Use the form below to submit your question. You can also contact financial advisors directly to set up an introductory call or contact them with your questions.

Q&A: Financial Planning Tips for Florida Retirement System Pension Plan (FRS) Members

In this section, you’ll learn how you can make the most of your Florida Retirement System Pension Plan (FRS) employee benefits and gain valuable tips from financial advisors who specialize in working with Florida Retirement System Pension Plan (FRS) members.

Financial Advisor Q&A  ·  Florida Retirement System Pension Plan (FRS) Members

Jeff Schlotterbeck, CFP®

Water Street Wealth Management  ·  Tampa, FL  ·  Serves clients nationwide

Specializes in financial planning for Florida Retirement System Pension Plan (FRS) members

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Jeff Schlotterbeck is a financial advisor based in Tampa, FL who specializes in offering financial planning services to Florida Retirement System Pension Plan (FRS) members. Jeff helps clients get the most value from their Florida Retirement System Pension Plan (FRS) benefits and compensation package so they can enjoy life and feel confident about their financial future.

QAs a financial advisor with experience helping Florida Retirement System Pension Plan (FRS) eligible employees save for their retirement, how do you help them make the most of their employee benefits?

I really try to help clients understand how their FRS pension fits into their overall financial picture. My first goal is to understand what they want retirement to look like. From there, we can build a strategy that makes sense for their specific situation.

As part of the planning process, we look at retirement timing, the DROP program (if applicable), savings outside of the FRS, Social Security claiming strategies, taxes, and how all of those pieces work together to create a retirement income plan they can feel confident about.

QWhen you first speak with a Florida Retirement System Pension Plan (FRS) employee, what questions do you like to ask to better understand their unique circumstances and determine how you can best help them achieve their goals?

For an initial conversation, I usually start by asking what prompted them to reach out. I want to understand their short- and long-term goals and what they envision retirement looking like.

From there, we can start talking about their specific situation. I like to ask questions such as: When do you want to retire? What does retirement look like to you? Do you plan to travel, relocate, or stay where you are?

Then we get into some of the details around their career, including how long they’ve participated in the FRS program. Beyond the pension, I also want to understand what other assets they have, how they’re saving, and how they’ve historically tracked their finances and progress toward retirement.

QIs there a particular benefit available to Florida Retirement System Pension Plan (FRS) eligible employees you feel isn’t as well utilized or understood by employees as it should be?

I feel like the Deferred Retirement Option Program (DROP) program is one of the most misunderstood benefits available to FRS eligible employees. I’ve found that many people aren’t exactly sure how it works or when it makes sense to participate. Some assume that entering DROP means they have to stop working immediately, while others simply aren’t aware of the opportunity. Taking the time to understand how DROP fits into their overall retirement plan can make a meaningful difference.

QBeyond Florida Retirement System Pension Plan (FRS) employee benefits for retirement savings, are there other types of benefits offered by the company that you find valuable to discuss with your clients (e.g. stock, education savings, health savings)?

I encourage clients to look at is their deferred compensation plan, such as a 457(b) or 403(b), if it’s available. These plans can be a great way to save additional money for retirement while potentially lowering current taxes or building tax-free savings with Roth contributions. They also give employees another investment bucket that can be coordinated with their FRS pension, Social Security, and overall retirement income strategy.

QFor Florida Retirement System Pension Plan (FRS) eligible employees thinking about leaving the company to accept a job elsewhere, what actions do you recommend they take before resigning and shortly thereafter?

Before leaving an FRS employer, I encourage clients to slow down and make sure they understand exactly what they’re walking away from. They should review their pension eligibility, vesting, DROP if applicable and any other retirement benefits so they can make the most informed decision. 

QFor Florida Retirement System Pension Plan (FRS) eligible employees approaching retirement age, how do you recommend they prepare to make the transition from living off their salary to relying upon other sources of income?

Don’t wait until you’re about to retire. A few years beforehand, it’s worth sitting down and getting a clear picture of your overall financial situation. Take the time to understand your current and future cash flow needs, estimate your retirement expenses, and make sure your investments are positioned to complement the different income sources you’ll have in retirement.

QFor Florida Retirement System Pension Plan (FRS) eligible employees who have managed their finances on their own to this point, what would you suggest they consider to help them decide if they should begin working with a financial advisor at this stage in their lives?

Many people are great savers, but when it comes to retirement planning figuring out the best income plan and strategy can be a little overwhelming. You want to be as efficient as possible when it comes to taxes and distributions. A good advisor should be able to help you build a clear game plan that helps you make smart decisions around taxes, withdrawals, and where your income will come from so you can move into retirement with confidence.

QWhat questions do you recommend Florida Retirement System Pension Plan (FRS) eligible employees ask financial advisors they’re considering hiring to help them decide if they’re a good fit?

I would start by asking whether the advisor is a fiduciary and whether they’re legally obligated to put your interests first at all times. From there, ask them to walk you through their planning process. How do they help clients make decisions? What does working together actually look like? Finally, I’d ask how much experience they have working with former FRS employees. The FRS pension has a lot of unique planning opportunities, so it’s helpful to work with someone who’s familiar with those decisions. At the end of the day, though, the most important thing is finding someone you trust and enjoy working with. The relationship should feel like a good fit, because hopefully it’s one that lasts for many years.

QIs there anything that comes up frequently in your initial meeting with Florida Retirement System Pension Plan (FRS) eligible employees that surprises you?

One thing that surprises me is how many FRS employees have done an excellent job saving but have never had a comprehensive retirement plan. They often know when they’d like to retire, but they haven’t looked at how their pension, Social Security, investments, taxes, and income all work together. Once we put all the pieces together, they usually have a much clearer picture of what retirement can look like.

QFor highly compensated Florida Retirement System Pension Plan (FRS) eligible employees, are there any special benefits you believe it’s important to take into consideration when preparing their financial plan?

As compensation increases, the planning opportunities usually become more complex. Taxes become a much bigger part of the conversation, but so do the benefits available through their employer. It’s important to understand all of the retirement plan options, deferred compensation opportunities if available, healthcare benefits, insurance, and any other employer-sponsored programs. The goal is to make sure those benefits are being used in a way that supports both their current financial picture and their long-term retirement plan.

QIs there a particularly memorable experience or a moment you recall with a client who worked at Florida Retirement System Pension Plan (FRS) when you realized they have unique opportunities and circumstances when it comes to their financial planning needs?

There have been plenty of times when simply showing clients how their FRS benefits fit into their overall retirement income plan has given them a tremendous amount of peace of mind. The fear of no longer receiving a paycheck is very real, but when you can clearly illustrate how their pension, savings, Social Security, and other assets work together to replace that income, retirement starts to feel much more achievable and a lot less intimidating.

QThe FRS gives members a one-time, irrevocable choice to switch from the Pension Plan to the Investment Plan — what factors should members weigh most carefully before making that election, and are there situations where staying in the Pension Plan is clearly the stronger move?

It’s one of the biggest financial decisions an FRS employee will make. I encourage clients to take a step back and look at the big picture. How long do they plan to work? When do they want to retire? How comfortable are they managing investments? Could they change employers before retirement? And how much guaranteed income do they want in retirement? Since it’s an irrevocable decision, it’s worth taking the time to make sure it fits into their overall financial plan.

QHow do you help Florida Retirement System (FRS) employees evaluate whether to remain in the Pension Plan or switch to the Investment Plan, and what factors do you weigh when making that recommendation?

Every person’s situation is different. I encourage clients to look at career length, retirement timeline, investment experience, portability, and how much guaranteed income they want in retirement before making what’s often an irrevocable decision. For some people, the Pension Plan is clearly the better fit. For others, the flexibility of the Investment Plan makes more sense. The key is understanding how that decision fits into their overall retirement plan.

QHow do you help FRS Pension Plan members understand their benefit calculation options, such as the choice between different retirement benefit payout options and survivor benefit elections, to ensure they maximize their lifetime income in retirement?

We start by gathering all of the details about their FRS benefits and then run different retirement scenarios. That allows us to compare the various payout options, look at survivor benefit elections, and see how each choice impacts their retirement income over time. The goal is to help clients understand the tradeoffs so they can make an informed decision that’s consistent with their overall financial plan.

Considering a financial advisor who specializes in working with Florida Retirement System Pension Plan (FRS) members?

Book an Intro Call with Jeff →View Jeff’s profile on Wealthtender ↗

All opinions and views expressed are current as of the date of this writing, are for informational purposes only, and do not constitute or imply an endorsement of any third-party’s products or services. The information provided does not take into account the specific objectives, financial situation, or the particular needs of any specific person and therefore should not be relied upon as investment advice or recommendations. Neither does it constitute a solicitation to buy or sell securities, nor should it be considered specific legal, investment or tax advice.

Finally, investing entails risk, including the possible loss of principal, and there is no assurance that any investment will provide positive performance over any period of time.

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About the Author

Brian Thorp

Founder & CEO, Wealthtender  ·  Editor-in-Chief

Brian Thorp is the founder and CEO of Wealthtender and serves as Editor-in-Chief. With over 25 years in the financial services industry — including nearly 22 years at Invesco, where he led strategic partnerships with wealth management firms representing more than $100 billion in assets — Brian founded Wealthtender to help people find financial advisors they can trust and make more informed money decisions.

A member of the National Society of Compliance Professionals and its SEC Marketing Rule Working Group, Brian was recognized by WealthManagement.com as one of its “Ten to Watch in 2024” for his work reshaping how financial advisors market their services. He holds a B.B.A. in Finance from The University of Texas at Austin.

Brian and his wife live in Austin, Texas.

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