When you first sit down to complete your FRS paperwork, you’ll have made your first election between the investment plan and the pension plan. As you go through your career, your attitudes and understanding of FRS may change, as well as your needs and ideas about how you’d like to retire.
The good news is that if you do change your mind, you can do something about it. You are allowed a one time second election which can be used anytime between the first and the time you terminate your employment. With this second election you can switch from the pension plan to the investment plan or vice versa.
Before you do, you should consult with your financial advisor to make sure it’s the best choice for you. There are several differences between the pension and investment plan that you’ll want to carefully weigh.