1. How do I find out how much I have contributed to the retirement system?

Simply submit your request in writing with your signature and social security number. We will then forward the information to you by mail or fax.

2. Can I withdraw my contributions in the system? If so, how?

If you are mandated to contribute to Social Security there is a provision that allows you to opt out of the retirement system and take a refund.  If not, you must actually terminate employment before you are eligible to withdraw your contributions.   You must fill out a refund form and mail it to our office, if everything is correct and in order you will receive a check 90 days after your date of termination.  If you assigned your contributions in consideration of a loan we must receive written notification from the credit union that the loan has been paid in full before a refund can be issued.  Should the credit union certify to us that you are 60 days or more delinquent, the refund will be issued to the credit union and any surplus shall be returned to you by the credit union.  (See forms)

3. How do I sign up for Direct Deposit?

Simply fill out an Authorization for Direct Deposit form.  Bring it to your bank or financial institution and have them fill out the appropriate sections and mail it to our office.  If we receive the form prior to the 15^th of the month the direct deposit will go into effect the first of the following month. Direct deposit guarantees that your benefit will be in your bank account on the first of each month unless the first falls on Saturday, Sunday or holiday, then the next bank working day.  (See forms)

4. What is the eligibility for retirement?

You are eligible to receive a benefit if you have at least 12 years of service and at least age 55, at least 20 years and at least age 50 or at least 25 years at any age.

5. What is the Deferred Retirement Option Plan (DROP)?

In lieu of terminating employment and retiring and you have at least 20 years of service and at least age 50 you are eligible to participate in DROP and defer receipt of benefits.  You can participate only once for a maximum of 3 years.  You continue working but no longer contribute to the retirement system.  Your benefit amount is then calculated and deposits are made monthly to your DROP account.  You will receive quarterly statements showing your balance.

6. How can I make withdrawals from my DROP account?

There are a number of ways you can make withdrawals from your DROP account.  Monthly, quarterly or yearly are all options.  You can also elect to withdraw just the interest in a lump sum or into monthly withdrawals.  We do require a 30-day notice on all withdrawals.   Your DROP withdrawal amount will be sent along with your normal retirement benefit at the first of the month.  (You must terminate employment and retire before you are eligible to make withdrawals). (See forms)

7. Can I roll over my DROP account into an IRA or money market account?

Because FRS is now a qualified plan, DROP or IBO accounts can be rolled over to another qualified plan.

8. How is interest on my DROP account calculated and when is it posted to my account?

Drop accounts earn interest at a rate equal to the percentage rate of return of the System’s investment portfolio.  Interest is compounded monthly and paid annually in December.  Members have access to the interest in January.

(You must terminate employment and retire before your DROP account starts accruing interest.)

9. When am I eligible to receive a cost of living raise (COLA) on my retirement benefit?

You must be retired one full year in order to receive a cost of living raise.  You can actually have a retirement effective date of January 1, 2000 and if granted, receive your first COLA on January 1, 2001. 

10. What is the Initial Benefit Option (IBO) referred to as a “partial lump sum distribution”?

The initial benefit option is an optional benefit allowance as provided under R.S. 11:2259 for members that have not participated in DROP or retired under disability retirement. The member may receive a lump sum amount up to thirty-six months of the maximum monthly retirement allowance. The initial lump sum may be paid as a lump sum or placed in an account. Interest will be credited and the member may make monthly withdrawals (same as DROP Accounts). If the initial benefit option is chosen, the member will receive an actuarially reduced monthly benefit. (See forms)

11. If I have been a member of another public retirement system can I transfer my service credit to Firefighters' Retirement System?

Yes. Once you have been an “active contributing member” for six (6) months you may make application to transfer your creditable service from a state or statewide retirement system to Firefighters' Retirement System. (Please complete an Application for Transfer of Creditable Service). (See Forms)

12. If I have military service may I purchase my military service in Firefighters' Retirement System?

Yes. If you have served in any branch of the United States military you may be eligible to purchase up to four (4) years of military service credit in FRS. In order to purchase your military service you must have been “honorably” discharged. (Please complete an Application for Purchase of Military Service Credit). (See forms)