Excerpt: As of July 1, 2008, the plan has more assets than currently needed to pay future benefit retirements by about 106%, or $6.9 Billion. Under SBA's stewardship, FRS is one of only a handful of public pension systems to maintain full funding. During these financial times, Ms. South wants members to understand that under Florida law, accrued FRS pension plan benefits are guaranteed, regardless of investment performance. (The foregoing statement is true for virtually every municipal plan in Florida, including all fire and police plans that participate in Chapters 175 and 185.) And what is Ms. South's advice to those unfortunate souls who opted out of the FRS Pension Plan and chose the Investment Plan, which is a defined contribution arrangement? '[M]ake sure you are putting money away for your retirement by investing in a well-diversified portfolio. ... Members should consult their personal financial advisers for guidance.' In other words, you're on your own. Oh, well.  MORE >>