REVISED VIDEO TREATMENT - MyFRS
Employee Video Script
Hand Out
|BACKGROUND VOICES |
|FEMALE, 48 (Cathy) (Voice Over): |
|“I remember when I started, I said, “Okay, how long do I have to work here before I can actually |
|retire.” |
| |
|FEMALE, 29 (Susan) (Voice Over): |
|“I don’t know a lot of details about retirement. I just started my career.” |
| |
|MALE, 25 (Tony) (Voice Over): |
|“I’ve never once thought about retirement. I worry about my car payment and what I’m going to do on |
|the weekend. And that’s about it.” |
| |
|FEMALE, 55 (Leticia) (Voice Over): |
|“My husband and I think about this all the time. I mean, we’re both middle-aged and we’ve worked years|
|for this.” |
| |
|FEMALE, 32 (Michelle) (Voice Over): |
|“My kids are young so we never talk about retirement. It’s like getting old. You don’t talk about it |
|until you have to” |
| |
|MALE, 53 (Frank) (Voice Over): |
|“When you’re close to retirement, then you talk about it. It’s purely age driven.” |
| |
|INTRODUCTION |
|NARRATOR: |
|Retirement. You may not know exactly when and how you’ll do it. You may have never even said the |
|word. |
| |
|But now you, along with 600,000 other Florida public employees, must make a decision. |
| |
|It’s about your money. It’s about your future. |
| |
|Starting in 2002, the Florida Retirement System will offer you a choice of plans. You can choose to |
|remain in the current FRS Pension Plan or move to the new FRS Investment Plan. |
| |
|What’s right for you depends on you. |
| |
|INTRODUCTION OF DIVISION OF RETIREMENT AND STATE BOARD OF ADMINISTRATION REPRESENTATIVES |
| |
|JIM FRANCIS: Under the existing pension plan, you get a payment for life based upon a fixed formula. |
| |
|MAURICE HELMS: Under the current plan your benefit accumulates slowly during the first years, then it |
|accumulates more rapidly later in your career |
| |
|JIM FRANCIS: the current plan is very good for long service employees. But in today's market, with |
|today’s mobile labor force we needed a kind of pension plan that appeals to them. |
| |
|There’s a new investment plan. Employees will be able to direct how their money is invested. |
| |
|MAURICE HELMS: Under the investment plan, the retirement benefit is not fixed. It's based on |
|investment performance. |
| |
|JIM FRANCIS: The investment plan will provide generally higher benefits to shorter service people. |
| |
|A person has to work only one year and then is eligible for benefits. If you leave before retirement |
|age, your benefits continue to grow. |
| |
|Both plans are paid for by your employer. The only right choice is an informed choice. |
|BACKGROUND VOICES |
|. |
|MALE, 53 (Frank) (Voice Over): |
|“How will I know what’s right?” |
| |
|FEMALE, 32 (Michelle) (Voice Over): |
|“It’s kind of scary.” |
| |
|FEMALE, 55 (Leticia) (Voice Over): |
|“I can’t do this alone.” |
| |
|FEMALE, 29 (Susan) (Voice Over): |
|“I want the facts. How do I get the information?” |
| |
|MYFRS FINANCIAL GUIDANCE PROGRAM |
|NARRATOR: |
|Moving forward, every Florida public employee will have access to a new, fully paid benefit called My |
|FRS Financial Guidance Program. It’s designed not only to help you choose the plan that’s right for |
|you but also to provide ongoing help with long-term financial and retirement planning. |
| |
|MAURICE HELMS: The main objective of the program is to “tell, not sell.” We want every person to get |
|the facts straight, simple and unbiased. |
| |
|NARRATOR: We’ve selected best in class companies to help us design and deliver this Program. |
|Financial Engines |
| |
|JIM FRANCIS: Financial Engines is responsible for the technical guts of this program. |
| |
|BILL SHARPE: Our services are designed to be used by ordinary people, not by PhDs in finance. |
| |
|In effect, we’re going to be providing two services, one is the Choice Service that helps the |
|individual make the choice between the current Pension Plan and the new Investment Plan. Then, on |
|ongoing basis, we will be providing an Advisor Service. We'll give you guidance on how to use the |
|vehicles we have available for you. |
| |
|Our service allows an individual to look at his or her total portfolio, including accounts outside the|
|Florida Retirement System. |
| |
|We have no vested interest in the actual decisions that the employee makes. We want, as does everyone |
|involved in this program, the employee to make the best possible decision. |
| |
|JIM FRANCIS: Whether they’re in the Investment Plan or whether they stay in the Pension Plan, |
|Financial Engines is there as a resource. Ernst and Young is the human side of this. |
| |
|FINANCIAL EDUCATION |
| |
|LYNN FINKELSTEIN: Ernst and Young will be deeply involved during the transition period and post |
|transition. We are hands on. We will be offering through our financial planners over 3,000 workshops|
|in the State of Florida. They will be interactive workshops that will help educate and guide |
|employees to making the right decision for themselves and for their families. |
| |
|MAURICE HELMS: They will be doing an unbiased presentation of both the Pension Plan and the Investment|
|Plan. |
| |
|LYNN FINKELSTEIN: We will also have a toll-free Financial Planner Line available for individuals to |
|call and speak to a financial planner, to help walk through the choice, to help guide them through the|
|online financial planning tools. |
| |
|After the transition period, employees will continue to be able to attend workshops, as well as |
|ongoing web based tools. |
| |
|We do not sell products, sell investments, financial products of any type or insurance. We simply |
|want to educate employees and assist them in making the best choice possible |
| |
| |
|JIM FRANCIS: The only right choice for an individual is a personal choice based upon their |
|circumstances, their attitudes, their concerns. |
| |
|INTRODUCE CHARACTERS IN WORK SETTINGS |
|SUSAN, 29: |
|“With the current plan, I know I have to wait until I’m 62 or whatever the magic number is, before I |
|can access it. I know the new plan is different but I’m not sure exactly how.” |
| |
|CATHY, 48: |
|“I’ve never had a position where retirement was an option and I don’t mean to make it sound like I’m |
|ready now, but I am getting older and I’m looking into those options. I never used to care.” |
| |
|FRANK, 53: |
|“I understand young people. They don’t think about getting old or anything like that, but that |
|guarantee, that’s what counts.” |
| |
|LETICIA, 55: |
|“I have been a teacher for 23 years and I have built up a lot of money. What happens to that money if |
|I switch to another plan?” |
| |
|TONY, 25: |
|“Being able to take the benefit if I move is a good thing. Otherwise, it’s like saying for the first |
|20 years you better not leave because if you do you’re not going to get much.” |
| |
|MICHELLE, 32: |
|“I heard older people in my office telling me how they wish they had planned much earlier than they |
|did. And I thought to myself, I need to do this now.” |
| |
|CONCLUSION |
|NARRATOR: |
|Determining which plan is right for you is ultimately up to you. Take advantage of the incredible |
|resources offered by the program and learn how each plan works. |
| |
|The FRS Pension Plan or the FRS Investment Plan, the right choice is an informed choice. |
| |
|It’s your money … your future. |
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