Human Resource Services

State Plans

New faculty* and certain TEAMS employees may choose between the State University System Optional Retirement Program or the Florida Retirement System, which includes the Florida Pension Plan (FPP) and the Florida Investment Plan (FIP). Please note that each eligible employee may enroll in only one of these three state retirement plans.
* Health Science Center faculty must join the SUSORP.

State University System Optional Retirement Program (SUSORP)

The SUSORP is a defined contribution plan, in which the university will contribute a percentage of an employee’s biweekly earnings. Eligible employees must enroll within 90 days from the date of their appointment, or they will automatically be enrolled in the Florida Pension Plan. SUSORP enrollment is complete when a contract has been issued by an SUSORP Provider Company, and when the proper State of Florida enrollment forms have been submitted to the Division of Retirement. The SUSORP is a 403(b) Tax Sheltered Annuity Program, and enrollees are immediately vested. Participants may also choose to contribute up to the maximum allowed by current IRS guidelines.

 

Florida Retirement System

Includes the FIP and FPP plans. Visit this link for an overview of the Florida Retirement System.

Florida Retirement System Investment Plan (FIP)

All employees (unless mandated) are eligible to consider enrollment in the Florida Investment Plan. It is a defined contribution plan, whereby the university will contribute a percentage of an employee’s monthly earnings. For more information, please visit the Florida Retirement System web site.

Florida Retirement System Pension Plan (FPP)

TEAMS employees who are not eligible for the SUSORP will be enrolled in the Florida Pension Plan. The FPP is a defined benefit plan. After six years of service, an employee has vested rights in the FPP and may retire at age 62 with full benefits, or at an earlier age with reduced benefits. For more information, please visit the Florida Retirement System web site.

Deferred Retirement Option Program

Employees who reach the normal retirement date—age 62, or 30 years of service at any age (age 55, or 25 years of special risk service, for Special Risk normal retirement)—may retire and have their FPP benefits accumulate in the Deferred Retirement Option Program (DROP). These benefits earn interest while the employee continues to work for an FRS employer for up to five years. (Special Risk normal retirement date is age 55, or 25 years of special risk service, whichever comes first.) When the designated DROP period ends, the employee must terminate employment, at which time a distribution of the accumulated DROP benefits may be taken before monthly FRS retirement pension benefits begin.