Retirement Plans

Eligible employees will participate in one of three retirement plans administered by the State of Florida:

• Florida Retirement System Pension Plan: A defined benefit plan that pays a guaranteed lifetime monthly benefit using a formula based on service and salary while working for an FRS-covered employer. Pension Plan participants who reach their normal retirement date may take advantage of the Deferred Retirement Option Program (DROP).
• Florida Retirement System Investment Plan: A defined contribution plan where the benefit depends on the amount of money contributed to the employee’s account and its growth over time. Participants decide how to allocate the money in their account among the available investment funds.
• State University System Optional Retirement Program (SUSORP): A defined contribution plan where the benefit depends on the amount of money contributed to the employee’s account and its growth over time. Participants decide how to allocate the money in their account among the available investment funds.

Deferred Retirement Option Program (DROP)

Vested Pension Plan members can participate in DROP upon reaching their normal retirement date. DROP allows you to effectively retire under the FRS Pension Plan. Learn more about DROP

Health Center 403(b) Plan (AEF Retirement Plan)

Clinical Faculty at the Health Science Center can participate in the AEF retirement plan in addition to the State University System Optional Retirement Program. Learn more about Health Center 403(b) Plan

Plan Comparison

See a comparison of all three plans.

Voluntary Savings Plans

Participate in voluntary savings plans through payroll deductions. Choose from 403(b) and Deferred Compensation (457) plans.

FICA Alternative Plan

Temporary employees can participate in this program instead of earning Social Security credits. Learn more about the FICA Alternative Plan

Special Pay Plan

Eligible employees receiving vacation and/or sick leave cash-outs of $5,000 or more participate in this plan. Learn more about the Special Pay Plan