The State of Florida Department of Management Services sponsors a defined-benefit pension plan. Benefits are determined by formula which includes years of service, earnings and age at retirement. Each pay period, employees currently pay 3.00% and the University contributes an amount set by the Florida Legislature. The Florida Retirement System must ensure that sufficient funds are available when your benefits are due and bears the market risk and investment decisions.
The FRS Investment Plan is administered by the Florida State Board of Administration (FSBA). The Investment Plan is a defined contribution plan, in which employer and employee contributions are defined by law, but your ultimate benefit depends in part on the performance of your investment funds. Unlike the Pension Plan, there is no fixed benefit level at retirement. The Investment Plan directs contributions to individual member accounts, and you allocate your contributions and account balance among various investment funds. Your Investment Plan retirement benefit is the value of your account at termination.
State University System Optional Retirement Program (SUSORP)
The SUSORP is a defined-contribution plan sponsored by the State of Florida available as an alternative to the FRS plans for faculty and qualified University Work Force Exempt employees. Each pay period, employees currently contribute 3.00% and the university will contribute a percentage of your earnings to an annuity plan. Employees may make additional contributions on a voluntary basis as permitted by the plan. The program is intended to aid the university system in recruiting eligible employees by offering more portability to those employees who do not expect to remain in the system long enough to become vested in the Florida Retirement System (eight years). Your benefits are determined by the dollars in your account at the time of retirement.
ORP Provider Companies/Local Contacts
ORP Enrollment (ORP-16) & Contributions Change (ORP-16a) Forms
Comparing the Plan Options
Employees are encouraged to visit the MyFRS website, the cooperative website of the FSBA and the Division of Retirement, or call the toll-free help line at (866) 446-9377.
Brochure for ORP-Eligible Employees
Comparison Resources for FRS Pension and Investment