Florida Retirement System (FRS) is a defined-benefit pension plan sponsored by the State of Florida.
The University pays the full cost of the plan. All employees in established positions are automatically members of the Florida Retirement System. The University pays an amount equal to 9.85% of an individual's salary to the retirement fund. FRS is non-contributory for the employee.
Optional Retirement Program (ORP) is a defined-contribution pension plan sponsored by the State of Florida available as an option to the FRS plan for faculty and University Work Force Exempt employees. Each pay period, the university will contribute a percentage of your earnings to an annuity plan when you retire.
The program is intended to aid the university system in recruiting 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 (six years).
The United Faculty of Florida collective bargaining agreement provides eligible faculty the opportunity to elect part time re-employment for up to the equivalent of one semester each year for 5 years. Please refer to this document for more information about this program.
Public Employees Optional Retirement Program(PEORP) is a defined-contribution pension sponsored by the State of Florida available to University Work Force and Faculty employees. With each biweekly pay period the university contributes a percentage of your earnings to your annuity plan. Your pension benefits are determined by the dollars in your account at the time of retirement.
Deferred Retirement Option Program (DROP) is a program within the FRS Pension Plan that provides an alternative method for payment of retirement benefits for a specified and limited period for members of FRS, TRS and SCOERS. Under this program, you may retire and have your FRS benefits accumulate in the FRS Trust Fund, earning interest, while you continue to work for an FRS employer for up to 5 years. You are eligible to participate in the DROP when you are a participant of the Pension Plan, are vested, and have reached your normal retirement date.
Frequently Asked Questions regarding DROP.
