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FLORIDA RETIREMENT SYSTEM PENSION PLAN

Eligibility
The Florida Retirement System Pension Plan (FRSP) is available to all Administration, Faculty and Staff employees at the University of South Florida. Enrollment in the FRSP will be automatic unless another plan is selected within the required enrollment period.

Note:  Employees appointed to a Faculty position in the College of Medicine are required to enroll in the Optional Retirement Plan (ORP).

Description of the Plan
The FRSP is a defined benefit plan sponsored by the State of Florida. USF and the employee make contributions to this plan.  After becoming 100% vested into the plan, employees are eligible to receive a lifetime monthly benefit when they retire. The benefit is based on age, years of creditable service, the value of each year of service, and your highest 5 year average final compensation. The plan includes options for survivor benefits, health insurance subsidy, disability benefits and cost of living increases. 

 Vesting Schedule- Based on Hire Date:

Plan	Hired before 07/01/2011	Hired on or after 07/01/2011
FRS Pension	6 years	8 years
FRS Investment	1 year	1 year

 Retirement Age:

Employee Class	Hired before 07/01/2011	Hired on or after 07/01/2011
Regular	Age 62 or 30 years of service	Age 65 or 33 years of service
Special Risk	Age 55 or 25 years of service	Age 60 or 30 years of service

For additional information from the State of Florida on survivor and disability benefits, retirement guides and other informational booklets, see Retirement Publications here.

Faculty, Staff and Administration members of the FRSP may be eligible to participate in the Deferred Retirement Option Program (DROP).  You can find additional information regarding this program here.

Faculty members may be eligible to participate in the Phased Retirement Program. You can find additional information regarding this program here.

How to Enroll

• Staff: Complete the General Plan Retirement Choice form (ELE-1),  Select the FRS Pension Plan option and mail as directed on the form.
• Administration and Faculty: Complete the ORP Eligible Employee Retirement Enrollment Form (ORP-16) select the FRS Pension Plan option and submit the completed form to USF Human Resources.

Division of Retirement Online Services
The Division of Retirement offers members of the FRSP access to information regarding their personal retirement account, including service history, service credit, salary data and beneficiary information. You can also calculate benefit estimates based on various retirement scenarios. DROP participants can obtain information including their DROP retirement date and DROP monthly amounts. You can access the Division of Retirement On Line Services here.

How to Retire

1. Request an estimate of retirement benefits by completing the Information Request form (FR-9), viewing your information on the Division of Retirement Online Services or calling the Bureau of Retirement Calculations at 1-888-738-2252. 
2. Contact your HR Service Center to schedule an appointment with your HR Benefits Representative three to six months prior to your anticipated date of retirement.