Florida Retirement System Public
Employees Optional Retirement Plan (PEORP)
Eligibility
The PEORP (also known
as the FRS Investment Plan) is available to all salaried Administration, Faculty
(employees appointed on or after July 1, 1989 to a faculty position at
the college of Medicine are mandatory ORP and do not have the option to
participate in the FRS Investment Plan),
and Staff employees at the University of South Florida. Coverage is not
available to OPS (Other Personnel Services) employees.
Enrollment in this plan must occur by the end of the 5th month from the
date of hire or the employee will automatically be enrolled in the FRS
Pension Plan.
Description of
the Plan
The PEORP is a defined
contribution plan sponsored by the State of Florida. Upon completion of
one year of creditable service, you are vested in the plan. The amount of
your benefit at retirement is determined by the contributions made by
the employer and the performance of your investment choices.
The plan is funded by employer contributions that are based on your
salary and FRS membership class (Regular Class, Special Risk Class,
etc.). Contributions are directed into an individual account, and the
employee decides how to allocate the contributions among various
investment funds. A health insurance subsidy is available under this
plan. This plan does not accept employee contributions.
The plan record keeper is CitiStreet. They will send an information
packet to the eligible employee’s home address approximately three
months after the date of hire. For additional information or
professional financial guidance regarding this plan, contact Ernst &
Young Financial Planners at (866) 446-9377 or visit
www.MyFRS.com.
How to Enroll
How to Retire
