Florida Retirement System Pension Plan
Eligibility
The FRS Pension 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
Pension Plan), and Staff employees at the
University of South Florida. The plan is not available to OPS (Other
Personnel Services) employees. Enrollment will be automatic in the FRS
pension plan unless another plan is selected within the required
enrollment period. Refer to each plans' eligibility requirements for
enrollment periods.
Description of the
Plan
The FRS Pension Plan is
a defined benefit plan sponsored by the State of Florida. Upon
completion of 6 years of creditable service, you are vested in the plan
and are eligible to receive a lifetime monthly retirement benefit from
the plan when you retire. The amount you receive is based on your age,
years of creditable service, the value of each year of service, and your
highest 5 years average final compensation. The plan includes options
for retirement income, survivor benefits, health insurance subsidy,
disability benefits and cost of living increases. The University of South Florida
pays the full cost of the plan.
For additional
information on the following classes, click on the appropriate link:
Members of the FRS
Pension Plan may be eligible to participate in the
Deferred Retirement Option Program
(DROP) or the
Phased Retirement Program
(PHASED).
Division of
Retirement Online Services
The Division of
Retirement offers members of the Florida Retirement System Pension Plan
access to information regarding their personal retirement account. You
can obtain information such as 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 such as their DROP retirement date and DROP monthly
amounts.
Click here to access the Division
of Retirement Online Services.
How to Enroll
-
Staff employees
complete a Retirement Plan Choice Form
(ELE-1) and select the option for the FRS Pension
Plan.
-
Administration and Faculty
employees complete a Retirement Plan Choice Form (ORP-16) and select the
option for the FRS Pension Plan.
-
Submit form(s) to Human Resources
Benefits.
How to Retire
-
Contact the Human
Resources Retirement Coordinator three to six months prior to your
anticipated date of retirement for a counseling appointment.
-
Request an estimate
of retirement benefits by completing the information request form
(FR-9) or viewing your
information online at
www.frs.state.fl.us
-
Apply for
retirement by completing the application for service retirement form
(FR-11)
and the option
selection for FRS members form
(FRS-11o).
-
Meet with the Human
Resources Retirement Coordinator for forms and information regarding
continuation of benefits.
