Optional Retirement Plan

Eligibility

The Optional Retirement Program (ORP) is available to Administration and 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 or FRS Investment Plan) employees at the University of South Florida. Staff, OPS, and re-employed retirees are not eligible to participate in ORP. Enrollment in this plan must occur within 90 days from the date of hire or the employee will automatically be enrolled in the FRS Pension Plan.

Description of the Plan

The ORP is a defined contribution plan sponsored by the State of Florida. Participants are immediately vested in the plan. The amount of your benefit at retirement is determined by the contributions made by the employer, contributions by the employee (voluntary) and the performance of your investment choices. More information on the Optional Retirement Plan can be accessed though the Department of Management Services website.

The plan is funded by employer contributions that are based on your salary. Contributions are directed into an individual account, and the employee decides how to allocate the contributions among various investment funds. Tax-sheltered employee contributions to the ORP are also allowed. These contributions are voluntary. Click here for a listing of the approved ORP companies.  Click here for a list of the local representatives.

2007-2008 Contribution rates for ORP:

Employer contributions: 10.42% of your bi-weekly salary

Employee contributions: 0% up to 10.42% of your bi-weekly salary; complete ORP-16a change form and submit to the USF retirement office at SVC 2172

How to Enroll

• Contact the approved company of your choice to sign a contract with the company.

• Complete a State University System ORP-Eligible Employees Retirement Plan Enrollment Form and select the option for the ORP.

• Submit form(s) to Human Resources Benefits.

• The contract with an approved company and enrollment form must be completed within 90 days of your hire date.

Changes to voluntary Contributions

• Complete a State University System optional Retirement Program Change Form (ORP-16a) and submit form to human Resources benefits.

How to Retire

• Contact your provider company concerning annuitizing your retirement funds

• Contact the USF Retirement office (813) 974-2970 concerning the continuation of benefits

ORP Option to Switch to the FRS Pension or FRS Investment Plan 1-1-08 to 12-31-08

The 2007 Florida Legislature made some important changes affecting your retirement choices. State University System Optional Retirement Plan (ORP) participants have an option to switch from the ORP plan to the FRS Pension Plan or the FRS Investment Plan from 1/1/08 until 12/31/08.

• If you are considering switching from the ORP plan to the FRS Pension Plan or the FRS Investment plan here are the steps you should take before considering  a change:
   

• Contact the Division of Retirement to request an estimate of the Buy-in cost and retirement benefit estimates.  Their number is 1-866-446-9377, prompt #3
   

• You will also have to meet with your ORP representative to review your account and get retirement calculations from them so you can compare with the FRS plan. Click here for a listing of the local representatives.
   

• You can also contact FRS Financial Guidance Line and speak with an unbiased Ernst & Young Financial Planner for help in choosing the right plan for your retirement. Their number is 1-866-446-9377, prompt #1.

Once you have your estimates and have meet with your ORP representative if you have additional questions or would like to make the conversion to the FRS pension plan, please contact a Benefits Representative at benefits@admin.usf.edu or 813- 974-2970 for an appointment.