Retirement
FRS Pension Plan
Eligibility
The Florida Retirement System Pension Plan is available to all Administration, Faculty and Staff employees at the University of South Florida.
Note: Employees appointed to a Faculty position in the College of Medicine are required to enroll in the State University System Optional Retirement Program (SUSORP).
Description of the Plan
The FRS Pension Plan 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, highest 8 year average for those entering on or after 7/1/2011. The plan includes options for survivor benefits, health insurance subsidy and disability benefits.
| Plan | Hired before 07/01/2011 | Hired on or after 07/01/2011 |
|---|---|---|
| FRS Pension | 6 years | 8 years |
| 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, please see the FRS Retirement Publications.
Faculty, Staff and Administration members of the FRS Pension Plan may be eligible to participate in the Deferred Retirement Option Program (DROP).
Faculty members may be eligible to participate in the Phased Retirement Program.
How to Enroll
- Staff: Complete the General Plan Retirement Choice form (ELE-1) or (ELE-1-EZ) 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-ENROLL), select FRS Member option and complete the ELE-1 or ELE-1-EZ form and send both completed forms to USF Human Resources.
Division of Retirement Online Services
The Division of Retirement Online Services offers members of the FRS Pension Plan 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.
How to Retire
- 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 1-844-377-1888.
- 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.