Retirement
FRS Investment Plan
Eligibility
The Florida Retirement System (FRS) Investment Plan is available to Administration, Faculty and Staff employees.
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 Florida Retirement System (FRS) Investment Plan is a defined contribution plan sponsored by the State of Florida. Employees are vested into the plan upon completion of one year of creditable service. The amount of your benefit at retirement is determined by 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.) as well as mandatory employee contributions of 3% of your gross salary. Contributions are directed into an individual account, and you will be able to select how to allocate the contributions among various investment funds. This plan does not accept Voluntary employee contributions.
| Plan | Hired before 07/01/2011 | Hired on or after 07/01/2011 |
|---|---|---|
| FRS Investment | 1 year | 1 year |
| 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 |
A health insurance subsidy is available under this plan at the time of retirement.
The FRS Investment Plan Administrator is EY. For additional information or professional financial guidance regarding this plan, contact the MyFRS Financial Guidance Line at 1-866-446-9377 or visit the MyFRS website.
How to Enroll
Employee will receive an information packet at their home address approximately three months after date of hire.
Enrollment in this plan will be automatic if an active election is not made by the end of the 8th month from the date of hire. (Special Risk Class employees will be automatically enrolled in the FRS Pension Plan if an active election is not made by end of the 8th month from the date of hire.)
Enrollment instructions:
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- Staff: Go to the ChooseMyFRSPlan website and click on the ENROLL NOW button at the top of the page. Select the FRS Investment Plan option on the online form.
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- Administration and Faculty:
- Step 1 -- Complete the SUSORP Eligible Employee Retirement Enrollment Form and submit it to the Benefits office at benefits@usf.edu or fax it to (813) 974-5227. In Section 2 of the form, please select the appropriate option.
- Step 2 -- Go to the ChooseMyFRSPlan website and click on the ENROLL NOW button at the top of the page. Select the FRS Investment Plan option on the online form.
- Administration and Faculty:
How to Retire
Contact the Central Human Resources – Benefits Office at benefits@usf.edu or your Regional HR office (USF St. Petersburg or USF Sarasota-Manatee) to set up a retirement appointment.
Recent FRS Workshops
Click on the link below, then the Launch Presentation button to start the video.