Retirement
FRS Pension Plan
Eligibility
The Florida Retirement System (FRS) 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 average final compensation. 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, whichever comes first | Age 65 or 33 years of service, whichever comes first |
| Special Risk | Age 55 or 25 years of service, whichever comes first | Age 60 or 30 years of service, whichever comes first |
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: Go to the ChooseMyFRSPlan website and click on the ENROLL NOW button at the top of the page. Select the FRS Pension Plan option on the online form.
- 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 Pension Plan option on the online form.
- 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.
Division of Retirement Online Services
Members of the FRS Pension Plan may access their FRS Online account to find information regarding their FRS benefits (including service history, service credit, salary data and beneficiary information.) This site also offers the ability to generate Pension Plan benefit estimates, based on various retirement scenarios. DROP participants can obtain information including their DROP retirement date and DROP monthly amounts.
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.