Department of Management Services
Deferred Retirement Option Program (DROP)
The Deferred Retirement Option Program (DROP) provides you with an alternative method for payment of your retirement benefits for a specified and limited period if you are an eligible Florida Retirement System (FRS) Pension Plan member. Under this program, you stop earning service credit toward a future benefit, have your retirement benefit calculated at the time your DROP period begins and your monthly retirement benefits accumulate in the FRS Trust Fund earning interest while you continue to work for an FRS employer. Upon termination, your DROP account is paid to you as a lump sum payment, a rollover or a combination partial lump sum payment and rollover. Monthly benefits are paid to you in the amount as calculated upon entry into DROP, plus any applicable cost-of-living adjustments for intervening years. For more information, see the latest version of the DROP guide.
|DROP Related Forms|
|BVR-1||Birth Verification Form (Request for Proof of Age)|
|DP-11||Application for Service Retirement and the DROP|
|DP-ELE||Notice of Election to Participate in the DROP and Resignation of Employment|
|DP-EXT||Extension of DROP for Specified K-12 Instructional Personnel|
|DROP Retirement Forms Packet||Packet containing all the forms needed to apply for DROP including the DP-11, the DP-ELE, the FRS-11o and the SA-1|
|DT-11||Teachers' Retirement System Application for Service Retirement and the DROP|
|FRS-11o||FRS Pension Plan Option Selection for Members|
|FST-12||Beneficiary Designation Form - Retired Members and DROP participants|
|IPDROP-AD-1||DROP to Investment Plan Direct Rollover Form for Current Members|
|IPDROP-RO-1||DROP to Investment Plan Direct Rollover Form for Former Members|
|SA-1||Spousal Acknowledgement Form|
|FRS Quick Clips|
- How to Log In to FRS Online - PowerPoint presentation that explains the steps necessary for DROP participants to log in to FRS Online.
- DROP Retirement - PowerPoint presentation that discusses the eligibility and application process for FRS Pension Plan members planning to participate in the Deferred Retirement Option Program.
- Benefit Payment Options - PowerPoint presentation that explains the differences between the four benefit payment options available to FRS Pension Plan members when they enter DROP.
- DROP Termination Process - PowerPoint presentation that explains the process for a member participating in DROP to terminate and begin receiving their monthly benefits along with their DROP payout.
|Helpful Links and Resources|
- Preparing to Terminate DROP - Pamphlet that explains what to expect when you terminate DROP (the forms to submit, when you will begin receiving monthly benefits, etc.). It also includes a special notice providing tax information affecting DROP payouts to help you decide how to receive your DROP benefits.
- FAQs DROP - Document that provides answers to questions frequently asked by participants of the FRS Deferred Retirement Option Program.
- FAQs Direct Deposit - Document that provides answers to questions frequently asked about direct deposit.
- DROP Special Tax Notice - Document that provides information for DROP participants including eligible rollover plans, payment options, tax effects and more.
- DROP Rollovers to FRS Investment Plan - If you are a former or current DROP participant, you can elect to roll your DROP accumulation into the FRS Investment Plan as an investment alternatives. If you have questions about this option, call the toll free help line at 866-446-9377, Option 1, or visit the MyFRS website.
When you apply to retire and enroll in DROP, you must choose a termination date. The chart below allows you to easily determine your maximum DROP termination date, based on your DROP begin date (assuming that you have 60 months of DROP eligibility*). Using this chart will help you avoid selecting an invalid DROP termination date.
The following table lists valid beginning and ending dates if you wish to enroll in DROP in 2013, 2014, or 2015 and participate for five years.
|Begin and End Dates for Five Year Participation Periods in DROP|
|Begin 2013 - End Date||Begin 2014 - End Date||Begin 2015 - End Date|
|1/1/2013 - 12/31/2017||1/1/2014 - 12/31/2018||1/1/2015 - 12/31/2019|
|2/1/2013 - 1/31/2018||2/1/2014 - 1/31/2019||2/1/2015 - 1/31/2020|
|3/1/2013 - 2/28/2018||3/1/2014 - 2/28/2019||3/1/2015 - 2/28/2020|
|4/1/2013 - 3/31/2018||4/1/2014 - 3/31/2019||4/1/2015 - 3/31/2020|
|5/1/2013 - 4/30/2018||5/1/2014 - 4/30/2019||5/1/2015 - 4/30/2020|
|6/1/2013 - 5/31/2018||6/1/2014 - 5/31/2019||6/1/2015 - 5/31/2020|
|7/1/2013 - 6/30/2018||7/1/2014 - 6/30/2019||7/1/2015 - 6/30/2020|
|8/1/2013 - 7/31/2018||8/1/2014 - 7/31/2019||8/1/2015 - 7/31/2020|
|9/1/2013 - 8/31/2018||9/1/2014 - 8/31/2019||9/1/2015 - 8/31/2020|
|10/1/2013 - 9/30/2018||10/1/2014 - 9/30/2019||10/1/2015 - 9/30/2020|
|11/1/2013 - 10/31/2018||11/1/2014 - 10/31/2019||11/1/2015 - 10/31/2020|
|12/1/2013 - 11/30/2018||12/1/2014 - 11/30/2019||12/1/2015 - 11/30/2020|
*Some members may be eligible for fewer months in DROP due to a late start; others may be eligible to extend their DROP participation by up to an additional 36 months. For more information, see the latest version of the DROP guide.