Department of Management Services
|FRS Investment Plan|
In 2000, the Florida Legislature created the FRS Investment Plan, a defined contribution program that was added to the menu of choices available to FRS members beginning in 2002. The FRS Investment Plan is available as an option for current and future FRS members. Participants of the Senior Management Service Optional Annuity Program (SMSOAP) had a three-month window in 2002 when they could transfer to this plan and, since July 1, 2003, participants of the Community College Optional Retirement Program (CCORP) can elect to transfer to this plan. However, participants of the State University System Optional Retirement Program (SUSORP) or the Deferred Retirement Option Program (DROP) cannot participate, and the FRS Investment Plan is not available for members of the Teachers' Retirement System or the State and County Officers and Employees' Retirement System. Retirees of a state-administered retirement system who are initially reemployed on or after July 1, 2010, are not eligible for renewed membership.
The FRS Investment Plan is administered by the State Board of Administration (SBA). For information about this plan, assistance making your choice between participating in the FRS Investment Plan or the FRS Pension Plan, and free financial planning tools available to all FRS members, you are encouraged to visit the MyFRS website, the cooperative website of the SBA and the Division of Retirement, or call the toll-free help line at 866-446-9377. A summary plan description for the FRS Investment Plan is available on the Publications page of this website or it can be accessed via the Resources tab on the main page of the MyFRS website.
|Senior Management Service Optional Annuity Program|
In 1986, the Senior Management Service Optional Annuity Program (SMSOAP) was established for members of the state Senior Management. This program has since been expanded to include selected managerial staff of the Legislature, the Auditor General and his managerial staff, the Executive Director of the Ethics Commission, senior-level managers of the State Board of Administration, and selected managerial staff with the Judicial Branch.
|State University System Optional Retirement Program|
The State University System Optional Retirement Program (SUSORP) became effective July 1, 1984, for eligible State University faculty and administrators. The program was expanded in 1988 to include the State University System Executive Service and in 1999 to include administrative and professional staff not covered by Career Service. The program was created to offer more portability to the employees being recruited by the State University System who did not expect to work the ten years required to vest in the Florida Retirement System (FRS) Pension Plan. Retirees of a state-administered retirement system who are initially reemployed on or after July 1, 2010, are not eligible for renewed membership.
The SUSORP is a 403(b), Internal Revenue Code, qualified defined contribution plan that provides full and immediate vesting of all contributions submitted to the participating companies on behalf of the member.