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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 and your retirement benefit is calculated at the time your DROP participation begins. While you are in the DROP, 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 (Adobe PDF Document)The DROP Guide is in the process of being updated based on 2018 Legislative Changes. Effective March 9, 2018, there is one exception to the restrictions on reemployment limitations after retirement. If you are a retired law enforcement officer, you may be reemployed as a school resource officer by an employer that participates in the FRS during the seventh through twelfth calendar months after your retirement date or after your DROP termination date and receive both your salary and retirement benefits

DROP Related Forms

Form ID Form Description
BVR-1 (Adobe PDF Document) Birth Verification Form (Request for Proof of Age)
DP-11 (Adobe PDF Document) Application for Service Retirement and the DROP
DP-ELE (Adobe PDF Document) Notice of Election to Participate in the DROP and Resignation of Employment
DP-EXT (Adobe PDF Document) Extension of DROP for Specified K-12 Instructional Personnel
DROP Retirement Forms Packet (Adobe PDF Document) 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 (Adobe PDF Document) Teachers' Retirement System Application for Service Retirement and the DROP
FC-1 (Adobe PDF Document) Salary Certification
FRS-11o (Adobe PDF Document) FRS Pension Plan Option Selection for Members
FST-12 (Adobe PDF Document) Beneficiary Designation Form - Retired Members and DROP participants
IPDROP-AD-1 (Adobe PDF Document) DROP to Investment Plan Direct Rollover Form for Current Members
IPDROP-RO-1 (Adobe PDF Document) DROP to Investment Plan Direct Rollover Form for Former Members
SA-1 (Adobe PDF Document) 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 (Adobe PDF Document) - Document that explains what to expect when you terminate DROP (the forms to submit, when you will begin receiving monthly benefits, etc.).
  • FAQs DROP (Adobe PDF Document) - Document that provides answers to questions frequently asked by participants of the FRS Deferred Retirement Option Program.
  • FAQs Direct Deposit (Adobe PDF Document) - Document that provides answers to questions frequently asked about direct deposit.
  • DROP Special Tax Notice (Adobe PDF Document) - 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.
    • DROP Rollover Flyer (Adobe PDF Document) - Document that provides information about your ability to roll over your DROP lump sum into the FRS Investment Plan.
    • Keep your DROP in the FRS (Adobe PDF Document) - Document that explains how you can roll over your DROP lump sum into the FRS Investment Plan.
    • FAQs DROP Rollover to FRS Investment Plan (Adobe PDF Document) - Document that provides answers to questions frequently asked about rolling over your DROP lump sum to the FRS Investment Plan.

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.

Begin and End Dates for Five Year Participation Periods in DROP

Begin 2018 - End Date Begin 2019 - End Date Begin 2020 - End Date
1/1/2018 - 12/31/2022 1/1/2019 - 12/31/2023 1/1/2020 - 12/31/2024
2/1/2018 - 1/31/2023 2/1/2019 - 1/31/2024 2/1/2020 - 1/31/2025
3/1/2018 - 2/28/2023 3/1/2019 - 2/28/2024 3/1/2020 - 2/28/2025
4/1/2018 - 3/31/2023 4/1/2019 - 3/31/2024 4/1/2020 - 3/31/2025
5/1/2018 - 4/30/2023 5/1/2019 - 4/30/2024 5/1/2020 - 4/30/2025
6/1/2018 - 5/31/2023 6/1/2019 - 5/31/2024 6/1/2020 - 5/31/2025
7/1/2018 - 6/30/2023 7/1/2019 - 6/30/2024 7/1/2020 - 6/30/2025
8/1/2018 - 7/31/2023 8/1/2019 - 7/31/2024 8/1/2020 - 7/31/2025
9/1/2018 - 8/31/2023 9/1/2019 - 8/31/2024 9/1/2020 - 8/31/2025
10/1/2018 - 9/30/2023 10/1/2019 - 9/30/2024 10/1/2020 - 9/30/2025
11/1/2018 - 10/31/2023 11/1/2019 - 10/31/2024 11/1/2020 - 10/31/2025
12/1/2018 - 11/30/2023 12/1/2019 - 11/30/2024 12/1/2020 - 11/30/2025

*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.