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Department of Management Services

Senior Management Service Optional Annuity Program

      

   

The Senior Management Service Optional Annuity Program (SMSOAP) is a defined contribution plan qualified under section 401(a) of the Internal Revenue Code administered by the Florida Department of Management Services (department). The department contracts with four Investment Provider Companies to offer a variety of mutual funds and annuities to select senior-level managers who are eligible for membership in the Senior Management Service Class (SMSC). The SMSOAP benefits are determined by performance of the participants investment choices funded by employer contributions and employee contributions.

 

Current Required Contributions to the SMSOAP
Employer required investment contribution 6.27%
Employee required investment contribution 3.00%
Total 9.27%

 

SMSOAP participants may designate an additional voluntary post-taxed investment contribution of up to 6.27 percent.

Information about the four Investment Provider Companies can be found by selecting the links below.

Eligibility to Participate in SMSOAP

Employees filling select SMSC positions are eligible to participate in the State SMSOAP in lieu of membership in the SMSC if they are employed as senior-level managers employed with:

  1. The State of Florida
  2. The Florida State Board of Administration
  3. The Legislature
  4. The Auditor General and the managerial staff
  5. The Executive Director of the Ethics Commission
  6. The Judicial Branch

Effective July 1, 2017, SMSOAP is closed to new members, however a non-retired member enrolled in SMSOAP prior to July 1, 2017, may retain their membership.

 

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