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Department of Management Services

SMSOAP - How to Request a Refund of Voluntary Employee Contributions

General Information:

  • You may request a partial amount or all of your voluntary employee contributions.
  • You must terminate all employment relationships with your SMSOAP employer and all participating Florida Retirement System (FRS) employers for three complete calendar months to be eligible to receive your voluntary employee contributions.
  • You may incur tax penalties if you access the funds prior to age 59½.
  • A refund is not a retirement distribution; therefore, reemployment limitations do not apply.

Use Form OAP-REFUND (Adobe PDF Document) to request a refund of only your voluntary employee contributions under the Senior Management Service Optional Annuity Program (SMSOAP).

 

The SMSOAP refund process:

Step 1 – Complete the Refund Application

  • Complete Sections I and II of the Form OAP-REFUND (Adobe PDF Document) and have your signature notarized.
  • Submit Form OAP-REFUND to your last SMSOAP or FRS employer.
  • Your last employer will certify and forward the Form OAP-REFUND to the Division of Retirement (division).

  

Step 2 – Contact your Investment Provider Company

  • Request the distribution documents from your Investment Provider Company (Adobe PDF Document).
  • Return completed documents to your Investment Provider Company. 
  • Do not forward the Investment Provider Company’s documents to the division.
  • The division does not sign Investment Provider Company forms. 
  • The division authorizes your distribution by sending your approved application to your Investment Provider Company (see Step 5).

  

Step 3 – Terminate Your Employment

  • Like other types of distributions, SMSOAP participants must terminate from employment from all SMSOAP and FRS employers to be eligible for a refund.
  • If you work for more than one participating employer, even in a temporary position, you must terminate employment from each employer offering the following retirement plans:
    • State University System Optional Retirement Plan (SUSORP)
    • Florida Retirement System (FRS),
    • State Community College System Optional Retirement Program (SCCSORP); and
    • Senior Management Service Optional Annuity Program (SMSOAP)

  

Step 4 – Remain off all SMSOAP and FRS employer payrolls

  • Before receiving a refund of your voluntary contributions, you must be terminated for three complete calendar months.

  

Step 5 – Division Approval of Your Retirement Application

  • The Optional Distribution Eligibility Chart (Adobe PDF Document) provides information on eligibility dates to receive a retirement distribution based on your month of termination.
  • The division will check each month to verify that you have remained off all SMSOAP and FRS employer payrolls for three complete calendar months to meet the termination requirement.
  • After verification is completed, the division will forward your approved application to your Investment Provider Company to authorize your distribution.

   

Step 6 – Your Investment Provider Company Processes Your Distribution

  • Your Investment Provider Company cannot distribute your funds until the fourth calendar month following your month of termination.
  • Your distribution should be processed by the 15th day of the fourth calendar month. If you have not received your distribution by the 20th day of the fourth calendar month, contact your Investment Provider Company.

  

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