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Department of Management Services

SMSOAP - How to Retire

What is a Senior Management Service Optional Annuity Program (SMSOAP) retirement?

A SMSOAP distribution funded by mandatory employer and mandatory employee contributions is considered a retirement. SMSOAP retirement distributions include direct rollovers to a non-SMSOAP fund. Use Form OAP-RETIRE (Adobe PDF Document) to apply for a Retirement Distribution.

What is NOT a SMSOAP retirement?

The following three distributions are not SMSOAP retirement distributions:

  • A De Minimis distribution - The rollover of a defined contribution plan account to an IRA account allowing the member to retain the balance in a tax-deferred account.
  • A Required Minimum Distribution (RMD) - A minimum distribution required of qualified plan members each year, starting when they reach age of 70½.
  • A refund of voluntary employee contributions.

   

The SMSOAP Retirement Process:

Step 1 – Complete the Retirement Application

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

   

Step 2 – Contact your Investment Provider Company

  • Request the distribution documents from your Investment Provider Company (Adobe PDF Document).
  • Return the completed documents to your Investment Provider Company. There may be tax penalties if you access the funds prior to age 59½.
  • DO NOT forward the Investment Provider Company’s documents to the division. The division does not sign your Investment Provider Company forms. 
  • The division will authorize your distribution by sending your approved application to your Investment Provider Company (see Step 5).

   

Step 3 – Terminate Your Employment

  • Like FRS members, SMSOAP members must terminate from employment from all SMSOAP and FRS employers to be eligible for retirement. 
  • 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:
    1. State University System Optional Retirement Plan (SUSORP)
    2. Florida Retirement System (FRS)
    3. State Community College System Optional Retirement Program (SCCSORP)
    4. Senior Management Service Optional Annuity Program (SMSOAP)

   

Step 4 – Remain off all SMSOAP and FRS employer payrolls

  • Before receiving a retirement distribution, you must be terminated for three complete calendar months as provided in section 121.021(39),Florida Statutes.
  • After receiving a retirement distribution, you must remain off all SMSOAP and FRS employer payrolls for an additional six complete calendar months to finalize your retirement.

   

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.

   

Normal Retirement Date:

  • You may receive a retirement distribution at any age, however, if you have reached your Normal Retirement Date (as determined below), you will be eligible to receive up to 10 percent of your SMSOAP account balance after terminating employment from all SMSOAP and FRS employers for one full calendar month.
  •  Normal Retirement Date refers to the date in which you attain normal retirement by age, which is determined as follows:
    1. If initially enrolled in SMSOAP before July 1, 2011, it is the first day of the month you attain age 62 (birth verification is required); or
    2. If initially enrolled in SMSOAP on or after July 1, 2011, it is the first day of the month you attain age 65 (birth verification is required).

   

Acceptable Birth Verification for Normal Retirement Date:

  • Birth certificate registered with Vital Statistics in state of birth
  • Delayed birth certificate
  • Census report more than 30 years old
  • Life insurance policy more than 30 years old
  • Certificate of Naturalization
  • Valid, unexpired U.S. passport
  • Florida driver license issued after Jan. 1, 2010, that indicates compliance with the federal REAL ID Act

   

Termination Requirements and Reemployment Limitations:

  • SMSOAP and FRS retirees are subject to reemployment limitations as well as termination requirements.
  • The participant must remain off all FRS employer payrolls for six calendar months after the month of distribution as indicated on the Optional Retirement Limitations Chart (Adobe PDF Document).

   

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