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Department of Management Services

State University System Optional Retirement Program

 

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The State University System Optional Retirement Program (SUSORP) is a defined contribution plan qualified under section 403(b) of the Internal Revenue Code administered by the Florida Department of Management Services (department). The department contracts with five Investment Provider Companies to offer a variety of mutual funds and annuities to university personnel. The SUSORP benefits are determined by performance of the participants investment choices funded by employer contributions and employee contributions.

  

Current Required Contributions to the SUSORP
Employer required investment contribution 5.14%
Employee required investment contribution 3.00%
Total 8.14%

 

SUSORP participants may designate an additional voluntary pre-taxed investment contribution of up to 5.14 percent.

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

 

Eligibility to Participate in SUSORP

Voluntary SUSORP Participants

Employees filling Florida Retirement Systems positions are eligible to participate in the SUSORP if they are employed in one the following types of university positions:

  1. Instructional and research faculty positions that are exempt from career service under the provisions of section 110.205(2)(d), Florida Statutes.
  2. Administrative and Professional positions that are exempt from career service under the provisions of section 110.205(2)(d), Florida Statutes.
  3. The Chancellor of the Division of Colleges and Universities of the State Board of Education and the president of each state university.

 

Mandatory SUSORP Participants

There are two types of mandatory SUSORP participants: (1) active employees filling faculty positions in the College of Medicine and (2) renewed members filling SUSORP eligible positions on and after July 1, 2017.

1. An employee in a faculty position at a college with a faculty practice plan is a mandatory SUSORP participant and cannot elect to participate in the FRS.

  • The employee and the employer to complete Form ORP-MAND-1 (SUSORP Mandatory Participation Form) and submit it to the division and
  • Select one Investment Provider Company (at least) and execute a contract establish an account to accept the contributions.

Legislation initially included University of Florida (J. Hillis Miller Health Center) and the University of South Florida (Medical Center at USF), however, three universities have been added: Florida International University, University of Central Florida and Florida State University. Section 121.051, Florida Statutes, states: Effective July 1, 2008, any person appointed to a faculty position, including clinical faculty, in a college at a state university that has a faculty practice plan authorized by the Board of Governors may not participate in the Florida Retirement System. A faculty member so appointed shall participate in the optional retirement program for the State University System notwithstanding section 121.35(2)(a), Florida Statutes.

2. Renewed members filling SUSORP eligible positions after July 1, 2017, must participate in SUSORP. Enrollment is not optional; however, the ORP-MAND-1 must be completed to authorize the employee’s contributions to be forwarded to an Investment Provider Company.

  

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