State University System Optional Retirement Program

<p class="pb-6">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).&nbsp;</p><p class="pb-6">The&nbsp;<a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/state_university_system_optional_retirement_program/eligibility_to_participate_in_susorp" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Eligibility to Participate in SUSORP</a>&nbsp;page describes both voluntary and mandatory SUSORP participants.</p><table class="table table_ibexa_content border-collapse table-auto text-sm my-6 inline-table overflow-x-auto w-full max-w-full shadow-xl border border-blue-500"><tbody class="w-full"><tr><td class="p-4"><p style="text-align:center;" class="pb-6"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/state_university_system_optional_retirement_program/susorp_investment_products_and_fees" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Investment Products and Fees</a></p></td><td class="p-4"><p style="text-align:center;" class="pb-6"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/state_university_system_optional_retirement_program/susorp_-_how_to_enroll" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">How to Enroll</a></p></td><td class="p-4"><p style="text-align:center;" class="pb-6"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/state_university_system_optional_retirement_program/susorp_-_how_to_make_changes" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">How to Make Changes</a></p></td></tr><tr><td class="p-4"><p style="text-align:center;" class="pb-6"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/state_university_system_optional_retirement_program/susorp_-_how_to_retire" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">How to Retire</a></p></td><td class="p-4"><p style="text-align:center;" class="pb-6"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/state_university_system_optional_retirement_program/susorp_-_how_to_request_a_refund_of_voluntary_employee_contributions" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">How to Request a Refund</a></p></td><td class="p-4"><p style="text-align:center;" class="pb-6"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/state_university_system_optional_retirement_program/susorp_-_how_to_request_a_required_minimum_distribution" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">How to Request a RMD</a></p></td></tr><tr><td class="p-4"><p style="text-align:center;" class="pb-6"><a href="https://frs.fl.gov/forms/Optional_Distribution_Chart.pdf" target="_blank" title="undefined" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Optional Distribution Eligibility Chart&nbsp;</a> [ Adobe PDF Document ]</p></td><td class="p-4"><p style="text-align:center;" class="pb-6"><a href="https://frs.fl.gov/forms/Optional_Reemployment_Limitations_Chart.pdf" target="_blank" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Reemployment After Retirement Chart</a> [ Adobe PDF Document ]</p></td><td class="p-4"><p style="text-align:center;" class="pb-6"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/state_university_system_optional_retirement_program/susorp_forms_publications_and_contact_information" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Forms, Publications,</a><br><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/state_university_system_optional_retirement_program/susorp_forms_publications_and_contact_information" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">and Contact Information</a></p></td></tr></tbody></table><p class="pb-6">The department contracts with four&nbsp;<a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/state_university_system_optional_retirement_program/susorp_investment_provider_companies" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Investment Provider Companies</a> 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.</p><table class="table table_ibexa_content border-collapse table-auto text-sm my-6 inline-table overflow-x-auto w-full max-w-full shadow-xl border border-blue-500"><thead><tr><th colspan="2" class="font-bold p-4 text-left text-white bg-blue-500 leading-[1.5]"><p style="text-align:center;" class="pb-6">Current Required Contributions to the SUSORP</p></th></tr></thead><tbody class="w-full"><tr><td class="p-4">Employer required investment contribution</td><td class="p-4">5.14%</td></tr><tr><td class="p-4">Employee required investment contribution</td><td class="p-4">3.00%</td></tr><tr><td class="p-4"><p style="text-align:right;" class="pb-6">Total</p></td><td class="p-4">8.14%</td></tr></tbody></table><p class="pb-6">SUSORP participants may designate an additional voluntary pre-taxed investment contribution of up to 5.14 percent.</p>


Senior Management Service Optional Annuity Program

<p class="pb-6">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).&nbsp;</p><p class="pb-6">The&nbsp;<a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/senior_management_service_optional_annuity_program/eligibility_to_participate_in_smsoap" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Eligibility to Participate in SMSOAP</a>&nbsp;page describes positions eligible to participate in SMSOAP.</p><table class="table table_ibexa_content border-collapse table-auto text-sm my-6 inline-table overflow-x-auto w-full max-w-full shadow-xl border border-blue-500"><tbody class="w-full"><tr><td class="p-4"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/senior_management_service_optional_annuity_program/smsoap_investment_products_and_fees" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Investment Products and Fees</a></td><td class="p-4"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/senior_management_service_optional_annuity_program/smsoap_-_current_membership" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Current Membership</a></td><td class="p-4"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/senior_management_service_optional_annuity_program/smsoap_-_how_to_make_changes" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">How to Make Changes</a></td></tr><tr><td class="p-4"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/senior_management_service_optional_annuity_program/smsoap_-_how_to_retire" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">How to Retire</a></td><td class="p-4"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/senior_management_service_optional_annuity_program/smsoap_-_how_to_request_a_refund_of_voluntary_employee_contributions" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">How to Request a Refund</a></td><td class="p-4"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/senior_management_service_optional_annuity_program/smsoap_-_how_to_request_a_required_minimum_distribution" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">How to Request a RMD</a></td></tr><tr><td class="p-4"><a href="https://frs.fl.gov/forms/Optional_Distribution_Chart.pdf" target="_blank" title="undefined" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Optional Distribution Eligibility Chart&nbsp;</a> [ Adobe PDF Document ]</td><td class="p-4"><a href="https://frs.fl.gov/forms/Optional_Reemployment_Limitations_Chart.pdf" target="_blank" title="undefined" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Reemployment After Retirement Chart</a> [ Adobe PDF Document ]</td><td class="p-4"><a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/senior_management_service_optional_annuity_program/smsoap_forms_and_contact_information" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Forms&nbsp;and Contact Information</a></td></tr></tbody></table><p class="pb-6">The department contracts with four <a href="https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_programs/senior_management_service_optional_annuity_program/smsoap_investment_provider_companies" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Investment Provider Companies</a> 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 member's investment choices funded by employer contributions and employee contributions.</p><table class="table table_ibexa_content border-collapse table-auto text-sm my-6 inline-table overflow-x-auto w-full max-w-full shadow-xl border border-blue-500"><thead><tr><th colspan="2" class="font-bold p-4 text-left text-white bg-blue-500 leading-[1.5]"><p style="text-align:center;" class="pb-6">Current Required Contributions to the SMSOAP</p></th></tr></thead><tbody class="w-full"><tr><td class="p-4">Employer required investment contribution</td><td class="p-4">6.27%</td></tr><tr><td class="p-4">Employee required investment contribution</td><td class="p-4">3.00%</td></tr><tr><td class="p-4"><p style="text-align:right;" class="pb-6">Total</p></td><td class="p-4">9.27%</td></tr></tbody></table><p class="pb-6">SMSOAP members may designate an additional voluntary post-taxed investment contribution of up to 6.27 percent.</p>


<p class="pb-6">The Division has released <a href="https://frs.fl.gov/forms/ir25-239.pdf" target="_blank" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Information Release 2025-239 Retirement Employer Contribution Rates for 2025-2026</a> [ Adobe PDF Document ]. This information release publishes contribution rates effective July 1, 2025, for active and renewed members of the FRS by plan and class code, including rates for the unfunded actuarial liability (UAL), the Retiree Health Insurance Subsidy (HIS), and the assessment for FRS administrative/educational costs. Rates are also provided for the Deferred Retirement Option Program (DROP) and optional programs. This release includes a schedule of dates that contributions and retirement reports are due in Fiscal Year 2025-26.</p><p class="pb-6">The Division has released&nbsp;<a href="https://frs.fl.gov/forms/ir25-238.pdf" target="_blank" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">Information Release 2025-238 Re-Assessment of Designated Senior Management Service Class Positions.</a> [ Adobe PDF Document ] This information release contains information regarding section 121.055(2)(b), Florida Statutes which provides a six-month window every five years allowing local (non-state) agencies to remove designated SMSC positions from the class.</p><p class="pb-6">&nbsp;</p>            
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                         target="_blank"        ><img src="https://cc-dms-storage.s3.amazonaws.com/main/images/_aliases/200x200/media/frs/frsonline/516880-3-eng-US/frsonline.png" alt="Link to FRS Online" height="59" width="200" /></a></figure>

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<p class="pb-6"><a href="https://frs.fl.gov/" target="_blank" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">FRS Online</a> is a secure website that provides active and retired <strong>FRS Pension Plan</strong> members access to their account for services and retirement information.</p><p class="pb-6">The <a href="http://www.myfrs.com/" class="underline text-blue-500 transition-colors ease-in-out duration-500 hover:text-blue-400">MyFRS website</a> is a secure website that provides access to free general financial guidance and pre-retirement financial planning for all FRS members. MyFRS also provides active and retired <strong>FRS Investment Plan</strong> members access to their account information.</p>
