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 Eligibility to Participate in SMSOAP page describes positions eligible to participate in SMSOAP.
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 member's 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 members may designate an additional voluntary post-taxed investment contribution of up to 6.27 percent.
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