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Deferred Retirement Option Program (DROP)

The Deferred Retirement Option Program (DROP) provides you with an alternative method for payment of your retirement benefits for a specified and limited period if you are an eligible Florida Retirement System (FRS) Pension Plan member. Under this program, you stop earning service credit toward a future benefit, have your retirement benefit calculated at the time your DROP period begins, and your monthly retirement benefits accumulate in the FRS Trust Fund earning monthly interest equivalent to an annual rate of 6.50 percent while you continue to work for an FRS Employer. Upon termination, your DROP account is paid to you as a lump sum payment, a rollover, or a combination partial lump sum payment and rollover, and monthly benefits are paid to you in the amount as calculated upon entry into DROP, plus cost-of-living adjustments for intervening years. For more information, see the latest version of the DROP Brochure.

Link to DROP Calendar

The DROP Calendar page provides a table to help you determine DROP start and end dates for five-year terms.

Link to DROP Spreadsheet

The DROP Spreadsheet page provides an EXCEL spreadsheet to help you estimate your DROP benefits (for IBM-compatible PCs, Windows 95 or later).

Informational Material

  • Preparing to Terminate DROP - Pamphlet that explains what to expect when you terminate DROP (the forms to submit, when you will begin receiving monthly benefits, etc.). It also includes a special notice providing tax information affecting DROP payouts to help you decide how to receive your DROP benefits.
  • Frequently Asked DROP Questions - Document that provides answers to questions frequently asked by participants of the FRS Deferred Retirement Option Program.

DROP Rollovers to FRS Investment Plan

If you are a former or current DROP participant, you can elect to roll your DROP accumulation into the FRS Investment Plan as one of your investment alternatives. If you have questions about this option, call the toll-free help line at (866) 446-9377, option 1, or visit the MyFRS Web site.

DROP Related Forms

BVR-1 Birth Verification Form (Request for Proof of Age)
DP-11 Application for Service Retirement and the DROP
DP-ELE Notice of Election to Participate in the DROP and Resignation of Employment
DP-EXT Extension of DROP for Specified K-12 Instructional Personnel
DT-11 Teachers' Retirement System Application for Service Retirement and the DROP
FC-1 Salary Certification
FRS-11o Option Selection Form
FST-12 Beneficiary Designation Form - Retired Members and DROP participants
IPDROP-AD-1 DROP to Investment Plan Direct Rollover Form for Current Members
IPDROP-RO-1 DROP to Investment Plan Direct Rollover Form for Former Members
SA-1 Spousal Acknowledgement Form