Optional Plans
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FRS Investment Plan |
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In 2000, the Florida Legislature created the FRS Investment Plan, a new defined contribution program that was added to the menu of choices available to FRS members beginning in 2002. Formally created as the Public Employee Optional Retirement Program (PEORP), the FRS Investment Plan is available as an option for current and future FRS members, including renewed members (FRS retirees who have returned to FRS employment). Participants of the Senior Management Service Optional Annuity Program (SMSOAP) had a three-month window in 2002 when they could transfer to this plan and, since July 1, 2003, participants of the Community College Optional Retirement Program (CCORP) can elect to transfer to this plan. However, participants of the State University System Optional Retirement Program (SUSORP) or the Deferred Retirement Option Program (DROP) cannot participate, and the FRS Investment Plan is not available for members of the Teachers' Retirement System or the State and County Officers and Employees' Retirement System. The FRS Investment Plan is administered by the Florida State Board of Administration (FSBA). For information about this plan, assistance making your choice between participating in the FRS Investment Plan or the FRS Pension Plan, and free financial planning tools available to all FRS members, you are encouraged to visit www.MyFRS.com, the cooperative Web site of the FSBA and the Division of Retirement, or call the toll-free help line at 866/446-9377. A summary plan description for the FRS Investment Plan is available on the Publications Page of this Web site or it can be accessed via the “Resources” tab on the main page of the MyFRS Web site. |
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Senior Management Service Optional Annuity Program |
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In 1986, the Senior Management Service Optional Annuity Program (SMSOAP) was established for members of the state Senior Management. This program has since been expanded to include selected managerial staff of the Legislature, the Auditor General and his managerial staff, and the Executive Director of the Ethics Commission, senior-level managers of the State Board of Administration, and selected managerial staff with the Judicial Branch. |
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State University System Optional Retirement Program |
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In 1984, the State University System Optional Retirement Program (SUSORP) was established for eligible State University faculty and administrators. This program has since been expanded to include the State University System Executive Service. |
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Other Related Links |
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