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General Description

General Description of SUSORP

The State University System Optional Retirement Program is a defined contribution pension plan offered for certain eligible employees 1 of universities in the State University System. On an ongoing basis throughout each year, the state through your university will contribute a percentage of your earnings 2 to the participating company or companies you selected on your contract application(s). These contributions are invested on your behalf, at your direction, to create your retirement fund 3.
The amount of compensation to be contributed each month by your employer to your contract provider is based on a percentage rate established by State law 2. The employer contribution rate is subject to change by the Florida Legislature. In the past, the employer contribution rate has been as low as six percent and as high as 11.83 percent. However, since July 1, 2002, the contribution rate has been established at 10.43 percent of covered wages. Of this percentage, the amount paid to the provider companies was set at 10.42 percent, with an additional 0.01 percent to be retained by the Division of Retirement for administration of the program.
For examples of investment amounts and the result of different return rates, you may wish to visit the MyFRS Web site and make use of the various calculators available there.
1 For more on SUSORP eligibility, see Eligibility & Plan Comparison.
2 For more on SUSORP employer contributions, see Contributions.
3 For more on SUSORP benefits, see Benefits at Retirement.
E-mail your SUSORP comments or questions to us. Please include your name, mailing address, e-mail address, the last four digits of your social security number (SSN), and your phone number if you require an answer from us.