State University System Optional Retirement Program
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The 1983 Florida Legislature created the State University System Optional Retirement Program (SUSORP) for eligible State University faculty and administrators. The program, which became effective July 1, 1984, was expanded in 1988 to include the State University System Executive Service. The program is intended to aid the university system in recruiting employees by offering more portability to those employees who do not expect to remain in the State University System long enough to vest in the Florida Retirement System. |
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The SUSORP is a defined contribution plan that provides full and immediate vesting of all contributions submitted to the participating companies on behalf of the participant. Employees in eligible positions are compulsory participants in the Optional Retirement Program during the first 90 days of employment. If the employee fails to execute the enrollment form ORP-16, choosing ORP membership and a provider company during that 90-day period, the employee will be defaulted to membership in the Florida Retirement System (FRS). |
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The SUSORP provides retirement and death benefits through contracts with designated insurance carriers. The employing university contributes on behalf of the participant a percentage of the participant’s salary as required by law. As of July 1, 2008, this contribution rate remains 10.43 percent of the participant’s salary. A portion remains in the Optional Retirement Program Trust Fund for program administrative costs. The remaining contribution is invested in the company or companies selected by the participant to create a fund for the purchase of annuities at retirement. The participant may contribute by salary reduction an amount not to exceed the percentage contributed by the university to the participant’s annuity account. As of June 30, 2008, there were 16,919 participants in the SUSORP. |
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The five approved participating companies with which participants must invest their SUSORP funds are: |
These companies are required to provide reports to the participants each quarter. |