DROP (Deferred Retirement Option Program)
Vested Pension Plan members who reach their normal retirement date may participate in DROP. DROP allows you to effectively retire under the FRS Pension Plan. As a DROP participant, you simultaneously earn a salary while your monthly retirement benefits are earning interest for up to 60 months. When the DROP period ends, you will receive a payout of your DROP funds and begin receiving your monthly retirement benefit.
FRS Pension Plan participants who reach normal retirement date
Ready to DROP?
- Attend GET573 Florida Pension Plan/DROP workshop (recommended)
- Obtain benefit estimates from DOR:
- Online: www.rol.frs.state.fl.us
- By phone: (888) 738-2252
- Fax completed forms to UF Retirement Services at (352) 392-5166:
- DROP Retirement Packet
- Birth certificate
- Joint annuitant birth certificate (if selecting Option 3 or 4 on the FRS-11o
- Notify your department of vacation leave cashout hours (if applicable)
- NOTE: Your insurance coverage does NOT change upon entering the DROP program.
When DROP Period Ends
- A packet of information/forms will be mailed to your home address approximately 90 days before your scheduled DROP exit date. Notify UF Retirement Services and your department if you will be leaving earlier than anticipated.
- DP-TERM – Sign and fax to UF Retirement Services at (352) 392-5166
- DP-PAYT – Sign and fax to the DROP Termination Unit at (850) 410-2199
- Any eligible remaining leave is cashed out according to the salary plan maximums. Leave cashouts $5,000 or more are processed according to UF’s Special Pay Plan.
- Contact PeopleFirst at (877) 562-7287 about your State health and life insurance after you have separated employment.
- Enrollment Packet (contains DP-11, DP-ELE, FRS-11o, and SA-1)
- “FST-12″ Beneficiary Designation Form for DROP participants (if needed)