Human Resource Services

Comparison of UF Retirement Plans offered by the state

 

Download the brochure from the Florida Retirement System

 

FRS Pension Plan

FRS Investment Plan

State University System Optional Retirement Program (SUSORP)

Type of Plan

Defined Benefit Plan

Defined Contribution Plan

Defined Contribution 403(b) Plan

Vesting

6 years

1 year (new hire)

Immediate

Eligibility

USPS, TEAMS-U (former USPS), TEAMS-A (former A&P), Academic Personnel

USPS, TEAMS-A (former A&P), TEAMS-U (former USPS), Academic Personnel

Academic Personnel and TEAMS-A (former A&P)

Employer Contribution

Employer-paid

9 percent of eligible gross salary (Regular Class)

10.42 percent of eligible gross salary

Providers

Diversified mix of investment funds

VALIC, ING, Jefferson National Life Insurance, MetLife, and TIAA-CREF

Normal Retirement

Age 62 (Regular Class) and vested or 30 years of service at any age

Any age

Separation and initiation of lifetime annuity income payments. May incur tax penalty prior to age 59 1/2.

Benefit Formula

(Length of service) x (1.6 percent) x (average of 5 years of earnings (high))

Account balance (adjusted for earnings and losses)

Account balance (adjusted for earnings and losses)

Deferred Retirement Option Program (DROP)

Yes

No

No

Portability

No

Yes

Yes

Cost of Living Adjustment (COLA)

3 percent

May elect payout option to include 3 percent COLA

NA

Early Retirement

Yes--5 percent reduction for each year below age 62

May incur tax penalty prior to age 55

May incur tax penalty prior to age 55

Disability

Yes

Yes

No

Health Insurance Subsidy

Yes

Yes, for those age 62 with 6 years of service (Regular Class) or at any age after 30 years of service

No