Human Resource Services

Florida Pension Plan

The Florida Retirement System (FRS) is combined with social security to assist you by providing an income for your later years or in instances of an unforeseen disability.

After six years of service, you have vested rights in the retirement system and may retire at age 62 with full benefits--or at an earlier age with reduced benefits. Annual benefits are figured on an average of your five years of highest earnings multiplied by a percentage factor (listed below) that is based on your age or years of service with the state. Thirty years of service also will give you full benefits upon retirement, regardless of your age.

The following factors apply to FRS benefits:
1.6 percent Age 62 or 30 years of service at time of retirement
1.63 percent Age 63 or 31 years of service at time of retirement
1.65 percent Age 64 or 32 years of service at time of retirement
1.68 percent Age 65 + or 33 + years of service at time of retirement

For more information about calculating your FRS benefits, please visit the Estimates section of the Division of Retirement's web site.

The FRS includes provisions for retirement income; disability income; credit for wartime military service prior to state employment if employed before January 1, 1987; beneficiary options; and 3 percent annual cost-of-living increases. You may wish to supplement these provisions by considering the various tax-deferred annuities plans available through University of Florida payroll deduction.

If you leave state employment, regardless of your length of service, you may receive a full refund of your contributions made prior to January 1, 1975. You may, however, choose to leave your contributions in your account and retain your retirement credits in case you are reemployed with an FRS employer at a later date.