Retirement Plans

Eligible permanent employees participate in one of the three retirement plans administered by the State of Florida:

• State University System Optional Retirement Program (SUSORP):
  Available to exempt (salaried) employees only. A defined-contribution plan where the benefit depends on the amount of money contributed to the employee’s account and its growth over time. Employee contribution is mandatory at 3%, and employer matching is 5.14%. Employees must contact a SUSORP investment provider to execute a contract and submit an Enrollment Form to UF Benefits within 90 days from hire to participate in this plan.

• • Permanent faculty in colleges with a clinical component are mandated to participate in the SUSORP. They must contact a SUSORP investment provider to execute a contract and submit a Mandatory Participation Form to UF Benefits in order to begin accruing gains.

• Florida Retirement System (FRS) Pension Plan:
  A defined-benefit plan that pays a guaranteed lifetime monthly benefit based on years of service and highest salary while working for an FRS-covered employer. Employee contribution is mandatory at 3%. Vested Pension Plan participants who reach their normal retirement date or full years of service may take advantage of the Deferred Retirement Option Program (DROP).

• Florida Retirement System (FRS) Investment Plan:
  A defined-contribution plan where the benefit depends on the amount of money contributed to employee’s account and its growth over time. Employee contribution is mandatory at 3%, and employer matching is 8.3%. Eligible employees will default to this plan after eight months from hire if no election is made.

Deferred Retirement Option Program (DROP)

Vested Pension Plan members may participate in DROP upon reaching their normal retirement age or full years of service. DROP allows participants to finalize their pension benefit amount and begin investing their monthly benefit in a state trust fund while continuing employment for up to eight years.

College of Medicine 403(b) Plan (AEF Retirement Plan)

Clinical faculty in the College of Medicine participate in the AEF 403(b) retirement plan in addition to the State University System Optional Retirement Program.

Voluntary Savings Plans

403(b) and 457 Deferred Compensation plans are open to all employees. Tax-deferred and after-tax Roth options are available. These voluntary plans have annual IRS contribution limits and no employer contributions.

FICA Alternative Plan

A defined-contribution plan for temporary employees in lieu of earning Social Security credits. The benefit depends on the amount of money contributed to the employee’s account and its growth over time. Employee contribution is mandatory at 7.5%, and there is no employer matching for this plan.

Special Pay Plan

Eligible employees receiving vacation and/or sick leave cash-outs valued at $5,000 or more will receive their cash-outs through a Special Pay Plan instead of direct deposit.