If you are a university employee preparing for retirement, we have compiled essential information and helpful links to guide you through the process. Below, you will find valuable resources for various retirement plans and the necessary steps to ensure a smooth transition from an active employee to a retiree. Whether you are a participant of the Florida Pension Plan, the Florida Investment Plan, or the SUSORP Plan, we have you covered. Let’s get started!
As a vested FRS Pension Plan participant, you may take early retirement instead of normal retirement if you are vested and within 20 years of your normal retirement age. Your benefit is reduced by 5% for each year you are under your normal retirement age. Refer to the “Early Retirement” section of the FRS Pension Plan Member Handbook for more information. Early retirees will complete the same steps as listed in the “Service Retirement” section above.
Taking a distribution from your pension will make you ineligible for rehire for at least six months from the date of your distribution. You would also become ineligible to rejoin the Pension Plan or DROP upon rehire even if your position would usually qualify.
As a vested FRS Investment Plan participant, taking a distribution from your plan prior to age 59.5 is considered early retirement and may be subject to a 10% tax penalty. Rollovers and withdrawals are both considered distributions and will make you ineligible for rehire for at least six months from the date of your distribution. You would also become ineligible to join the Pension Plan or DROP upon rehire even if your position would usually qualify.
All SUSORP participants are immediately vested. Taking a distribution from your plan prior to age 59.5 is considered early retirement and may be subject to a 10% tax penalty. Rollovers and withdrawals are both considered distributions and will make you ineligible for rehire for at least six months from the date of your distribution. You would also become ineligible to join the Pension Plan or DROP upon rehire even if your position would usually qualify.