As you prepare for retirement, there are several important elements to consider, from finances to retiree healthcare planning. While the general steps for each retirement plan are outlined below, we recommend that all employees schedule an appointment with the UF Benefits team three to six months before retirement to ensure a smooth transition.
Our team will generate a personalized retiree checklist for you, including all the needed forms for accessing your retirement funds, and share the retiree health options available to you.
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.