All Executive Service (AEX), Faculty, Administrative & Professional (A&P), and University Support Personnel System (USPS) employees participate in a State of Florida retirement program. These plans are primarily employer-funded accounts with employees making a mandatory 3% contribution regardless of the plan chosen. Plan participation is based on position type.
USPS employees will elect to participate in either the Florida Retirement System (FRS) Pension Plan or the FRS Investment Plan. AEX, Faculty, and A&P employees can participate in the State University System Optional Retirement Program (SUSORP), FRS Pension Plan or FRS Investment Plan. Faculty in the College of Medicine are mandatory SUSORP participants.
FRS Investment Plan
The FRS Investment Plan is a defined contribution plan. Participants are vested upon completion of one year of creditable service and decide how to allocate contributions among offered investment funds. The amount of the retirement benefit is determined by the employer and employee contributions and the performance of the investment fund choices.
Employees participating in the FRS Investment Plan are encouraged to create an account with the MyFRS website to easily manage their account. Please note that you may need to request a PIN from the FRS to log in. This is mailed from the FRS office, and FSU cannot access your PIN.
| Employee Type | Retirement Plan | Vesting Period | Enrollment Form(s) | Enrollment Deadline |
|---|---|---|---|---|
| A&P, Executive Service, Faculty | SUSORP | None | ORP‐ENROLL‐1 | 90 days from hire date. |
| FRS Pension FRS Investment |
8 years 1 year |
ORP‐ENROLL‐1 and ELE‐1‐EZ | The last business day of the 8th month after month of hire. | |
| USPS | FRS Pension FRS Investment |
8 years 1 year |
ELE‐1‐EZ | The last business day of the 8th month after month of hire. |
FRS Pension Plan
The FRS Pension Plan is a defined benefit plan in which participants are guaranteed a benefit at retirement. The amount of the future benefit is determined by a formula based on earnings, length of service, and membership class.
Participants are vested upon completion of 8 years of creditable service and thus eligible to receive a lifetime monthly benefit upon retirement.
Employees participating in the FRS Pension Plan are encouraged to create an account with the FRS Online portal to easily manage their account. Please note that you may need to request a PIN from the FRS to log in. This is mailed from the FRS office, and FSU cannot access your PIN.
| Employee Type | Retirement Plan | Vesting Period | Enrollment Form(s) | Enrollment Deadline |
|---|---|---|---|---|
| A&P, Executive Service, Faculty | SUSORP | None | ORP‐ENROLL‐1 | 90 days from hire date. |
| FRS Pension FRS Investment |
8 years 1 year |
ORP‐ENROLL‐1 and ELE‐1‐EZ | The last business day of the 8th month after month of hire. | |
| USPS | FRS Pension FRS Investment |
8 years 1 year |
ELE‐1‐EZ | The last business day of the 8th month after month of hire. |
SUSORP
Participants are vested immediately once enrolled and decide what approved SUSORP provider company, or companies, to invest their funds. SUSORP is a defined contribution plan. The amount of the retirement benefit is determined by the employer and employee contributions and the performance of the investment funds. Employees must execute a contract with at least one Investment Provider Company to establish a SUSORP account.
A special note: Once enrolled in the ORP, participants will NOT have the option to transfer into either the FRS Pension Plan or FRS Investment Plan. Florida Statute deems any election into the SUSORP as irrevocable for the duration of employment in eligible positions, regardless of prior FRS Plan membership.
| Employee Type | Retirement Plan | Vesting Period | Enrollment Form(s) | Enrollment Deadline |
|---|---|---|---|---|
| A&P, Executive Service, Faculty | SUSORP | None | ORP‐ENROLL‐1 | 90 days from hire date. |
| FRS Pension FRS Investment |
8 years 1 year |
ORP‐ENROLL‐1 and ELE‐1‐EZ | The last business day of the 8th month after month of hire. | |
| USPS | FRS Pension FRS Investment |
8 years 1 year |
ELE‐1‐EZ | The last business day of the 8th month after month of hire. |
Frequently Asked Questions
That depends on your career and retirement goals! While the FSU HR-Benefits team has no financial planners on staff, the FRS provides free financial planning services to all FRS and ORP members while they have active FRS employment. We advise contacting the MyFRS Financial Guidance line if you are in the Pension Plan or Investment Plan, or your potential ORP Provider Company’s representative to discuss your goals and how to make your retirement work best for you.
It can! Several factors can impact what retirement plans you may be eligible for besides position type, like prior elections made, plan availability, and distributions taken. If you have questions regarding your status within the FRS or the ORP, please contact our office at retirement@fsu.edu for assistance.
The MyFRS website is a great resource when initially electing a plan or considering changing between the FRS plans. While the page focuses on the FRS Plans, this brochure is a great resource when comparing the ORP to both FRS Plans.
It depends on quite a few variables. If this applies to you, please contact our office (retirement@fsu.edu) so we can gather all the information we need to assist you.
The utilize your one-time switch or FRS 2nd election, you must contact the MyFRS Financial Guidance Line to begin this process. The one-time switch is not finalized without your approval, and it does not cost you anything to get an estimate of any costs associated with making the switch.
Please note: This option cannot be reversed once finalized and is not available to participants in the SUSORP.
