Human Resources serves as a liaison with the State of Florida’s Division of Retirement and employees regarding retirement information. Employees can seek assistance from Human Resources in enrolling in retirement plans, counseling on retirement benefits, and assistance through the retirement process.

Please select the appropriate employee category to review the retirement options available to you:

Administrative Employees

Administrative employee have three options for retirement:

The FRS Pension Plan
The FRS Investment Plan
The Optional Retirement Plan (ORP)

Upon hire, Administrative employees are enrolled in the ORP until an election is made. Employees have 90 days from their date of hire to select the ORP program. If no election is made within the 90 days, the employees then are moved into the FRS Pension Plan and have until the end of their fifth month to select between the Pension Plan and the Investment Plan with FRS.

For more details about the plans, please select the plan name from the list above.

Voluntary Retirement Plans: Administrative employees also have the option of electing to supplement their Retirement Plan with a variety of voluntary retirement plans. This can be done at anytime during employment.

Faculty

Faculty have three options for retirement:

The FRS Pension Plan
The FRS Investment Plan
The Optional Retirement Plan (ORP)

Upon hire, Faculty are enrolled in ORP until an election is made. Employees have 90 days from their date of hire to select the ORP program. If no election is made within the 90 days, the employees then are moved into the FRS Pension Plan and have until the end of their fifth month to select between the Pension Plan and the Investment Plan with FRS.

For more details about the plans, please select the plan name from the list above.

Voluntary Retirement Plans: Faculty also have the option of electing to supplement their Retirement Plan with a variety of voluntary retirement plans. This can be done at anytime during employment.

Staff Employees

Staff employees have two options for retirement:

The FRS Pension Plan
The FRS Investment Plan

New employees are automatically enrolled in the FRS Pension Plan. Employees have until the end of the fifth month of employment to choose between the two plans available. If no selection is made, the employee will remain in the FRS Pension Plan. A comparison for the two plans is available to aid in the decision as well as an online video.

For more details about the plans, please select the plan name from the list above.

Voluntary Retirement Plans: Staff employees also have the option of electing to supplement their Retirement Plan with a variety of voluntary retirement plans. This can be done at anytime during employment.

Temporary (OPS) Employees (PDF)

View information about the Temporary Employment Retirement Plan

Voluntary Retirement Plans Open to All Employees

The University of South Florida offers two types of voluntary retirement accounts:

Tax Sheltered Annuities- 403(b): The University of South Florida offers all employees (Administration, Faculty, Staff and OPS) the opportunity to participate in tax sheltered annuities. This program offers employees the opportunity to save money for retirement while reducing their current income tax liability. Taxes on earnings and contributions are deferred until you receive them as income. Contributing to a tax sheltered annuity is voluntary. Contributions are made through payroll deduction and forwarded to a participating investment company.

Deferred Compensation (457): The State of Florida Deferred Compensation Program offers employees (Administration, Faculty, Staff and Temporary) the opportunity to save money for retirement while reducing their current income tax liability. Taxes on earnings and contributions are deferred until you receive them as income. Contributing to a State Deferred Compensation Plan is voluntary. Contributions are made through payroll deduction and forwarded to a participating investment company. Click here for the State Deferred Compensation website.

Enrollment and changes in contributions can be made at any time. Please select the plan name above for details on providers and how to enroll.