State University System Optional Retirement Plan (SUSORP)
The State University System Optional Retirement Program (SUSORP) is available to Administration and Faculty. Employees appointed to a Faculty position in the College of Medicine are required to participate.
Note: Enrollment in this plan must occur within 90 days from the date of hire.
Description of the Plan
The SUSORP is a defined contribution plan sponsored by the State of Florida. It is not a matching plan. Participants are immediately vested in the plan. The amount of your benefit at retirement is determined by the contributions made to your account and the performance of your investment choices. More information on SUSORP is available on the MyFlorida website.
The plan is funded through the following contributions:
- Employer Funded Contribution: 5.14%
- Employee Mandatory Contribution: 3.00%
- Employee Voluntary Contribution: Up to 5.14%
Contributions are directed into an individual account, and you will be able to decide how to allocate the contributions among various investment funds.
Retirement Contributions are limited by the IRS. (More information.)
How to Enroll
- Contact the approved provider company of your choice to sign a contract. View the list of provider companies.
- Complete a SUSORP Enrollment Form (ORP-ENROLL) and select the option for the ORP.
- Faculty in the College of Medicine must complete the SUSORP Mandatory Participation Form (ORP_MAND).
- Submit form(s) to the HR Benefits department.
- The contract with an approved company and enrollment form must be completed within 90 days of your hire date.
Changes to Voluntary Contributions
- Complete a SUSORP Change Form (ORP-CHANGE) and submit this form to the HR Benefits department.
How to Change SUSORP Vendors
- Contact the SUSORP vendor of choice and complete their retirement account contracts. Note: You may have more than one SUSORP vendor.
- Notify the former SUSORP vendor of your decision to change.
- Complete the SUSORP Change Form (ORP-CHANGE), indicating your change in vendor and/or contributions.
- Return the ORP-CHANGE form to the HR Benefits department for employer verification.
- The change will take effect the next available pay date.
SUSORP Loans and Hardship Withdrawals
There are no loan or hardship withdrawals available from SUSORP accounts.
How to Retire
- Contact your provider company to initiate a distribution/rollover from your Employer funded account.
- Complete the ORP-RETIRE form.
- Contact your HR Benefits Representative in your Service Center to schedule a retirement appointment.