Retirement
DROP Program
The Deferred Retirement Option Program (DROP) is a retirement program within the FRS Pension Plan that allows you to retire and have your FRS benefits accumulate in the FRS Trust Fund earning interest while you continue to work for up to eight years. Your participation in DROP does not change your conditions of employment. When the DROP period ends, you must terminate employment to receive your accumulated DROP benefit and begin receiving your monthly retirement benefit.
For additional information:
- Visit the Division of Retirement website.
- Access the FRS DROP Guide
- View the FRS Informational Videos
Eligibility
As an eligible member of the FRS Pension Plan you may participate in DROP when you are vested and have reached your normal retirement date. Your "normal retirement date" is the earliest date at which you become eligible for full, unreduced benefits based upon your age and/or years of service.
| Plan | Hired before 07/01/2011 | Hired on or after 07/01/2011 |
|---|---|---|
| FRS Pension | 6 years | 8 years |
| Retirement Type | Hired before 07/01/2011 | Hired on or after 07/01/2011 |
|---|---|---|
| Regular | Age 62 or 30 years of service | Age 65 or 33 years of service |
| Special Risk | Special Risk Age 55 or 25 years of service; or Age 52 with 25 years of Special Risk service and military service combined. | Special Risk Age 55 or 25 years of service; or Age 52 with 25 years of Special Risk service and military service combined. |
Election
If you wish to participate in DROP, you may make your election up to six months before the date you plan to begin participation, but the Division of Retirement must receive your election no later than the month you wish to begin DROP. You can begin DROP participation at any time on or after your regular retirement date, and you can participate in DROP for a maximum of 96 months (8 years).
How to Enroll IN DROP
If you would like to participate in DROP, you will need to do the following:
- Download and print the DROP Retirement Form Packet. Please review the instructions on page 1 of the packet, especially #7, which outlines documents required for birth date verification for you and your beneficiaries. A comprehensive explanation of your retirement payment options can be found on page 9 (Form FRS-11o). Please review this form carefully.
- Contact a Benefits representative by emailing benefits@usf.edu to schedule an appointment.
- Bring the forms to your appointment, along with valid ID (driver’s license or US Passport). A Benefits Representative will review, sign and notarize the forms.
HOW TO EXTEND YOUR DROP TERMINATION DATE (CURRENT DROP EMPLOYEES)
If you are currently in DROP and would like to extend your DROP period from 60 months
(5 years) to the maximum of 96 months (8 years), you will need to do the following:
Step 1: Download, print and complete the DROP Extension Supervisor
Acknowledgement Form. Both you and your supervisor need to sign this form.
Step 2: Download, print and complete only the top portion of the DP-ELE Form (Notice of Election to Participate in the Deferred Retirement Option Program Form)
Example of DP-ELE Form
Step 3: Contact a Benefits representative by emailing benefits@usf.edu to schedule an appointment. You will need to bring the forms to your appointment, along with valid ID (driver’s license). A Benefits Representative will review, sign and notarize the forms.
How to Terminate DROP
Should you choose to terminate DROP prior to your scheduled end date, please notify the Benefits representatives at benefits@usf.edu. Benefits will submit your new termination date to the Division of Retirement.
- A few weeks after notifying Benefits of your new DROP termination date, the Division of Retirement will send you a DROP Termination Notification Form (DP-TERM), DROP Selected Payout Method Form (DP-PAYT), and a Joint Annuitant Verification Form (DP-JOINT – only if Option 4 was selected). These forms will be mailed to your home address.
- Once the forms are received at your home address, email benefits@usf.edu to schedule an appointment with a Benefits Representative. Bring the forms with you to your retirement appointment.