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DROP


The Deferred Retirement Option Program (DROP) (only for Pension Plan members) is available when you are vested and have reached your normal retirement date. It allows you to retire while continuing to be employed by an FRS employer for up to 96 months (120 months under certain circumstances if employed as "instructional personnel", as defined in s. 1012.01(2)(a)-(d), Florida Statutes). You may enter DROP at any time after you are vested and have reached your normal retirement date.
 
FRS Pension Plan FRS Investment Plan
You're eligible for DROP participation.
 
DROP provides you with an alternative method for payment of your retirement benefits. If enrolled, you stop earning service credit toward a future benefit and your retirement benefit is calculated at the time your DROP participation begins. While you are in DROP, your monthly retirement benefits accumulate in the FRS trust fund earning interest while you continue to work with an FRS employer. When you terminate, your DROP account is paid to you.
 
You're eligible to participate as of your normal retirement date - the earliest date at which you are eligible for full, unreduced benefits based upon your age and/or service.
 
If you enrolled in the FRS prior to July 1, 2011, normal retirement is age 62 with 6 years of service or 30 years of service, regardless of age. For Special Risk Class members, normal retirement is age 55 with at least 6 years of Special Risk service, or 25 years of Special Risk service, regardless of age, or age 52 with 25 years of Special Risk service and military service.
 
If you enrolled in the FRS on or after July 1, 2011, normal retirement is age 65 with 8 years of service or 33 years of service, regardless of age. For Special Risk Class members, normal retirement is age 55 with at least 8 years of Special Risk service, or 25 years of Special Risk service, regardless of age, or age 52 with 25 years of Special Risk service and military service.
 
When your DROP participation ends, your accumulated DROP benefit is paid to you and your lifetime monthly retirement benefits no longer accumulate in the FRS trust fund, but are instead direct deposited to your bank account. The accumulated DROP benefit is paid as directed by you: as a lump sum, a rollover to another qualified plan, or a combination partial lump-sum payment and rollover. You are also eligible to roll your DROP lump sum into the FRS Investment Plan as one of your roll over options to keep your money growing in the FRS.
 
Be sure to review the DROP page for additional information. 		You're not eligible for DROP participation as an Investment Plan member, but Pension Plan members are eligible to roll their DROP lump sum into the Investment Plan as one of the distribution methods under the Pension Plan.
 

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