The Florida Retirement System is noncontributory for employees. The University pays the full cost of the system. The Florida Retirement System is a defined benefit pension plan sponsored by the State of Florida.
Employees are eligible for retirement after completing ten years of creditable service.
To receive full benefits, employees must be age 62 or older and have ten or more years of creditable service or have thirty years of creditable service regardless of age. The amount received will be based on age, years of creditable service, the percentage value of each year of service, and the employee's average final compensation. Employees desiring a Preparing to Retire Packet should contact Human Resources. Through a tax deferred retirement plan, participants defer part of their annual income on a pretax basis by signing a company application and a salary reduction agreement or joinder agreement. Participants pay no current income taxes on the money contributed to the plan and are not taxed on their contributions or earnings until they begin taking withdrawals from the plan.