All new faculty members are automatically enrolled in the Optional Retirement Program when they sign up for payroll. During faculty members' first ninety days of employment they must select an Optional Retirement Program Company or may elect to transfer to the Florida Retirement System.
Participants 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 university pays the full amount of the plan. Refer to the Florida Retirement System's Summary Plan Description for the options available at retirement and information on the health insurance subsidy. This program provides SUS faculty with vested annuity products as an alternative to the Florida Retirement System. Eligible employees must make an irrevocable decision to enroll in ORP within their first ninety days of employment.