DEFERRED RETIREMENT OPTION PROGRAM

This program is for members who have reached normal retirement date. The Deferred Retirement Option Program (DROP) became effective July 1, 1998.

Deferred Retirement Option Program is a program that allows you to effectively retire without terminating your employment. While participating in DROP for the maximum of 60 months, your monthly retirement benefits accumulate in the Florida Retirement System Trust Fund, earning tax-deferred interest, while you continue to work and earn salary (but you do not earn additional service credit). When your DROP period ends, you must terminate all employment with all Florida Retirement System employers or forfeit your DROP benefits. At that time, you will receive payment of the accumulated DROP benefits, and begin receiving your monthly retirement benefit. (You will receive a monthly benefit in the amount determined when DROP started, plus annual cost-of-living increases). For many, this is the "best of both worlds," providing both a guaranteed lifetime benefit and a lump sum you can invest or spend after drop ends.

Florida Retirement System / MyFRS.com for additional information.

Florida Retirement System / Department Of Management for additional information.