Retirement Contribution Rates
John P. Kruczek, University Controller
The Florida Legislature has revised the Florida Retirement System employer contribution rates. The new rate as well as the current contribution rate is included for your convenience.
(NECR is New Employee Contribution Rate effective July 1, 1998 and OECR is Old Employee Contribution Rate effective July 1, 1996 to June 30, 1998)
|PLAN CODE||PLAN NAME||NECR||OECR|
|HJ||Special Risk Adm. Support||15.58%||17.86%|
|HM||Senior Management (SMSC)||24.04%||22.24%|
|ON||Optional Retirement Without FICA||16.45%||17.43%|
|OP||Optional Retirement Program||16.45%||17.43%|
|RA||FL Reemployed Retirement Member||16.45%||17.43%|
In addition to the new retirement code rates the 1998 Legislature established the DROP retirement alternative, a new benefit program for all eligible FRS members effective July 1, 1998. The Deferred Retirement Option Program (DROP) will allow members to have their retirement benefits deposited monthly into their DROP account, earning interest, while simultaneously continuing to work (but not earning additional credit for retirement). The purpose of this program is to provide a way for retirees to accumulate additional savings while continuing employment. Similar programs have previously been implemented by a few other states and some Florida employers. Additional information on DROP may be obtained from the Florida Division of Retirement or University Personnel Services.
The new DROP Retirement codes and the employer contribution rates follow:
|PLAN CODE||PLAN NAME||EMPLOYEE CONTRIBUTION RATE|
|DP||DROP from FRS (FL Retirement System)||12.50%|
|DR||DROP from Plan A, SCOERS(1)||12.50%|
|DS||DROP from Plan B. SCOERS||12.50%|
|DT||DROP from Teacher Retirement System, all plans||12.50%|
(1)State and County Retirement
Please direct questions regarding Payroll processing and departmental charges to Murphy Miller (firstname.lastname@example.org) at 392-1231. Questions regarding retirement programs and how these changes affect you should be directed to Joanne Dice (Joanne-Dice@ufl.edu) at 392-4941.