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Notice of Restrictions for Providing Services after Retirement
The State of Florida restricts services that employees may provide to their institution following retirement. UF Human Resources has prepared this notice of restrictions for providing services after retirement to inform employees of their obligations to comply with those restrictions, which are specific to the employee’s retirement plan, and may include financial penalties.
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Eligible employees will participate in one of three retirement plans administered by the State of Florida: Florida Retirement System Pension Plan, Florida Retirement System Investment Plan, or the State University System Optional Retirement Program.
See a comparison of all three plans.
Florida Retirement System Pension Plan
A defined benefit plan that pays a guaranteed lifetime monthly benefit using a formula based on service and salary while working for an FRS-covered employer. Pension Plan participants who reach their normal retirement date may take advantage of the Deferred Retirement Option Program (DROP) program.
Florida Retirement System Investment Plan
A defined contribution plan where the benefit depends on the amount of money contributed to employee’s account and its growth over time. Participants decide how to allocate the money in their account among the available investment funds.
State University System Optional Retirement Program (ORP)
A defined contribution plan where the benefit depends on the amount of money contributed to employee’s account and its growth over time. Participants decide how to allocate the money in their account among the available investment funds.