State University System Optional Retirement Program (ORP)

A defined contribution plan where participants decide how to allocate the money in their account among available investment funds. The benefit depends on the amount of money contributed and its growth over time.

Eligibility

• TEAMS-A
• Faculty (Health Science Center Faculty are required to participate in the ORP)

Enrollment for New Employees

• Open an account with an investment provider
• Fax completed Optional Retirement Program Enrollment Form to UF Benefits at (352) 392-5166 within 90 calendar days from hire

Contribution Rates

• Employer: Employer contribution rate is determined yearly by state legislation. (Note: Employers also pay Admin fee/UAL to State of Florida. Therefore, the employer rate you see on your paychecks will be higher than the amount deposited into your account.)
• Mandatory Employee: 3.00% of biweekly earnings
• Voluntary Employee: Up to 5.14% of biweekly earnings

IRS Contribution Limits

The limits for this plan are based on our fiscal and calendar years. Visit the Retirement Plan Contribution Limits page for the current years’ maximums.

Forms

• Optional Retirement Program Enrollment Form
• Optional Retirement Program Mandatory Participation Form (Only for HSC Faculty)
• Optional Retirement Program Change Form
• Optional Retirement Program (ORP) Application for Retirement and Retirement Distribution

Publications

• State Retirement Plan Comparison Brochure
• Plan Document
• General Provisions of the SUSORP

Resources

• State of Florida ORP site
• Investment Provider Microsites
  • TIAA-CREF
  • AIG Retirement
  • Voya

Loans/Hardship Withdrawals

Loans and hardship withdrawals are not permitted.

Update My Beneficiary

Contact your investment provider to update.

Ready to Retire?

Visit our Ready to Retire page for information.