Summary Plan Description*

​

DROP*

​

​​​​The Deferred Retirement Option Program (DROP) provides you with an alternative method for payment of your retirement benefits for a specified and limited period if you are an eligible Florida Retirement System (FRS) Pension Plan member. Under this program, you stop earning service credit toward a future benefit and your retirement benefit is calculated at the time your DROP participation begins. While you are in the DROP, your monthly retirement benefits accumulate in the FRS Trust Fund earning interest while you continue to work for an FRS employer. Upon termination, your DROP account is paid to you as a lump sum payment, a rollover or a combination partial lump sum payment and rollover. Monthly benefits are paid to you in the amount as calculated upon entry into DROP, plus any applicable cost-of-living adjustments for intervening years. For more information, see the latest version of the DROP guide.

 

See Frequently Asked Questions 
 

 

DROP Related Forms
 

DROP Retirement Forms Packet  Packet containing all the forms needed to apply for DROP including the:

• DP-11 - Application for Service Retirement and the DROP

• DP-ELE - Notice of Election to Participate in the DROP and Resignation of Employment

• FRS-11o - FRS Pension Plan Option Selection for Members

• SA-1 - Spousal Acknowledgement Form

 

FST-12  Beneficiary Designation Form - Retired Members and DROP participants
BVR-1  Birth Verification Form (Request for Proof of Age)
FC-1 Salary Certification
IPDROP-AD-1 DROP to Investment Plan Direct Rollover Form for Current Members
IPDROP-RO-1  DROP to Investment Plan Direct Rollover Form for Former Members

DP-EXT  Extension of DROP for Specified K-12 Instructional Personnel

 

 

 

*Information obtained from the DMS webiste (https://www.dms.myflorida.com/workforce_operations/retirement/members/deferred_retirement_option_program_drop)