Summary Plan Description*
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)
Retirement Benefits Council
2010 Raymond Diehl Rd., Ste.102
Tallahassee, FL 32308
Retirement Benefits Council is a 501(c)(6) non-profit organization headquartered at 2010 Raymond Diehl Rd., Ste. 102 Tallahassee, FL 32308.
Retirement Benefits Council is not affiliated with or endorsed by the Florida Retirement System (FRS) or any other government agency.
This content is provided for informational purposes only.