Retiring From UCF
Retiree Benefits Guide
- Retiree Benefits Guide: Florida Retirement System (FRS) Pension Plan
- Retiree Benefits Guide: Florida Retirement System (FRS) Investment Plan
- Retiree Benefits Guide: State University System Optional Retirement Plan (SUSORP)
- 401(a) Special Pay Plan: The UCF Special Pay Plan (SPP) is a mandatory retirement plan for USPS, A&P, and Faculty receiving annual leave and/or sick leave and/or compensatory leave upon separation of employment, entering DROP, or changing from a 12-month contract to a 9-month contract. The Special Pay Plan is authorized under Section 401 (a) of the Internal Revenue Code and provides the maximum tax advantages for leave payouts to the University and its employees. TIAA-CREF is the plan administrator for the University of Central Florida and handles all asset allocations, loans and distributions.
- The Deferred Retirement Option Program (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.
- Transition to Retirement Program (T2RP)