Retirement Benefits

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Florida Retirement System (FRS)

The FRS is an employee and employer contributory retirement plan. The rules surrounding FRS including the contribution rates are determined by the Florida Legislature and are reviewed yearly. One of the requirements of the State is that full time and part time regular employees must participate in the FRS. Additional information regarding FRS can be viewed at

Employees contribute 3% of their gross monthly salary on a pre-tax basis. The employer also contributes an amount equal to the gross monthly salary multiplied by the corresponding employer rate. Employee contributions are vested immediately and the employer contributions have a vesting period. The vesting period may vary depending on what plan you enroll in and when you enrolled.

The FRS offers two types of retirement plans to its members: pension plan and investment plan. Click here to compare both plans.

FRS Pension Plan - is a defined benefit plan designed for long term service employees. Vesting requirements vary depending on when you enrolled in the plan. Investments are directed by the State and it is not portable if you should leave FRS employment. At retirement, the pension plan pays a guaranteed lifetime monthly benefit based on a formula using age at retirement, years of FRS service and Average Final Compensation.

FRS Investment Plan - is a defined contribution plan designed for a more mobile workforce. It carries a one year vesting requirement, contributions are self directed and funds are portable if you should leave FRS employment. Employees must initially elect to take the investment plan within the first eight months of the date of hire. This is the default plan if you do not make an election.

FRS Enrollment

Full time and part time regular employees are automatically enrolled in the FRS Investment Plan upon new hire. If employees wish to enroll in the FRS Pension Plan, they must elect to do so within the 8 months following their month of hire by 4:00 p.m. EST on the last business day of the month. FRS elections are made online.

State Community College System Optional Retirement Plan (CCORP)

The CCORP is a defined contribution plan in which both eligible employees and employers contribute. Administrators, Faculty and High School Teachers are eligible to participate in the CCORP. Eligible employees must enroll within 90 days from the date of their appointment or they will automatically be enrolled in the Florida Retirement System (FRS) Pension Plan.

CCORP enrollment is complete when a contract has been issued by a CCORP provider company and when the proper State of Florida enrollment forms have been submitted to the Division of Retirement. Participants must withdraw from the FRS in order to participate in the CCORP.

Participants who enroll in the CCORP are immediately vested in both the employee and employer contributions. Contributions are self directed and funds are portable should you separate from the College.

CCORP Enrollment

Please contact us at . A participant is required to establish a contract with one of the annuity providers listed below before submitting an Optional Retirement Program Enrollment Form (OCC-1) to Benefits. A detailed list of authorized vendors is below.

CCORP Authorized Providers

VALIC Retirement - (800) 448-2542
John Donnelly - (941) 480-1280
VOYA Financial
MetLife - (800) 763-2838 TIAA-CREF - (800) 842-2252
Fidelity Investments - (800) 343-0860

Retirement Options

Deferred Retirement Option Program (DROP)
The DROP plan allows regular full-time and part-time employees who are enrolled in the Pension Plan to retire at normal retirement, and continue to work for up to an additional five years. Retirement distributions are placed into a DROP account until the DROP end date. For additional DROP information refer to Procedure 05-0604 of the College Operating Procedures.

Health Insurance Subsidy
The Health Insurance Subsidy is only available to members of the Florida Retirement System. Retired members of FRS will receive a monthly benefit for the payment of health insurance premiums. The benefit amount equals $5.00 per month for each year of creditable service.

Retirement Incentive Plan (RIP)
This is an Florida SouthWestern State College elective retirement benefit designed for employees who want to retire within six months of normal retirement (age 62 or 30 years of service if you started work prior to July 2011 and have worked for FSW for at least ten [10] years). Eligible employees must provide one year notice prior to retirement. Benefits include a bonus, additional sick leave payout and payment of half of the employee's health and life insurance premiums for up to 36 months after retirement. For additional information refer to Procedure 05-0603 of the College Operating Procedures.

Savings Options

403(B) & 457(B) Tax Sheltered Account Vendors

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