Retirement

State University System Optional Retirement Plan (SUSORP)

Eligibility

The State University System Optional Retirement Program (SUSORP) is available to Administration and Faculty employees. Staff are not eligible for the SUSORP.

Employees appointed to a Faculty position in the College of Medicine are required to participate in the SUSORP.

Description of the Plan

The SUSORP is a defined contribution plan sponsored by the State of Florida. Participants are immediately vested in the plan. The amount of your benefit at retirement is determined by the contributions made to your account and the performance of your investment choices. .

The plan is funded through the following contributions:

  • Employer Funded Contribution:  5.14%
  • Employee Mandatory Contribution:  3.00%
  • Employee Voluntary Contribution:  up to 5.14%

Contributions are directed into an individual account, and you will be able to decide how to allocate the contributions among various investment funds.

Voluntary contributions are subject to IRS limits.

How to Enroll

  • Select a SUSORP investment provider company and contact them to complete all necessary investment paperwork.
  • Complete a (ORP-ENROLL) and select the option for the SUSORP.
  • Faculty in the College of Medicine must complete the (ORP-MAND) instead of the ORP-ENROLL.
  • Submit the Enrollment form to benefits@usf.edu ,or by fax to (813) 974-5227.
  • To join the SUSORP, the enrollment form must be completed within the first 90 days of your SUSORP-eligible employment. You must also complete contract paperwork with your chosen SUSORP provider company.

Changes to Voluntary Contributions

  • Complete a (ORP-CHANGE) and email it to benefits@usf.edu or fax it to (813) 974-5227.

How to Change SUSORP INVESTMENT PROVIDER COMPANIES

  • Contact the new SUSORP investment provider company and complete their retirement account contracts. 
  • Notify the former SUSORP vendor of your decision to change.
  • Complete the (ORP-CHANGE), indicating your change in vendor and/or contributions.
  • Submit the ORP-CHANGE form by email to benefits@usf.edu or fax it to (813) 974-5227. Changes will generally take effect the next available pay date.

SUSORP Loans and Hardship Withdrawals

There are no loan or hardship withdrawals available from SUSORP accounts.

How to Retire

  1. Contact your provider company to get information about your benefit distribution options at retirement.
  2. Contact the Central Human Resources – Benefits Office at benefits@usf.edu or your Regional HR office (USF St. Petersburg or USF Sarasota-Manatee) to set up a retirement appointment.