What is the difference between ORP and the Florida Retirement System (FRS)?
The ORP is a defined contribution plan sponsored by the State of Florida. Your university will contribute a percentage of your earnings (based on the amount established by Florida State Law) each pay period to a variable tax-deferred annuity issued by a chosen provider. You may also contribute a percentage of your salary on a tax-deferred basis – you are 100% vested in your employee contributions and any earnings on those contributions. Regardless of your length of service, you will be eligible to receive a lifetime monthly annuity income at retirement that will be based on the total amount of funds contributed, and the earnings or losses of those contributions. FRS is a defined benefit pension plan sponsored by the State of Florida. Upon completion of 10 years of creditable service, you are vested in the plan and will be eligible to receive a lifetime monthly income from the plan when you retire. The University pays the full cost of the plan – no employee contributions are currently a
