DROP (Deferred Retirement Option Program)

DROP is available for those who have worked in the Florida Retirement System for 30 years or have become age 57.  

The DROP program is a 60 month delay in your official retirement termination.  During this time, you will chose and elect from Options I, II, III or IV associated with your FRS pension choice.  This monthly amount will be systematically deposited into your DROP account and credited 1.3% interest.  

Now you can determine when the best time to retire during the 5 year period.  You will receive both your pension and your DROP plan balance upon officially retiring.  

We caution you to not take the DROP benefit in a lump sum to you personally.  You will incur a large tax bill which will negatively affect your entire retirement outlook.  Instead, work closely with us and we can avoid that mistake.  Roll over your balance into an account where you have full control of your funds.  Then you control when you pay taxes and this will alleviate that concern.

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