The Florida Legislature recently passed Senate Bill (SB) 7024, bringing several important changes to the FRS Deferred Retirement Option Program (DROP). These changes aim to provide greater flexibility and benefits for eligible members. Learn about the key provisions of SB 7024 and the process of participating in DROP or extending your DROP end date.
1. Extended DROP participation: Under the new legislation, eligible members in a regularly established position can elect to participate in DROP for a maximum of 96 calendar months (eight years) after their normal retirement date. This extended timeframe allows you to continue working while accruing benefits during the DROP period.
2. Eligibility: Unlike the previous system with specific eligibility windows, the new provision eliminates those individual timeframes. As long as you meet the eligibility criteria and are in a regularly established position, you can choose to enter DROP at any time after your normal retirement date.
3. Verifying DROP dates: To ensure accurate information and obtain necessary forms, contact the Florida Retirement System (FRS) by calling 1-844-377-1888. The FRS will assist you in verifying your DROP dates, providing DROP calculations and addressing any clarifications you may need.
4. Inform your department: If you are planning on extending your DROP termination date, it is imperative that you communicate this to your department so they can plan accordingly.
5. Complete the DROP form: Access the Notice of Election to Participate in the Deferred Retirement Option Program (DROP) form. This form needs to be completed and submitted to your assigned HR Benefits Senior Employee Benefits Specialist prior to your established DROP termination date. They will make the submission to FRS. HR Benefits will only certify completed forms and approval or denial of the new DROP eligibility window will come directly from the FRS.
6. Additional resources and support: We understand that navigating retirement programs can be complex, and you may have further questions or need additional support. Our HR Benefits Senior Employee Benefits Specialists are here to assist you throughout the process. An appointment is not needed with the HR Benefits department to complete the forms for the extension of DROP end dates.
Senior Employee Benefits Specialists are assigned by the first letter of your last name. See below for a full list of specialists and their respective contact information.
A – C
Sharon Aldred
305-375-3533
[email protected]
E – H
Sharon Subadan-Henry
305-375-3375
[email protected]
I – M
Martha Coleman
305-375-3375
[email protected]
D, N – R
Christine Buck
305-375-1346
[email protected]
S – Z
Rina Gomez
305-375-1616
[email protected]
If you have any further questions or require additional information, reach out to your Department Personnel Representative (DPR) or call the HR Benefits Administration at 305-375-5685.
Free financial planning webinars are also available from the FRS. View monthly webinar schedules and access additional resources.
Originally published at https://www.miamidade.gov/global/news-item.page?Mduid_news=news1687997851280147
