The State Optional Retirement Program (State ORP) is a defined contribution retirement plan for employees of state agencies, public and charter school districts and public higher education institutions.
Keeping this in view, what does Susorp stand for?
Benefits. Retirement. State University System Optional Retirement Plan (SUSORP)
It means that once an employee’s age and years of service total 80, the employee is eligible to retire.
Likewise, people ask, is TRS better than ORP?
Stability/Flexibility of Benefits: The formula-based defined benefit provided by TRS (lifetime annuity) is more stable and predictable than the retirement benefit provided under ORP, which has more direct exposure to market volatility for the individual participant, but ORP participants have more flexibility in …
Who is eligible for Florida retirement system?
For normal retirement and to receive your full monthly benefit, you must be age 65 with at least 8 years of service or have 33 years of service regardless of age.