 Non-FRS Plans |
The SBA functions in
an advisory capacity to several defined contribution programs. The SBA
provides its
independent review of proposed new investment funds to the
plan administrators.
State University System Optional
Retirement Program (SUSORP) is a 403(b) retirement plan. Eligible
employees may
choose the SUSORP in lieu of the FRS. The SUSORP is organized as an
annuity plan
with 5 companies that provide investment products,
recordkeeping, education and marketing to members.
The Florida
Department of Management Services is the plan administrator and makes all
final decisions
regarding providers, investment products or services.
State Senior Management Service Optional Annuity Program (SMSOAP) is a 401(a) defined
contribution annuity plan. Eligible employees
may choose the SMSOAP in lieu of the FRS. The SMSOAP
is organized as
an annuity plan with 2 companies that provide investment products,
recordkeeping,
education and marketing to members. The Florida
Department of Management Services is the plan
administrator and makes all final decisions regarding providers, investment products or services.
State Deferred Compensation
Plan is a 457 governmental deferred compensation plan for state
employees. Eligible employees may choose to
have their employer direct pre-tax payroll deductions to
their accounts. The plan provides members the opportunity to choose
from mutual funds, commingled
trusts, fixed accounts and insured bank
deposits. Six companies provide investment products,
recordkeeping, education and marketing to members. The Florida
Department of Financial Services is the
plan administrator and makes all final decisions regarding providers, investment products or services.
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