60S-11.001. Definitions

The definitions in rule 60S-6.001, F.A.C., apply to this section unless otherwise expressly stated, and when used in this section, the following words and terms have the meaning indicated:

(1) deferred retirement option program (DROP) – means a program, hereinafter referred to as the DROP, available to certain members who are eligible for retirement under the FRS Pension Plan, under which members effectively retire and have their retirement benefits accumulate, tax deferred, in the FRS Trust Fund while they continue covered employment for a limited time.

(2) DROP eligibility date – means the first day of the month in which a vested member becomes eligible to elect to participate in DROP by virtue of reaching either his or her normal retirement date or a deferred eligibility date, if a deferred eligibility date is applicable and elected by the member. Both the 12-month period during which the member may elect to participate in the DROP (except for instructional personnel as provided in subparagraph 60S-11.001(2)(b)5., F.A.C.) and the 60-month period that a member is allowed to participate in DROP begin on the member’s DROP eligibility date.

(a) The normal retirement date is achieved as follows:

1. For members initially enrolled in the FRS prior to July 1, 2011, normal retirement date is achieved when the member becomes age 62 (or age 55 for a Special Risk member); or when the member completes 30 years of service (or 25 years of Special Risk service). The member may either include or exclude optional service credit in determining the date on which 30 years of any service (or 25 years of Special Risk service) has been attained.

2. For members initially enrolled in the FRS on or after July 1, 2011, normal retirement date is achieved when the member becomes age 65 (or age 60 for a Special Risk member); or when the member completes 33 years of service (or 30 years of Special Risk service). The member may either include or exclude optional service credit in determining the date on which 33 years of any service (or 30 years of Special Risk service) has been attained.

(b) A deferred eligibility date is achieved as follows:

1. For members initially enrolled in the FRS prior to July 1, 2011, when a member who has completed 30 years of service prior to age 57 (or 25 years of Special Risk service prior to age 52), the DROP eligibility date may be deferred to age 57, or age 52 for a Special Risk member.

2. For members initially enrolled in the FRS on or after July 1, 2011, when a member who has completed 33 years of service prior to age 60 (or 30 years of Special Risk service prior to age 55), the DROP eligibility date may be deferred to age 60, or age 55 for a Special Risk member.

3. For a member with dual normal retirement dates, the DROP eligibility date may be determined by the member as the first day of the month in which normal retirement is achieved in either class.

4. For an elected officer member who has reached normal retirement date during a term of office, the DROP initial eligibility date may be deferred to later in that term or during the next succeeding term of office.

5. Effective February 1, 2003, for a member who satisfies the definition of instructional personnel for grades K-12 as adopted in section 1012.01(2), F.S., (chapter 2002-387, Laws of Florida), the DROP eligibility date may be deferred to the first of any month after the member first reaches normal retirement date.

(3) INITIAL ELIGIBILITY DATE – means the first day of the month in which a vested member first becomes eligible to elect to participate in DROP by virtue of reaching his or her normal retirement date.

(4) DEFERRED ELIGIBILITY DATE – means the first day of any month to which a vested member is eligible to defer his or her election to participate in DROP by virtue of meeting the election deferral criteria set forth under rule subsection 60S-11.002(2), F.A.C.

(5) DROP begin date – means the first day of the month in which the member’s DROP participation period begins and is always the same date as the member’s effective date of retirement. Such date shall be the first day of the month in which the eligible member submits a DROP application, or any future month after the member reaches his or her DROP eligibility date, as selected by the member. However, a member’s DROP begin date cannot precede the month the Division receives the DROP application by the Division.

(6) DROP participation period – means the period of time a member participates in DROP, not to exceed 60 months, except as provided in section 121.091(13), F.S.

(7) DROP Participant or PARTICIPANT – means a person who has retired from the FRS Pension Plan and is participating in the DROP.

(8) DROP end date – means the date DROP participation ceases and shall be the date termination of all employment occurs as defined in paragraph 60S-6.001(69)(b), F.A.C., except as provided in subsection 60S-11.004(10), F.A.C., for elected officers. The DROP end date shall be effective as of the date of the participant’s designated deferred resignation, as stated on Form DP-ELE, adopted by reference in rule 60S-11.002, F.A.C.; or if applicable on Form DP-EXT, adopted by reference in rule 60S-11.004, F.A.C., or earlier if the participant terminates prior to the designated resignation date. The participant may cease participation in DROP prior to the designated resignation date only by satisfying the definition of termination as provided in paragraph 60S-6.001(69)(b), F.A.C.

(9) Optional Service Credit – includes credit for prior service, past service purchased by the member, wartime military service, a military leave of absence before December 3, 1974, a leave of absence without pay, in-state and out-of-state service, a suspension without pay, teaching in a federally operated school in Florida, and periods of disability retirement. Optional service credit does not include Workers’ Compensation credit, past service credit paid for by the employer, credit for a military leave of absence on or after December 3, 1974, paid for by the employer, or credit for upgraded service purchased by the member or employer.

(10) DROP BREAK IN SERVICE – occurs when no compensation is reported for a DROP participant during one full month of the participant’s work year and there is no continuing employer-employee relationship. A member who is on a leave of absence without pay or on a Workers’ Compensation leave has an employer-employee relationship.

Rulemaking Authority 121.031, 121.091(13) FS. Law Implemented 121.091(13) FS. History–New 9-16-03, Amended 4-5-12, 3-25-13, 4-30-17, 9-30-18.