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March 25, 2002

COMPTROLLER'S MEMORANDUM NO. 07 (2001-02)

SUBJECT: PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM (PEORP)

Chapter No. 2000-169, Laws of Florida, created the Public Employee Optional Retirement Program (PEORP), also known as the FRS Investment Plan. PEORP is a defined contribution plan that will become available effective July 1, 2002. The following new retirement codes are being implemented for employees who elect to participate in PEORP:

PEORP Code Description
PA Regular Class
PB Special Risk Class
PC Judges
PE Legislators
PG Gov/Lt Gov, Cabinet
PH St. Attorneys & Public Defenders
PJ Special Risk Admin. Support Class
PM Senior Management Service Class
PD Reg. Class members with F1 or J1 visa
PF S/R Class members with F1 or J1 visa

Additionally, retirement codes PD and PF are being established by the Bureau of State Payrolls to address Regular and Special Risk Class members not subject to FICA due to circumstances unique to non-resident aliens. Questions concerning these particular codes should be directed to the Bureau of State Payrolls.

Please note that all payroll disbursements made with a PEORP retirement code will:

  • Be recorded in FLAIR with new disbursement object code 152200, PEORP, PUBLIC EMPLOYEES OPTIONAL RETIREMENT PLAN;

  • Be recorded in Bureau of State Payrolls Agency Payroll Data Files (i.e., File #0013) using new employer contribution code 0928, PEORP - EMPLOYER CONTRIBUTION.

    Based on current law, employees who are enrolled in the Deferred Retirement Option Program (DROP) or SUS Optional Retirement Program (ORP) are not eligible to elect PEORP.

    Future communications from the Division of Retirement and/or the Bureau of State Payrolls will address how the designation of PEORP retirement codes for specific employees will flow from the third party administrator to become a part of payroll processing input.

    If you have questions regarding this matter, please contact Anna Gray at (850)410-9305, SUNCOM 210-9305 or e-mail agray@mail.dbf.state.fl.us or Marvin Naiman at (850)410-9444, SUNCOM 210-9444 or e-mail mnaiman@mail.dbf.state.fl.us.