Retiring from Hillsborough County Schools? Here's What You Need to Know About FRS and the DROP Program
If you’re a teacher nearing retirement in Hillsborough County, Florida, chances are you’ve heard of the Florida Retirement System (FRS) and the Deferred Retirement Option Program (DROP). But understanding exactly how these programs work—and how to make the most of your retirement benefits—can be overwhelming.
This blog is here to help you gain clarity, avoid mistakes, and prepare for a smooth and successful retirement. Whether you're a few months or a few years away, it's never too early to start planning.
Understanding the Florida Retirement System (FRS)
The Florida Retirement System (FRS) offers eligible public employees—including teachers—a defined benefit pension plan. You contribute a percentage of your salary to the system, and in return, you receive a guaranteed monthly income in retirement based on your service years, average final compensation, and age at retirement.
For most Hillsborough County teachers, this pension is a central part of their retirement plan—but it’s just one piece of the puzzle.
What Is DROP (Deferred Retirement Option Program)?
DROP is a unique feature of the FRS Pension Plan that allows you to retire for pension purposes while continuing to work (and earn your salary) for up to 60 months (or up to 96 months for eligible instructional personnel).
Here’s how it works:
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You retire "on paper" and start collecting your FRS pension.
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Instead of receiving the monthly pension payments, they are deposited into a DROP account, where they accumulate with interest.
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You continue working and receiving your full salary as usual.
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When you officially leave employment, you receive the accumulated DROP funds as a lump sum or rollover—and your monthly pension begins to be paid directly to you.
This can be a powerful way to maximize your retirement benefits, but it comes with important decisions and deadlines.
What Teachers Should Consider Before Retiring
Deciding to retire is a big step—and entering DROP has long-term financial consequences. Here are a few questions to think about:
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✅ Do you plan to work for five more years?
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✅ How much income will you need in retirement to maintain your lifestyle?
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✅ Do you have other retirement savings (like a 403(b) or IRA)?
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✅ When will you claim Social Security benefits—and how will that impact your income?
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✅ How will your health insurance be handled after retirement?
All of these factors will play a role in whether DROP is right for you and how to structure your retirement income.
How Joel Marius at Fortunium Wealth Management Can Help
Retirement isn’t just about leaving your job—it’s about creating a new life that’s financially secure, purposeful, and worry-free.
Joel Marius, a Registered Financial Consultant and founder of Fortunium Wealth Management, has worked closely with many Hillsborough County teachers to help them:
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Understand their DROP benefits and deadlines
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Create a personalized retirement income plan
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Review Social Security strategies
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Optimize the use of 403(b) and other investment accounts
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Manage taxes on DROP lump-sum distributions
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Avoid costly mistakes when transitioning into retirement
Joel brings years of experience in financial planning, and he understands the unique challenges and opportunities that Florida educators face.
What to Gather Before Meeting with Joel
To make the most of your retirement planning session, it’s helpful to gather the following documents:
📄 Your DROP projection or enrollment packet from the Florida Retirement System
📄 Your Social Security statement (available at ssa.gov)
📄 Recent 403(b) account statements (often through vendors like VALIC, VOYA, etc.)
📄 Any IRAs or other investment account statements
📄 Pension estimate or calculation from FRS
📄 Your monthly budget or a rough estimate of living expenses
📄 Any other insurance or long-term care coverage you currently hold
This information will allow Joel to build a complete picture of your financial life—and design a retirement strategy tailored just for you.
How to File for DROP: Step-by-Step
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Check your eligibility: You must be vested in the FRS Pension Plan and have reached normal retirement age or years of service.
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Get your DROP estimate: Contact the Division of Retirement or go through the FRS online system to request your pension projection.
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Speak with HR: Notify Hillsborough County Schools of your intent to enter DROP. They will help coordinate the forms and required documentation.
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Submit your DROP application: This includes Form DP-11 (Election to Participate in DROP) and the appropriate employer certification forms.
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Plan your retirement date: This is crucial. Timing your DROP entry properly affects how long you can stay in the program and how much you accumulate.
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Coordinate with a financial advisor: Working with Joel Marius at this stage helps you understand tax implications, investment decisions, and how DROP fits into your overall retirement plan.
You’ve Worked Hard—Now Make Sure Your Retirement Works for You
Retiring from teaching is a major life event. You deserve to walk into this new chapter with confidence, clarity, and a solid plan. The Florida Retirement System and DROP program offer valuable benefits—but only if you understand how to use them strategically.
Let Joel Marius at Fortunium Wealth Management guide you through it. Whether you’re retiring next year or just beginning to think about the future, Joel can help you make smart, informed decisions that support a lifetime of financial freedom.
📞 Schedule your complimentary retirement review today
🌐 Visit www.fortuniumwm.com or call 813-302-1361. Schedule a phone call or meeting with Joel Marius by visiting his online calendar at https://www.calendly.com/fortunium
