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Retirement Planning

Florida Retirement System
Regular full-time and part-time employees must be enrolled in one of the College's plans. All eligible employees contribute 3% of their gross earnings pre-tax. In order to get an estimate of what your take home pay would be with the 3% deduction, please utilize the FRS Take-Home Pay Calculator. DROP participants are not required to contribute. The Florida Retirement System (FRS) provides the following two options and is fully portable within the 947 FRS employers:

FRS Pension Plan (Defined Benefit) - An employee is vested based upon when the employee is initially eligible to enroll.

• Enrolled prior to June 30, 2011 - vested upon 6 years of creditable service.

• Enrolled on or after July 1,2011 - vested upon 8 years of creditable service.

Retirement benefits based on combination of length of service and salary. The formula used to calculate benefits is:

• Enrolled prior to June 30, 2011, will utilize the average of the 5 highest fiscal years of compensation for calculation of retirement benefits.

• Enrolled on or after July 1, 2011, will have the 8 highest fiscal years of compensation for calculation of retirement benefits.

FRS Investment Plan (Defined Contribution) - An employee is vested after earning one year of creditable service. Benefits received are not fixed, rather based on contributions and investment returns. Employees have a choice of 19 investment funds available under the plan.

If you previously worked for an FRS employer certain restrictions may apply. Please be advised that retiring from the investment plan is moving or rolling any money out of the plan, even employee contributions, regardless of the employee's age. Refer to the following based upon your termination/retirement date:

Retirement date on or prior to June 30, 2011

Retirement date on or after July 1, 2011

Retirement will be here before you know it. To ensure you are ready, be sure to follow this check list to make sure you don't miss any critical retirement deadlines. It's never too early to plan. Pension Plan Retirement Checklist, Investment Plan Retirement Checklist.

Deferred Retirement Option Program (DROP)
DROP allows you to retire under the Florida Retirement System (FRS) Pension Plan without terminating your employment for up to 5 years and earn interest compounded monthly. If an employee reaches normal retirement based upon years of service prior to age 57, they may defer DROP until reaching age 57.  If you wish to participate in DROP, you may complete the paperwork by making an appointment with a member of the Benefits Team no earlier than 6 months before the date you plan to begin participation. You must make your election within a 12-month election window that begins when you first reach your normal retirement date. If you do not apply within your election window, you will lose your eligibility to participate.

Use the "Create Estimate" tool in your FRS Online account to estimate your retirement benefit and project your DROP accumulation. You can also contact:

Bureau of Retirement Calculations

Telephone (Toll Free) ...........................................888-738-2252

Telephone ..........................................................850-488-6491

Email ................................................................ calculations@dms.myflorida.com

Your participation in DROP does not change your conditions of employment. When your DROP period ends, you must terminate employment. At that time, you will receive your accumulated DROP benefits and begin receiving your monthly retirement benefit.

While participating in DROP, each full fiscal year a percentage of sick time can be sheltered through the BENCOR Special Pay Plan. Each June 30, payroll calculates the amount you are eligible for payout based on your hire date and then applies the following scale: first full fiscal year in DROP = 20%, year 2 = 25%, year 3 = 33 1/3%, year 4 = 50% and 100% when you depart the college. Sick leave sheltering only takes place if the amount is in excess of $4,000; if less, your sick time remains available for use. Effective July 1, 2017 the threshold amount for sheltering sick leave payout will increase from $4,000 to $5,000.  Vacation can also be sheltered through a BENCOR account. If you choose to do so at the beginning of DROP, you will need to use your vacation time during DROP as you cannot be paid out again.

PLEASE NOTE: Monies in BENCOR accounts cannot be withdrawn until you terminate employment with the College. Loans are also not available. The current IRS limit for this type of account is stacked, which means under the Special Pay Plan, $54,000 can be sheltered and an additional amount can be sheltered under a 403(b) account reduced by the amount that you contributed voluntarily in the preceding calendar year.

 Financial Engines LogoParticipants currently in the Pension Plan's Deferred Retirement Option Program (DROP) can now utilize the free online Financial Engines' Advisor Service. The Advisor Service can create a picture of your current financial situation and help answer common questions about how ready you are for retirement. You can call toll-free MyFRS Financial Guidance Line at 1-866-446-9377, Option 2, and speak with a Ernst & Young financial planner. Participants who utilized the Advisor Service prior to joining DROP will need to reenter their financial information in the Advisor Service.

Additional information can be found at the Florida Department of Management Services DROP website, contacting our Benefits Team or reviewing the official DROP guide

Bencor Special Pay Plan
The College has implemented a special pay plan for employees who are terminating, retiring, or entering into DROP and have at least $5,000 of accumulated sick leave and/or annual leave pay out. With this plan, employees will have the value of their accumulated leave deposited as a pre-tax contribution into a special pay plan up to the current $54,000 limit subject to IRS rules and regulations. Not only will you save in Federal taxes when you leave the college, but you will also avoid the 6.2% Social Security tax and the 1.45% Medicare tax on plan contributions. Employees who do not have $5,000 in terminal leave pay-out will be paid out their leave subject to Federal, Social Security and Medicare taxes.

Once the contribution is made to the Plan, you are immediately 100% vested into a fixed or guaranteed account with Transamerica. At any time, you may self-direct your investment in a choice of 22 accounts. After terminating employment you may also elect to rollover the tax-deferred funds into an IRA or another tax qualifying plan, or you may immediately withdraw your funds.

Community College Optional Retirement Plan
In lieu of the Florida Retirement System (FRS), full-time instructors and administrators have the option to participate in the Community College Optional Retirement Plan (CCORP). Eligible employees may withdraw from FRS and enroll in a tax-sheltered account program with one of the state approved CCORP companies. The college and the employee make the contribution to the participating CCORP vendor chosen by the employee. There is no vesting requirement. Election to this program is upon full-time employment or within ninety calendar days from beginning in a qualified position. The participating companies are listed below:

Company Name

Contact

Number

Valic

Sybilla Koch
Enoch Thomas (BG, PBG)
Grant West (LW, LOX)

(561) 325-2154
(561) 688-6303
(954) 405-3439

Voya Financial (formerly ING)

Robert DuKate

(561) 226-5828

MetLife Resources

Ken Suchy

(561) 371-4312

TIAA-CREF

No local contact

(800) 842-2252

If you previously worked for an FRS employer certain restrictions may apply. Please refer to the following based upon your termination/retirement date:

Retirement date on or prior to June 30, 2011

Retirement date on or after July 1, 2011 

403(b) and 403(b)(7) Plans
All employees, with the exception of students, may participate in the College's 403 (b) Program in which the employee contributes pre-tax earnings to an Internal Revenue Code 403(b) plan. There is no vesting requirement, although Internal Revenue Service laws are in place. First time enrollees must:

Complete a Maximum Allowable Contribution form with our third party administrator,TSA Consulting Group, Contact a participating company below to obtain a prospectus and open an account. Complete a Salary Reduction Agreement form and return to Human Resources at MS 10.

The participating companies are listed below:

Company Name Product Contact Number
American Century No Load Mutual Funds No local contact (800) 345-3533
Axa Equitable Variable and Fixed Annuities

Ryan McLain (BR)
Mario Basilone
Danielle Boccia
Roxanne Hosein (LW)

(561) 961-9343
(561) 226-8746
(561) 251-3228
(954) 604-7117
Fidelity No Load Mutual Funds No local contact (800) 343-0860
Voya Financial (formerly ING Retirement) Variable and Fixed Annuities

Bert Ritter

(561) 432-5656
MetLife Resources Fixed Annuity and Mutual Funds Kenneth Suchy (800) 763-2838
(561) 371-4312
The Legend Group Mutual Funds

Carlo Della Mea (LW/BR)
Greg Cecchini (PBG/BG)

(561) 889-6548
(716) 860-0934
TIAA Variable and Fixed Annuities No local contact (800) 842-2252
VALIC Variable/Fixed Annuities and Mutual Funds Sybilla Koch (561) 325-2154


In order to process a loan, withdrawal, rollover, transfer, Qualified Domestic Relations Order, etc. of voluntary 403(b) or alternative to social security funds, the account holder must obtain the applicable form from their provider and then complete a transaction Information form. All documentation must be sent to TSA Consulting Group, the third party administrator, for approval. Additional information on services provided by TSA Consulting and voluntary supplemental retirement plans are discussed in the video Directing Your Financial Future.

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