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Retirement Planning

 

Florida Retirement System
Regular full-time and part-time employees must be enrolled in the plan. Florida Retirement System (FRS) members can choose between the Pension Plan or the Investment plan. Both plans require employees to contribute 3% of their gross earnings pre-tax. You cannot change the amount you contribute. You can get an estimate of what your take home pay would be with the 3% deduction, by visiting the FRS Take-Home Pay Calculator.  Contribution rates are set by the Florida Legislature.

FRS Pension Plan

  • Traditional retirement pension plan - the State is responsible for managing the Pension Plan Trust Fund.
  • You qualify for a benefit after 8 years of service. Your benefit is payable when you reach retirement age as defined by the plan.
  • Your monthly benefit is guaranteed and based on a formula using your salary, years of service, FRS membership class, and age.

FRS Investment Plan

  • You are responsible for managing your account.
  • You qualify for a benefit after 1 year of service.
  • Your benefit is based on contributions made to your account and on investment performance over time.

State Community College System Optional Retirement Plan

    In lieu of the Florida Retirement System (FRS), full-time instructors and administrators have the option to participate in the State Community College System Optional Retirement Plan (SCCSORP). Eligible employees may withdraw from FRS and enroll in a tax-sheltered account program with one of the state approved SCCSORP companies. The college and the employee make the contribution to the participating SCCSORP 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. 
       

 

Participating SCCSORP Companies:

Company Name

Contact

Number

Valic

Sybilla Koch

(561) 325-2154

 

Enoch Thomas (BG, PBG)

(561) 688-6303

  Grant West (LW, LOX) (954) 405-3439

Voya Financial (formerly ING)

Ryan Tuff

Noah Kahn

(954) 900-4430

(954) 689-9401

MetLife Resources

Ken Suchy

(561) 371-4312

TIAA

No local contact

(800) 842-2252

 

403(b) and 403(b)(7) Plans
All employees, with the exception of students, may participate in the College's 403 (b) and 457 Plans 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. Additional Plan information can be found on the  403b/457 Summary Plan Information.

First time enrollees must: Contact a participating company below to obtain a prospectus and open an account. Once the account is active, employees must complete a "Change Retirement Savings" event in Workday. Detailed instructions can be found in the Workday Knowledge Base. If you have an existing Lincoln Investment 403b account, elections must be changed through the paper form 403b Salary Reduction Authorization and submitted to payroll for processing.

 

Participating 403b/457 Companies:
Company Name Product Contact Number
AXA Equitable Variable and Fixed Annuities

Ryan McLain (BR)

(561) 961-9343

Mario Basilone

(561) 226-8746
Danielle Boccia (561) 251-3228

Carlo Della Mea(LW)

Donna Timmerman

(561) 889-6548

(516) 647-5976

Fidelity
403b Plan #56302
457b Plan #87347

No Load Mutual Funds No local contact (800) 343-0860
Voya Financial  Variable and Fixed Annuities

Bert Ritter

(352) 245-1110
MetLife Resources Fixed Annuity and Mutual Funds Kenneth Suchy (800) 763-2838
(561) 371-4312
The Legend Group Mutual Funds

Sergio Esteve

(561) 471-0349

Lynn Balch

Jessica Lee Kovachik

(561) 601-7297

(561) 472-5717

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

 

Plan Distributions

In order to process a loan, withdrawal, rollover, transfer, Qualified Domestic Relations Order, etc. of voluntary 403(b), 457 or alternative to social security funds (ALT SS), the account holder must obtain the applicable form from their plan provider and then obtain a Certificate of Approval from TSA Consulting Group, the College's third party administrator of retirement plans. TSACG maintains an advanced Web-based Online Distribution System. The system provides employees, financial advisors and investment providers, the ability to obtain an immediate Certificate of Approval and is available 24 hours a day, seven days a week. In addition, TSACG representatives are available to assist with transactions for participants unable to use the Online Distribution System. TSACG can be reached at (888) 796-3786.

Retirement Planning Resources

TSA Consulting Group, the College's third-party administrator of retirement plans (403b, 457 and ALT SS)  provides the Financial Wellness Center (FWC). The website contains 9 modules that allow participants to watch videos, read educational articles, or utilize planning calculators curated for the specific needs of educators. Center resources are available 24/7 onlline. The TSACG Financial Wellness Center is available at fwc.tsacg.com.

The Florida Retirement System provides MyFRS Financial Guidance Line toll-free at 1-866-446-9377, a free service to all FRS members. Members have access to unbiased financial planners who can answer all your questions about retirement planning, the FRS retirement plans, and managing your finances. In addition, all FRS members  have access to an easy to use retirement planning solution through their digital advisor service, GuidedChoice, available at www.myfrs.com.  This digital advisor service can be used for your Investment Plan account, as well as any other supplemental retirement accounts you - or your spouse - may have (457, 403b, IRA) to provide a complete view of your retirement savings. You will also find forms, publications, employee workshops and videos to assist you in planning for retirement. 

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 all FRS 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, the College calculates the amount you are eligible for payout based on your hire date and then applies thefollowing 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 $5,000; if less, your sick time remains available for use. 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 ofaccount is stacked, which means under the Special Pay Plan, $55,000 can be shelteredand an additional amount can be sheltered under a 403(b) account reduced by the amount that you contributed voluntarily in the preceding calendar year.

Participants 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 at 1-866-446-9377, Option 2, and speak with an Ernst & Young financial planner. Participants who utilized the Advisor Service prior to joining DROP will need to re-enter their financial information in the Advisor Service.

Additional information can be found at the Florida Department of Management Services DROP website or contacting Benefits

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 leaveand/or annual leave pay out. With this plan, employees will have the value of theiraccumulated leave deposited as a pre-tax contribution into a special pay plan up tothe current $55,000 limit subject to IRS rules and regulations. Not only will yousave 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. 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.

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