2009 Retiree Premiums (PDF) 2008 Retiree Premiums (PDF)

Retirement Information

Full-time career and regular part-time employees are automatically enrolled in the Florida Retirement System (FRS) on their first day of employment. However, other options exist. The FRS has several types of retirement plans from which employees may choose. Visit www.myfrs.com for valuable information.

The College contributes 9.85%, as defined by law, of an employee’s monthly salary to the employee’s plan of choice. Employees are given a one time, irrevocable choice to switch plans.

FRS Pension Plan

The traditional plan provides a formula-based income at retirement. This defined benefit plan also provides disability and death benefit. Vesting period is six years.

Deferred Retirement Option Program (DROP) – this option, within the FRS Pension Plan, allows employees to retire and have their FRS benefits accumulate, earning interest, while they continue to work for an FRS employer and receive their regular pay. To be eligible, an employee must meet the FRS Retirement definition.

FRS Investment Plan: Public Employee Optional Retirement Plan (PEORP)

The plan allows employees to control how their retirement contributions are invested. The law defines the employer contributions but your ultimate benefit depends in part on the performance of your investment funds. The choice to participate must be made in 60 days or it defaults to the Pension Plan. Employees will have five months after the month of hire to elect an FRS Plan. Vesting period is one year.

Community College Optional Retirement Program (CCORP)

Full-time faculty, administrator and professional employees have the option to elect to participate in a 403(b) tax-sheltered annuity plan in lieu of the Florida Retirement System. Under this plan, the College contributes 10.43%, as defined by law, of a participating employee’s gross salary to any one of five plans elected by the employee. The choice to participate in the Optional Retirement Plan must be made within 90 days of employment. Vesting is immediate.

There are several new retirement plan alternatives available to CCORP participants. These options may be exercised now or at a future time during your career under the CCORP. You may also choose to simply remain in the CCORP and take no further action. To review these options, please refer to your retirement choice kit. For additional assistance please use the MyFRS Financial Guidance Line at 1.866.446.9377 or visit the MyFRS Web site.

Social Security

All employees contribute a percentage of salary to the Social Security and Medicare programs. The College contributes an equal amount. Social Security provides eligible workers with retirement and disability benefits.

Visit Social Security Podcasts for valuable Social Security information.