State-Sponsored Retirement Plans

All faculty, administrative and support staff employees are required to enroll in a retirement plan.


The University of North Florida offers the following state-sponsored retirement plans:

Florida Retirement System | Optional Retirement Program 



Florida Retirement System (FRS)

Employees who choose to enroll in the FRS must choose one of the FRS plans:

Pension Plan | Investment Plan 

FRS Pension Plan

Eligibility

The FRS pension plan is available to all full and part-time faculty, administrative and support staff employees in a budgeted position at the University of North Florida. The plan is not available to student employees, adjuncts or other personnel services (OPS) employees. Enrollment will be automatic in the FRS pension plan unless another plan is selected within the required enrollment period. 

Description of the plan

The FRS pension plan is a defined benefit plan sponsored by the state of Florida. Upon completion of eight years of creditable service, you are vested in the plan and are eligible to receive a lifetime monthly retirement benefit from the plan when you retire. The amount you receive is based on your age, years of creditable service, the value of each year(s) of service, and your highest five years average final compensation. The plan includes options for retirement income, survivor benefits, health insurance subsidy, disability benefits and cost of living increases. You and UNF share in the cost of the plan.

 

Members of the FRS pension plan may be eligible to participate in the Deferred Retirement Option Program (DROP) or the Phased Retirement Program [in-unit faculty should refer to the BOT-UFF Collective Bargaining Agreement, Article 29.6].

myFRS

The Division of Retirement offers members of the FRS pension plan access to information regarding their personal retirement account. You can obtain information such as service history, service credit, salary data and beneficiary information. You can also calculate benefit estimates based on various retirement scenarios. DROP participants can obtain information such as their DROP retirement date and DROP monthly amounts. To access these features, visit the myFRS web page.

How to enroll

How to retire

FRS Investment Plans

Eligibility

The FRS investment plan is available to all full and part-time faculty, administrative and support staff employees in a budgeted position at the University of North Florida. The plan is not available to student employees, adjuncts or other personnel services (OPS) employees.

Description of the plan

The FRS investment plan is a defined contribution plan sponsored by the state of Florida. Upon completion of one year of creditable service, you are vested in the plan. The amount of your benefit at retirement is determined by the contributions made by you, the employer and the performance of your investment choices. The plan is funded by contributions that are based on your salary and FRS membership class (Regular Class, Special Risk Class, etc.). Contributions are directed into an individual account, and the employee decides how to allocate the contributions among various investment funds. A health insurance subsidy is available under this plan. Effective Jan. 1, 2010, the plan record keeper is Hewitt Associates. They will send an information packet to the eligible employee’s home address approximately three months after the date of hire. For additional information or professional financial guidance regarding this plan, contact Ernst & Young Financial Planners at (866) 446-9377 or visit myFRS.

How to enroll


Optional Retirement Plan (ORP)

Eligibility

The Optional Retirement Program (ORP) is available to faculty and administrative employees in a budgeted position. Support staff, OPS, and re-employed retirees are not eligible to participate in ORP. Enrollment in this plan must occur within 90 days from the date of hire or the employee will automatically be enrolled in the FRS pension plan.

Description of the plan

The ORP is a defined contribution plan sponsored by the state of Florida. Participants are immediately vested in the plan. The amount of your benefit at retirement is determined by the contributions made by the employer, contributions by the employee (voluntary) and the performance of your investment choices. The plan is funded by employer and employee contributions that are based on your salary. Contributions are directed into an individual account, and the employee decides how to allocate the contributions among various investment funds. Tax-sheltered employee contributions to the ORP are also allowed. These contributions are voluntary. A list of approved investment companies may be found on the Division of Retirement web page.

Contribution rates

  •  Employer contributions: 5.14% of your bi-weekly salary
  •  Mandatory employee contributions:  3% of your bi-weekly salary
  •  VoluntaryEmployee contributions: Up to 5.14% of your bi-weekly salary. (Complete an ORP change form and submit it to the Office of Human Resources to set up employee contributions.)

How to enroll

  • Contact the approved investment company of your choice to set up an account. A list of approved investment companies may be found on the Division of Retirement web page.
  • Complete an ORP enrollment form and select the option for the ORP.
  • Submit forms to the Office of Human Resources.

Changes to voluntary contributions

How to retire

  • Contact your approved investment company concerning annuitizing your retirement funds.
  • Contact the Office of Human Resources three to six months prior to your anticipated date of retirement for a counseling appointment.

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