Retirement Plans

Florida Retirement System (FRS)

PENSION PLAN

The FRS Pension Plan is available to all full and part-time faculty, administrative (A&P) and support (USPS) employees in a budgeted position at the University of North Florida. The plan is not available to OPS (Other Personnel Services) employees. Enrollment will be automatic in the FRS pension plan unless another plan is selected within the required enrollment period. Refer to each plans' eligibility requirements for enrollment periods.


Description of the Plan

The FRS Pension Plan is a defined benefit plan sponsored by the State of Florida. Upon completion of six 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. The University of North Florida pays the full 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].


Division of Retirement Online Services

The Division of Retirement offers members of the Florida Retirement System 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. Click here to access the Division of Retirement Online Services.


How to Enroll


  • Support employees complete a Retirement Plan Choice Form (ELE-1) and select the option for the FRS Pension Plan.

  • Faculty and administrative employees complete a Retirement Plan Choice Form (ORP-16) and select the option for the FRS Pension Plan.

  • Submit form(s) to your UNF Retirement Representative in the Office of Human Resources.

How to Retire


  • Contact your UNF Retirement Representative in the Office of Human Resources three to six months prior to your anticipated date of retirement for a counseling appointment.

  • Request an estimate of retirement benefits by completing the information request form (FR-9) or viewing your information online at www.frs.state.fl.us.

  • Apply for retirement by completing the application for service retirement form (FR-11) and the option selection for FRS members form (FRS-11o).

INVESTMENT PLAN

Florida Retirement System Public Employees Optional Retirement Plan (PEORP)


Eligibility

The PEORP (also known as the FRS Investment Plan) is available to all salaried Faculty, administrative, (A&P) and support (USPS) employees in a budgeted position at the University of North Florida. Coverage is not available to OPS (Other Personnel Services) employees. Enrollment in this plan must occur by the end of the 5th month from the date of hire or the employee will automatically be enrolled in the FRS Pension Plan.

Description of the Plan

The PEORP 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 the employer and the performance of your investment choices.

The plan is funded by employer 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. This plan does not accept employee contributions.

The plan record keeper is CitiStreet. 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 www.myfrs.com.

How to Enroll


OPTIONAL RETIREMENT PLAN


Eligibility

The Optional Retirement Program (ORP) is available to Faculty and Administrative (A&P) employees in a budgeted position at the University of North Florida. Support (USPS), 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 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. Please refer to your ORP Enrollment Form for a list of investment companies.

2009-2010 Contribution rates for ORP:

  • Employer contributions: 10.42% of your bi-weekly salary
  • Employee contributions: 0% up to 10.42% of your bi-weekly salary. Complete ORP-16a change form and submit to the UNF Retirement Representative in the Office of Human Resources.

How to Enroll

Changes to Voluntary Contributions

How to Retire

  • Contact your provider company concerning annuitizing your retirement funds.

  • Contact your UNF Retirement Representative in the Office of Human Resources three to six months prior to your anticipated date of retirement for a counseling appointment.

Retirement Plan Comparisons


Deferred Retirement Option Program (DROP)

Summary

The Deferred Retirement Option Program (DROP) is a retirement program within the FRS Pension Plan that allows you to retire and have your FRS benefits accumulate in the FRS Trust Fund earning interest while you continue to work for up to five years. Your participation in DROP does not change your conditions of employment. When the DROP period ends you will receive your accumulated DROP benefits and begin receiving your monthly retirement benefit. The University of North Florida pays the full cost of the plan. For additional information, visit the Division of Retirement’s web site.

Eligibility

As an eligible member of the FRS Pension Plan or Teachers Retirement System (TRS), you may participate in DROP when you are vested and have reached your normal retirement date. Your “normal retirement date” is the earliest date at which you become eligible for full, unreduced benefits based upon your age and/or service. In most cases, you reach your normal retirement date when you are vested and reach age 62, or when you complete 30 years of service, regardless of your age (age 55 or 25 years of service for Special Risk members).

If you complete 30 years of service before you reach age 57, you may defer your DROP election and may elect to begin DROP participation at anytime between completing 30 years of service and reaching age 57. FRS special risk members who complete 25 years of Special Risk Class service before age 52 may defer DROP to age 52.

When determining your normal retirement date for purposes of establishing your DROP eligibility or participation period, you may choose to include or exclude any optional service credit you have purchased (for example, any credit you purchased for a leave of absence). Regardless of your choice, any optional service credit you buy will be included in your benefit calculation.

Election

If you wish to participate in DROP, you may make your election up to six months before the date you plan to begin participation, but the Division of Retirement must receive your election no later than the month you wish to begin DROP. You must make your election within a 12-month election window that begins when you first reach your normal retirement date unless you are eligible to defer your election as listed above. If you do not apply within your prescribed election window, you will lose your eligibility to participate. Your 60-month (five-year) participation period starts on your 1st month of eligibility. Even though you are allowed one year to sign up for DROP, it does not extend your 60 month DROP enrollment period.

Example:

  • Eligible for DROP 7/1/09

  • DROP enrollment is from 7/1/09-6/30/14

  • You decide not to enroll in DROP until 6/1/10

  • Your DROP termination date would still be 6/30/14

How to Enroll:

Contact your UNF Retirement Representative in the Office of Human Resources for an appointment. The following forms will be completed:

  • Notice of election to participate in the DROP and resignation of employment: DP-ELE Form.

  • Application of Service Retirement and the DROP: DP-11 Form.

  • Option selection for FRS members: FRS-11o Form.

  • Drop Leave Election Form

    • Additional documents needed:
  • Birth Certificate of employee

  • Birth Certificate of Spouse (if select Option 3 or 4)

  • Driver’s license – for notary

How to Retire

  • Contact your UNF Retirement Representative in the Office of Human Resources approximately six to eight weeks in advance.

  • The Division of Retirement will send the appropriate paperwork to your home address.

  • Once the forms are received, contact your UNF Retirement Representative in the Office of Human Resources for an appointment. Bring the forms with you.