Opening Title VERSION A

Opening Title VERSION A

Retiring From UCF Thinking About Retirement?...... Contact your UCF Benefits Coordinator To determine which Benefits Coordinator is assigned to your college/division, reference the HR Service Point of Contact list on the HR website by clicking Contact HR Team on the HR website here: http://hr.ucf.edu. UCF HR Benefits Coordinators: 1. Keven Ayala 2. Samuel Ensenat 3. Emanuel Torres 4. Venessa Williams Insurance Continuation Health Insurance: Active benefits carry through the end of the following month of last day work (9 month faculty employees may have an exception) Enroll in Medicare A when you turn 65 (regardless of whether

youre employed or not) Research all Medicare Advantage Plan options before selecting UCF Plan Supplemental Coverage after Medicare B Premiums increase * Must sign up by end of last active benefit month Supplement Insurance Continuation Life Insurance: Basic Life and Optional Life Active benefits carry through the end of the following month of last day work $10,000 or $2500 lifetime policy with Securian is available Dental & Vision Insurance: May elect to continue under COBRA with a 2% increase in monthly premiums for up to 18 months.

Other supplemental benefits may be converted to a personal policy * Must sign up by end of last active benefit month FRS Pension Plan Retirement Eligibility If plan participant before July 1, 2011 At least 6 years of service If plan participant after July 1, 2011 At least 8 years of service *Note: If you are not 62 years of age or do not have 30+ years of service, you will be penalized 5% for every year before you

reach the limit. *Note: If you are not 65 years of age or do not have 33+ years of service, you will be penalized 5% for every year before you reach the limit. Special Risk: At least 6 years of service Special Risk: At least 8 years of service *Note: If you are not 55 years of age or do not have 25+ years of service, you will be penalized 5% for every year before you reach the limit. *Note: If you are not 60 years of age or do not have

30+ years of service, you will be penalized 5% for every year before you reach the limit. Guaranteed monthly lifetime benefit Survivor/beneficiary payment options Health Insurance Subsidy (HIS) payments, if eligible Deferred Retirement Option Program (DROP) Enrollment Eligibility Employee has reached 30 years of service before reaching the age of 57 Employee has reached 30 years of service AFTER the age of 57 but before the age of 62

Employee with less than 30 years of service may enter drop at the age of 62 only if they are vested. May sign up at any time before they reach the age of 57. Must sign up the year they reach 30 years of service. Must have at least 6 years of service and enroll within their 62nd birth year. *Note: Failure to sign up for DROP by the age of 58 removes employees eligibility to enter DROP.

*Note: Failure to sign up within 12 months of eligibility date by the end of the year that theyve reached 30 years of service removes employees eligibility to enter DROP. *Note: Failure to sign up before becoming 63 years of age removes employees eligibility to enter DROP. Only for FRS Pension Plan Members Able to retire without terminating employment for up to 5 years Lump Sum benefit accrual paid at the end of the DROP period + lifetime benefit Health Insurance Subsidy (HIS) payments, if eligible FRS Investment Plan

Retirement Eligibility If plan participant before July 1, 2011 At least 62 years of age At least 6 years of service Or If plan participant after July 1, 2011 At least 65 years of age At least 8 years of service

Or 30 or more years of service 33 or more years of service May take up to 10% distribution one calendar month following termination *If reached normal retirement age May take a distribution after three full calendar months following termination Lump sum, annuity, or installment payment options available Health Insurance Subsidy (HIS) payments, if eligible State University System Optional Retirement Program (SUSORP) Retirement Eligibility If plan participant before July 1, 2011

At least 59.5 years of age (no penalty) Normal Retirement Date 62 years of age or older If plan participant after July 1, 2011 At least 59.5 years of age (no penalty) Normal Retirement Date 65 years of age or older May take up to 10% distribution one calendar month following termination *If reached normal retirement age May take a distribution after three full calendar months following

termination Lump Sum, periodic distribution, or rollover options available Accrued Leave Payout Permanent University employees are eligible to receive leave balances paid out The maximum hours payable are based on employee class: Executive Service 480 hours of Annual A&P/12 Month Faculty/USPS Exempt 352 hours of Annual USPS Non-Exempt 240 hours Annual *All USPS classes must attain regular status in order to be eligible for payout An employee with 10+ continuous years of service is also eligible to receive a sick leave payment To be paid a number of hours equal to 25% of their sick leave balance Payout cannot exceed 480 hours *Approximately 30 days to process Accrued Leave Payout What is the Special Pay Plan (SPP)?

Payout Defers automatically into a TIAA 401(a) account Is exempt for Social Security and Medicare Tax SPP is automatic if the employee: Is entering DROP at 59 and 4 months with an annual leave payout of $10,000 or more; or Is retiring/terminating/coming out of DROP at age 55+ with an accumulated annual, sick and/or compensatory leave payout of $10,000 or more If not SPP eligible - 2 Payout options: 1. Receive payout via EFT and pay applicable taxes; or 2. Rollover to a 403(b) or 457 up to the applicable IRS limits *Approximately 30 days to process Reemployment 6 Month Rule: If you retire from the FRS Pension, FRS Investment, or SUSORP plan you can not be reemployed for six calendar months following the initial payment

7-12 Month Rule: If rehired between the 7 to 12 months from the initial payment your monthly benefit or distributions will be suspended After 12 months you can be rehired as a retiree and continue to receive a monthly benefit or distribution from your retirement plan If you are a reemployed retiree returning to work in an ORP eligible position, you must enroll in the ORP plan If you are a reemployed retiree returning to work in a non-ORP eligible position, you must enroll in the FRS Investment Plan UCF Retiree Perks UCF Retiree ID Card Available at the Card Services office on campus at no cost after 48 hours Free Parking Privileges Choice of decal or hang tag through UCF Parking Services, unless you return to work in a full-time position Employee Assistance Program (EAP)

All EAP services are available during the first year of retirement. Health Advocate is the EAP provider for UCF and can be reached at 877-240-6863 UCF Library Privileges Public rooms, lending and research services Email Accounts May create a Knights email account prior to retiring from UCF UCF Recreational Facilities Located in the College of Education Tuition Waiver On a space-available basis, without payment of tuition, subject to the provisions of Section 1009.26(3) or (4) Florida Statutes, and university policy UCF Retirement Association Retiree fellowship, luncheon meeting, keynote speakers, quarterly newsletter, discounts and more. Annual fee $15

Additional Benefits for Retiree Faculty Only Listing in the UCF faculty and staff directory If requested, emails can be forwarded from your UCF employee email account to retiree email account during the first 12 months Continue to receive professional mail to your department mailbox Contact Information People First: (866) 663-4735 Mon-Fri 8am-6pm or ww.peoplefirst.com Social Security & Medicare: (800) 772-1213 or www.ssa.gov MyFRS Financial Guidance Line: (866) 446-9377 or www.myfrs.com Division of Retirement: (844) 377-1888 or www.rol.frs.state.fl.us/login.aspx Additional Resources State Group Insurance Benefits for Retirees: http://mybenefits.myflorida.com/health/eligibility/retirees Department of Management Services (DMS) for Retirees:

https:// www.dms.myflorida.com/workforce_operations/retirement/retirees Florida Serving Health Insurance Needs for Elders (SHINE): http://www.floridashine.org/ or 1-800-963-5337 Q&A

Recently Viewed Presentations

  • 2004 FRQ No.1

    2004 FRQ No.1

    Identify two FORMAL constitutional powers of Congress in making foreign policy. Identify two INFORMAL powers of the President that contribute to the President's advantage over congress in conducting foreign policy. Explain your answer to part C. Identify two FORMAL constitutional...
  • VEX IQ Mix & Match Curriculum LESSON 06

    VEX IQ Mix & Match Curriculum LESSON 06

    Fit the Distance Sensor cable into Port 2 of the Brain Task 1: The build - Fitting the Distance Sensor Learning objective: Students will be able to program the Basebot using the Distance Sensor Programming using ROBOTC Task 1: Using...
  • Risen! - 1 Corinthians 15 - Grace Bible Church

    Risen! - 1 Corinthians 15 - Grace Bible Church

    Mark Twain. Life was not a valuable gift, but death was. Life was a fever-dream made up of joys embittered by sorrows, pleasure poisoned by pain; a dream that was a nightmare-confusion of spasmodic and fleeting delights, ecstasies, exultations, happinesses,...
  • Opioid Prescribing in Acute Pain Management

    Opioid Prescribing in Acute Pain Management

    Describe the principles of opioid therapy in acute pain management. Identify strategies for identifying and managing common side effects of opioid therapy. Identify best practice for opioid prescribing with comorbid conditions of chronic opioid therapy (COT) and substance abuse disorder...
  • קטרת - Amazon Web Services

    קטרת - Amazon Web Services

    came into Peter's house, He saw his wife's mother lying sick with a fever. He touched her hand, and the fever left her. She got up and served Him. When evening came, they brought to Him many possessed with demons.
  • What's Flash?

    What's Flash?

    Networks Slides taken from: Computer Networking by Kurose and Ross
  • Día de los Muertos - Señora Ross

    Día de los Muertos - Señora Ross

    Graves are trimmed with brightly colored wreaths and crosses made with flowers which can be fresh or artificial. The traditional flower for Día de los Muertos is the marigold because its sunny color is a reminder of happy times. Cempasuchil...
  • Year Design 7 Product GCSE & Design Technology

    Year Design 7 Product GCSE & Design Technology

    To learn about metals. To give you a broader understanding of the materials used in everyday products. Part of your GCSE exams and materials that you might want to use for your future projects