Retiring from UCF

Samuel Ensenat, Benefits Coordinator II

UCF Human Resources Benefits Section (407) 823-2771

Benefits@ucf.edu

UCF HR Benefits

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:

• Keven Ayala

• Samuel Ensenat

• Emanuel Torres

• Venessa Williams

UCF HR Benefits

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 you’re employed or not)

• Research all Medicare Advantage Plan and Medicare B Supplemental Coverage options before selecting UCF Plan

• Premiums increase

UCF HR Benefits

Supplement Insurance Continuation

Life Insurance: Basic Life and Optional Life • Active benefits carry through the end of the following month

of last day work.

• $2500 or $10,000 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

UCF HR Benefits

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 processUCF HR Benefits

Leave Payout Greater than $10k?

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 and mandatory if the employee:• 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

• Is entering DROP at 59 and 4 months with an annual leave payout of $10,000 or more; or

If not SPP eligible - 2 Payout options:1. Receive payout via Direct Deposit and pay applicable taxes; or2. Rollover to an existing 403(b) or 457 up to the applicable IRS limits

*Approximately 30 days to process

UCF HR Benefits

FRS Pension PlanRetirement Eligibility

If plan participant before July 1, 2011 If plan participant after July 1, 2011

• At least 6 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.

Special Risk:• At least 6 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.

• At least 8 years of service

*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 8 years of service

*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

• No Renewed MembershipUCF HR Benefits

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.

*Note: Failure to sign up for DROP by the age of 58 removes employee’s eligibility to enter DROP.

Must sign up the year they reach 30 years of service.

*Note: Failure to sign up within 12 months of eligibility date by the end of the year that they’ve reached 30 years of service removes employee’s eligibility to enter DROP.

Must have at least 6 years of service and enroll within their 62nd birth year.

*Note: Failure to sign up before becoming 63 years of age removes employee’s 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, after DROP

UCF HR Benefits

Deferred Retirement Option Program (DROP)Special Risk Enrollment Eligibility

Employee has reached 25 years of service before reaching the age of 52

Employee has reached 25 years of service AFTER the age of 52 but before the age of 55

Employee with less than 25 years of service may enter drop at the age of 55 only if they are vested

May sign up at any time before they reach the age of 52

*Note: Failure to sign up for DROP by the age of 53 removes employee’s eligibility to enter DROP.

Must enroll in DROP the year they reach 25 years of service.

*Note: Failure to sign up within 12 months of eligibility date by the end of the year that they’ve reached 25 years of service removes employee’s eligibility to enter DROP

Must have at least 6 years of service and enroll within their 55th birth year.

*Note: Failure to sign up before becoming 56 years of age removes employee’s 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, after DROP

UCF HR Benefits

One year to be vested

10% tax penalty for early distribution (before age 59.5) for terminated employees

Renewed Membership is allowed after reemployment waiting period

FRS Investment PlanVesting and Taxes on Distribution

UCF HR Benefits

• 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

FRS Investment PlanRetirement Eligibility

If plan participant before July 1, 2011 If plan participant after July 1, 2011

• At least 62 years of age w/ 6 years of service

Or

• 30 or more years of service

Special Risk

• Age 55 or older and 1 or more years of FRS-covered service; or

• Any age and 25 or more years of Special Risk service

• At least 65 years of age w/ 8 years of service

Or

• 33 or more years of service

Special Risk

• Age 60 or older and 1 or more years of FRS-covered service

• Any age and 30 or more years of Special Risk service

UCF HR Benefits

FRS 2nd Election

Only once in your career with the State of Florida, can you switch between FRS Pension and Investment plans.

Call the MyFRS Guidance Line at 1-866-446-9377 (option 1) to get free, unbiased, professional assistance from the financial planners of Ernst Young

UCF HR Benefits

• May take up to 10% distribution one calendar month following termination *If reached Normal Retirement Age

• NRA if hired before July 1, 2011 is age 62 • NRA if hired after July 1, 2011 is age 65

• May take a distribution after three full calendar months following termination

• Lump Sum, periodic distribution, or rollover options available

• Renewed Membership is allowed after reemployment waiting period

State University System Optional Retirement Program (SUSORP)

Retirement Eligibility

If plan participant before or after July 1, 2011

• At least 59 ½ years of age

UCF HR Benefits

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 HR Benefits

FICA Alternative Plan

Retirement plan for Adjunct or OPS Non Student

Distribution only available at retirement

Investment administered by TIAA at 800-842-2252

UCF HR Benefits

Requesting a Distribution from your Voluntary Retirement Accounts

Voluntary 403b

• Must be 59 ½ years old to avoid IRS early withdrawal penalty

• Must communicate with VALIC, Fidelity, or TIAA representative

Voluntary 457

• May begin receiving distribution 31 days following you last day of employment with the State, regardless of age.

• Must communicate with investment company to fill out a Request for Distribution

Voluntary Retirement Plans

UCF HR Benefits

UCF Retiree Perks UCF Retiree ID Card

Available at the Card Services office on campus at no cost on or after last day

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

UCF HR Benefits

Email AccountsMay create a Knights email account prior to retiring from UCF

UCF Recreational Facilities Located in the College of Education

Tuition WaiverOn 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 AssociationRetiree fellowship, luncheon meeting, keynote speakers, quarterly newsletter, discounts and more. Annual fee $15 (waived first year)

Additional Benefits for Retiree Faculty OnlyListing 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

UCF HR Benefits

Contact InformationPeople First:

(866) 663-4735 Mon-Fri 8am-6pm or www.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

UCF HR Benefits

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

UCF HR Benefits

Retirement Lab

Assistance with:

State sponsored and voluntary retirement plan enrollment

Pension/DROP Estimates

Distribution and/or Rollover Request Paperwork

Notarizing

Sessions available by appointment only

Call (407-823-2771) or email (Benefits@ucf.edu) the Benefits Section to make an appointment

Q&AQuestions?