Retirement

We can assist employees with enrolling in retirement plans, counseling on retirement benefits and assistance throughout the retirement process.

Retirement Benefits

The Office of Human Resources serves as a liaison with the state of Florida’s Division of Retirement and employees regarding retirement information. We can assist employees with enrolling in retirement plans, counseling on retirement benefits and assistance throughout the retirement process.

For your convenience, we have created an FAQ regarding retirement plan enrollment.

Re-employment After Retirement

After you retire under the normal or early retirement provisions of the Florida Retirement System (FRS) pension plan, you may work for a private employer, a Florida public employer not covered by the FRS, or a public employer in another state or covered by another state’s retirement system without affecting your retirement benefit.

The limitations on re-employment with participating FRS employers are as follows:

If you return to work during the first six calendar months of your retirement you will not be considered to have retired. Your retirement application will be void and all retirement benefits, including any funds accumulated during your Deferred Retirement Option Program (DROP) participation, must be repaid.

You may not receive both a salary and retirement benefits for 12 months after your effective retirement date. If you do work during the seven through 12 months after your effective retirement date, you must inform the Division of Retirement. Your retirement benefits will be suspended for the months you are employed during the 12-month period. Any retirement benefits received while working during the first 12 months after you retire must be repaid.

If you are a DROP participant, you are subject to the reemployment limitations as soon as your participation ends.

There are no limits on working for a FRS employer after you have been retired for 12 calendar months.

If you retire under the FRS disability provisions, you cannot be gainfully employed with any employer and continue to receive disability benefits.

Retiree Insurance

For information about retiree insurance, please contact one of the following:

Division of Retirement – Retired Payroll: 888-377-7687
PeopleFirst: 866-663-4735, option #4

Leave Payouts Upon Retirement

Annual Leave:
Employees are cashed out all accumulated annual leave up to their maximum. (Support staff = 240 hours) (Faculty and Administrative = 352 hours). Note: DROP participants are only eligible for the difference between their maximum and the hours they were cashed out at the time they entered DROP.

Sick Leave:

Employees who have 10 years of verified NCF service are eligible to be cashed out up to one-fourth of their accumulated sick leave hours not to exceed 480 hours.
Note: Employees may rollover their annual or sick leave into an existing 403(b) Tax Sheltered Annuity offered by NCF or 457(b) State Deferred Compensation Account to avoid certain taxes. However, the rollover amount will be subject to Social Security and Medicare taxes, as well as Federal Taxes on the Social Security and Medicare deduction. Please note, employees should check with their company representative to ensure they don’t exceed federal limits.

Voluntary Retirement Savings Plans

Tax Sheltered Annuities (403b)

All employees have the opportunity to participate in tax sheltered annuities. Tax sheltered annuities allow employees the opportunity to save money for retirement while reducing their current income tax liability. Taxes on earnings and contributions are deferred until you receive them as income. Contributing to a tax sheltered annuity is voluntary. Contributions are made through payroll deduction and forwarded to a participating investment company.

How to enroll

    • Enrollment can be done at any time.
    • Contact a participating investment company of your choice to sign a contract with the company.
    • Submit a salary reduction agreement form with the desired contribution amount to the Office of Human Resources.
    • How to change/stop your contribution amount?  Submit a salary reduction agreement form with the desired contribution amount to the Office of Human ResourcesChanges may be made at any time.

Participating Companies

Metlife
Bradley M. Ohmes
941-961-6157
bohmes@metlife.com

TIAA-CREF
Sandy Couch
813-205-3186
scouch@tiaa-cref.org

Valic
David G. DeWitt
941-400-6471
david.dewitt@valic.com

Voya
Casey Caldwell
850-321-3790
casey.caldwell@gaboragency.com

State of Florida Deferred Compensation (457)

The deferred compensation program through the state of Florida offers all employees the opportunity to save money for retirement while reducing their current income tax liability. Taxes on earnings and contributions are deferred until you receive them as income. Contributing to a deferred compensation plan is voluntary. Contributions are made through payroll deduction and forwarded to a participating investment company. Refer to the Florida Deferred Compensation Plan web page for additional information, including a list of participating investment companies.

How to enroll

      • Information on enrollment may be found on the Florida Deferred Compensation Plan web page.
      • How to change/stop your contribution amount
      • Contact the participating investment company directly to make a change to your contribution amount.
      • The Bureau of Deferred Compensation will notify NCF of any changes in contribution amounts.

Other Resources:

Tax Annuities Contact List

Medicare

People First

Social Security

Retirement Plan Enrollment Frequently Asked Questions (FAQ)

Support staff employees are eligible to participate in the Florida Retirement System (FRS) pension or FRS investment plan. Faculty and administrative employees are eligible to participate in the FRS pension, FRS investment or the Optional Retirement Plan (ORP).

FRS Pension Plan: Eight years.

FRS Investment Plan: One year.

ORP: Immediate.

Support staff employees have 8 months from their date of hire to enroll in a retirement plan. Faculty and administrative employees have 90 calendar days from their date of hire to enroll in a retirement plan. In the event the enrollment deadline is missed, a new State of Florida employee will automatically be enrolled in the FRS Pension Plan.

Support staff employees have  8 months from their date of hire to enroll in a retirement plan. Faculty and administrative employees have 90 calendar days from their date of hire to enroll in a retirement plan. In the event the enrollment deadline is missed, a new State of Florida employee will automatically be enrolled in the FRS Pension Plan.

Faculty and administrative employees have 90 calendar days from their date of hire to enroll in a retirement plan. In the event the enrollment deadline is missed a new State of Florida employee will automatically be enrolled in the FRS Pension Plan.

You have a one-time option to switch plans, known as a “second election,” after your initial enrollment period. Once you use your second election to switch plans, the new plan will be your new retirement plan and it cannot be changed again. The FRS plan administrator would calculate a value of your pension plan and transfer that amount into the FRS Investment Plan account for you.

Most employees that make the change will get an estimate of the value of their pension plan before deciding. An estimate can be obtained by calling the MyFRS Financial Guidance Line at 866-446-9377 from 9 a.m. to 8 p.m., Monday through Friday. You can also access your information on-line from the myFRS web page.

Once you are in the FRS Investment Plan you cannot change to the ORP plan unless you use your second election to change back to the FRS Pension Plan and then elect the ORP plan within 90 days of your new position hire date. You would be “buying” your way back into the FRS Pension Plan, so depending on the cost and how your FRS Investment Plan is doing, you may or may not be charged a fee for this change. This can be a very serious decision and would need to be coordinated through Human Resources, who would in turn coordinate with the Division of Retirement.

The employer makes a contribution into the FRS Trust Fund, and you are required to make a mandatory contribution equal to 3 percent of your salary. Your retirement benefit is based on a formula: Years of Service X 1.60 percent X Average of 5 highest years of Salary = yearly benefit. (The 1.60 percent is for 30 years of service or less or age 62; 1.63 percent for 31 years of service or age 63; 1.65 percent is for 32 years of service or age 64; and 1.68 percent is for 33 years of service or age 65).

Employees are required to make a mandatory contribution equal to 3 percent of your salary. The employer makes the remaining contributions. The contributions are sent to the FRS Plan Administrator to be deposited into your account on a monthly basis.

For fiscal year 2012-2013, the employer contributes 5.14 percent of your biweekly salary into your ORP plan. You make a mandatory contribution equal to 3 percent of your salary. You can also elect to contribute an additional amount up to 5.14 percent of your biweekly salary. The employee election amounts can be changed at any time. The contributions are sent to your provider company on a biweekly basis.

You have many sources to use to help you make a decision in what plan to choose. You can refer to the plan comparison charts FRS Pension vs. FRS Investment or FRS vs. ORP  on the Division of Retirement’s web page or the myFRS web page. You may also contact the Office of Human Resources for additional information on plan differences.

The Human Resources Department assists employees in accessing information regarding employment, recruitment, retention, discipline, development and benefits. While HR staff are happy to assist you with providing answers to questions to the best of our ability, it is imperative that you understand that such information is not intended to be official or final, nor is it intended to supersede or supplant information received as a result of direct research by the employee. Employees are strongly encouraged to confirm all information with the appropriate source document or contact the appropriate agency.