Retirement

Planning For the Adventure Ahead

As an employee of Florida Gulf Coast University, a significant component of your benefits package is the participation in one of the State of Florida Division of Retirement plans. Options may include participation in the Florida Retirement System Pension Plan, Florida Retirement System Investment Plan, or the State University System Optional Retirement Plan (SUSORP). In addition, you have the opportunity to maximize your retirement savings by participating in the University sponsored 403(b) program or State Deferred Compensation 457(b) plan.

Please note: If you recently retired or made a withdrawal from another FRS employer within the last 6 months, you have reemployment restrictions.

RETIREMENT CONTACTS RETIREMENT PRESENTATION FACULTY PRESENTATION

CAPTRUST Financial Advisors

Expert Advice to Help You Retire with Confidence and Avoid Financial Stress

If you are like most people, you may struggle with feeling confident about making financial decisions. FGCUbelieves in helping you make the most of your compensation and benefits package. To help you build a solid financial future, we have hired CAPTRUST as a resource to help you with these important decisions. Improving your financial wellness is one of FGCU’s top concerns.

The easiest way to make an investment advice phone appointment is to schedule it online at www.captrustadvice.com. You can also call CAPTRUST directly at 800.967.9948.

Upcoming Retirement Events

Upcoming Retirement Webinars
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Onsite Retirement Appointments
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TIAA

TIAA Financial Consultant, Kimya Kamran

To schedule an appointment, please visit TIAA.org/schedulenow or call 800-732-8353.

State of Florida Retirement Plans

FRS Pension Plan
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The FRS Pension Plan is a defined benefit plan. At retirement, vested participants will receive a "defined" monthly benefit based on a formula that uses factors such as years of service, age and average final compensation. Eligible employees include Support Personnel (SP), Administrative & Professional (A&P) and Faculty.

Contribution Rates

Employee: 3% mandatory contribution

Employer: A fixed percentage of your gross salary as determinted by the Florida Legislature

Voluntary Employee: voluntary contributions are not permitted in the FRS Pension Plan

Loans and Hardship Withdrawals

Not permitted in the FRS Pension Plan

Enrollment

Within 8 months of hire: Enroll by completing the EZ Retirement form and faxing directly to FRS.

Publications
For additional information, tools and resources, please visit the Florida Retirement System website.
FRS Investment Plan
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The FRS Investment Plan is a defined contribution plan. The participant chooses how to allocate the contributions in their retirement account among available investment options. The benefit at retirement is determined by the amount of money deposited into the account and its market performance over time. Eligible employees include Support Personnel (SP), Administrative & Professional (A&P) and Faculty.

Contribution Rates

Employee: 3% mandatory contribution

Employer: 8.3% for Regular Class employees; 16% for Special Risk Class employees

Voluntary Employee: voluntary contributions are not permitted in the FRS Investment Plan

Loans and Hardship Withdrawals

Not permitted in the FRS Investment Plan

Enrollment

Within 8 months of hire: Enroll by completing the EZ Retirement form and faxing directly to FRS.

Publications
For additional information, tools and resources, please visit the Florida Retirement System website.
State University System Optional Retirement Plan (SUSORP)
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The ORP is a defined contribution plan. The participant chooses how to allocate the contributions in their retirement account among available investment options with one of the State’s four approved provider companies. The benefit at retirement is determined by the amount of money deposited into the account and its market performance over time. Eligible employees include Administrative & Professional (A&P) and Faculty.

Contribution Rates

Employee: 3% mandatory contribution

Employer: 5.14% for participating employees

Voluntary Employee: up to 5.14%

Contribution Limits

The IRS sets contribution limits annually. The limits below include voluntary contributions only. The employee mandatory 3% does not apply to the annual limit.

Under age 50 - $23,500 per year

Over age 50 - $31,000 per year

Loans and Hardship Withdrawals

Not permitted in the ORP

Enrollment

Within 90 days of hire, you must complete the following steps :

1. Open an account with an approved SUSORP investment provider - AIG, Equitable, TIAA or Voya. For additional information on enrollment, please visit the SUSORP website.

2. Return completed ORP ENROLL form to the FGCU Benefits team .

To make changes to your existing ORP account, including changing provider company or voluntary contributions, please complete the ORP CHANGE form and return to the FGCU Benefits team for certification.

Publications
- ORP Eligible Comparison Brochure
- Plan Document
For additional information, please visit the SUSORP website.

Voluntary Retirement Plans

University Sponsored 403(b) Supplemental Plan
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Florida Gulf Coast University offers a voluntary retirement savings program as described under section 403(b) of the Internal Revenue Code (IRC). A 403(b) plan is also known as a tax-sheltered annuity plan. It is a voluntary retirement savings plan for employees of certain tax-exempt organizations such as public schools.

There are tax benefits to a 403(b) plan. Regular contributions may be deducted from your paycheck on a pre-tax basis, so you don’t pay income tax on the money you contribute. The plan grows tax-deferred until you withdraw it at retirement. Many of us will have lower income taxes in retirement so the income tax may be lower at that time.

Roth contributions are made on an after-tax basis, but you don’t pay taxes when you withdraw the money at retirement. The decision on pre-tax versus Roth depends on your financial plan.

Pre-tax and Roth contributions can be made to the approved vendor, TIAA. Participants can contribute to both types of 403(b) if they choose.

Employees eligible to participate in the plan include Support Personnel, Administrative & Professional, Faculty, non-student OPS and adjunct employees. An employee can elect to participate at any time throughout the year. Additionally, current participants may elect to change or stop their deferral at any time. For more information, please visit TIAA.org/fgcu

Contribution Rates

Voluntary employee contributions only

Contribution Limits

The IRS sets contribution limits annually.

Under age 50 - $23,500 per year

Over age 50 - $31,000 per year

Loans and Hardship Withdrawals

Loans and hardships may be permitted, please contact carrier for additional information.

Enrollment

To begin participating in the 403(b) please click on the TIAA Single Sign-On link. Your election will be effective as of the date indicated or the next applicable payroll date.

iRS contribution limits 403(b) informational flyer
Florida Deferred Compensation 457(b) Plan
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The State of Florida Deferred Compensation 457(b) Plan is a voluntary retirement plan under Internal Revenue Code (IRC) 457(b) that allows employees to defer pre-tax retirement contributions to an account with one of three approved provider companies.

Employees eligible to participate in the plan include Support Personnel, Administrative & Professional, Faculty, OPS and adjunct employees. An employee can elect to participate at any time throughout the year. Additionally, current participants may elect to change or stop their deferral at any time.

Roth contributions are available as of July 1, 2024, for additional information on the Roth plan please visit the 457(b) website.

Contribution Rates

Voluntary employee contributions only

Contribution Limits

The IRS sets contribution limits annually.

Under age 50 - $23,500 per year

Over age 50 - $31,000 per year

Loans and Hardship Withdrawals

Hardship withdrawals for “unforeseeable emergencies” may be permitted, please contact The Bureau of Deferred Compensation for details.

Enrollment

To learn more or begin participating in the 457(b) retirement plan, please visit their website.

Publications

OPS and Adjunct Employee Options

The Omnibus Reconciliation Act of 1990 (OBRA 90) introduced into the law IRS Section 3121(b) (7) (f). As a result, temporary employees of a government entity may deposit money into a private retirement plan instead of Social Security. The FICA Alternative Plan is a defined contribution plan authorized under Section 401 (a) of the Internal Revenue Code.

Who is Eligible?
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Who is Not Eligible?
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Faculty and staff employees participating in a university retirement plan are excluded from the FICA Alternative Plan. Also excluded are students, graduate assistants, phased retirees, and any employees covered by current university retirement plans.
How the Plan Works
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Under the FGCU 401(a) FICA Alternative Plan participants contribute 7.5% of their compensation to an account in their name. Medicare contributions at 1.45% will continue to be withheld and matched by the employer.

Download Plan Summary Handout
How Do I Enroll?
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Advantages of the Plan
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Participating employees are not subject to Social Security taxes while covered by this plan, and Social Security taxes are never due on these funds.
Any benefits previously earned under another retirement plan (including Social Security) will not be reduced by participation in this plan.

Contributions to this plan are pre-tax. Therefore, the total amount taxes paid will be reduced. No taxes are paid on the contributions until they are withdrawn.

The account balance is portable and there are no administrative fees.
Withdrawal Periods
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Withdrawals from the plan may be made at the following times:
1. Termination of employment;
2. Retirement;
3. After age 70 ½ or retirement, if later, when the IRS requires minimum distributions be made to the participant each year;
4. Participant's total disability; or
5. Participant's death.
Withdrawals from your account may be made in a lump-sum cash payment (the IRS 10% penalty on early withdrawals does not apply to withdrawals upon separation at age 55 or later) or plan balances may be rolled over to an IRA or other eligible retirement plan. No IRS penalty applies to these transfers.
Who is the Plan Administrator?
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Corebridge Financial (previously AIG/VALIC), a leader in tax-qualified retirement plans, is the administrator of the Plan. For more information regarding the FICA Alternative Plan, including investment options, contact Corebridge Financial at 1-888-569-7055. Individual account information is accessible on Corebridge Financial.

Preparing for Retirement

Whether you have been here a few years or your entire career, the thought of retiring can often feel overwhelming. You may have some unanswered questions such as, when will my benefits end? Can I keep my health insurance? Will I receive a cash out of my unused leave time? Can I take an adjunct or OPS position after I retire?

Please review the appropriate section below based on your retirement plan.

FACTS YOU SHOULD KNOW

FRS Pension Plan
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Prior to planned retirement date:
- Contact the HR Benefits team to schedule a meeting to review the retirement process.
- Contact the Division of Retirement for an official estimate at www.myfrs.com or 866-446-9377.
- Contact the People First Service Center to discuss eligibility to continue Retiree Health and Life Insurance at 866-663-4735.
- Schedule an appointment with the HR Benefits team to submit your Service Retirement Packet. Please bring the following documents:
  - Proof of your birth date.
  - Birth date vertification for your beneficiary, if you select Option 3 or 4.
  - A copy of your marriage certificate, if you select Option 3 or 4.
HR has notary services available.
- Submit your retirement/resignation letter to your department supervisor.
Immediately after your retirement date:
- Contact the People First Service Center at 866-663-4735, if you desire to enroll in retiree health and/or life insurance coverage.
- Complete the Health Insurance Subsidy form.
- Contact Social Security for Medicare enrollment at www.ssa.gov or 800-633-4227.
Helpful Links:
DROP
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Prior to planned DROP entry date:
- Contact the HR Benefits team to schedule a meeting to review the retirement process.
- Contact the Division of Retirement for an official estimate at www.myfrs.com or 866-446-9377.
- Contact the People First Service Center to discuss eligibility to continue Retiree Health and Life Insurance at 866-663-4735.
- Schedule an appointment with the HR Benefits team to submit your DROP Retirement Packet. Please bring the following documents:
  - Proof of your birth date.
  - Birth date verification for your beneficiary, if you select Option 3 or 4.
  - A copy of your marriage certificate, if you select Option 3 or 4.
HR has notary services available.

As you approach your DROP end date:
- Complete the DP-TERM form that is mailed to you by the Division of Retirement. The HR Benefits team will also need to sign off on this form.
- Complete the DP-PAYT form that is mailed to you by the Division of Retirement.
- Contact the People First Service Center at 866-663-4735 if you desire to enroll in retiree health and/or life insurance coverage.
- Contact Social Security for Medicare enrollment at www.ssa.gov or 800-633-4227.
Within 30 days after retirement:
- Complete the Health Insurance Subsidy form and Direct Deposit Authorization form. You will receive this form from the Division of Retirement after submission of the completed DP-TERM and DP-PAYT forms.
Helpful Links:
FRS Investment Plan
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Prior to planned retirement date:
- Contact the HR Benefits team to schedule a meeting to review the retirement process.
- Review the FRS Investment Plan Termination Kit.
- Contact the People First Service Center to discuss eligibility to continue Retiree Health and Life Insurance at 866-663-4735.
- Call the Division of Retirement to initiate your retirement at 866-446-9377.
- Submit your retirement/resignation letter to your department supervisor.
Immediately after your retirement date:
- Contact the People First Service Center at 866-663-4735, if you desire to enroll in retiree health and/or life insurance coverage.
- Retirees from the FRS Investment Plan must wait three (3) complete calendar months before they are eligible to take a distribution from their retirement plan. During that time, employees may elect to continue health insurance coverage via COBRA, through the State of Florida. After taking a distribution from your retirement plan, you must contact People First at 866-663-4735 to switch from COBRA coverage to retiree health insurance.
  - - If you have reached your Normal Retirement Date (birth verification is required), you will be eligible to receive up to 10% of your FRS Investment Plan account balance after terminating employment from all SUSORP and FRS employer payroll for one (1) complete calendar month.
    - Normal Retirement Date refers to the date in which you attain normal retirement by age or years of service:
      
      If initially enrolled before July 1, 2011: Age 62 or older and one (1) or more years of FRS-covered service OR any age and thirty (3) or more years of FRS-covered service.
      
      If initially enrolled on or after July 1, 2011: Age 65 or older and one (1) or more years of FRS-covered service OR any age and thirty three (33) or more years of FRS-covered service.
- Complete the Health Insurance Subsidy form.
- Contact Social Security for Medicare enrollment at www.ssa.gov or 800-633-4227.
Helpful Links:
SUSORP
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Prior to retirement date:
- Contact the HR Benefits team to schedule a meeting to review the retirement process.
- Contact the People First Service Center to discuss eligibility to continue Retiree Health and Life Insurance at 866-663-4735.
- Schedule an appointment with the HR Benefits team to submit the completed ORP-RETIRE form. Be sure to bring your identification with you. HR will then process and forward your form to the Division of Retirement for final approval.
HR has notary services available.
- Contact your investment provider company to request the distribution documents. Return the completed documents back to your investment provider company.
- The Division of Retirement will authorize your distribution by sending your approved application to your investment provider company AFTER you have remained off all SUSORP and FRS employer payrolls for three (3) complete calendar months.
- Submit your retirement/resignation letter to your department supervisor.
Immediately after your retirement date:
- Contact the People First Service Center at 866-663-4735, if you desire to enroll in retiree health and/or life insurance coverage.
- Retirees from the SUSORP must wait three (3) complete calendar months before they are eligible to take a distribution from their retirement plan. During that time, employees may elect to continue health insurance coverage via COBRA, through the State of Florida. After taking a distribution from your retirement plan, you must contact People First at 866-663-4735 to switch from COBRA coverage to retiree health insurance.
  - - If you have reached your Normal Retirement Date (birth verification is required), you will be eligible to receive up to 10% of your SUSORP account balance after terminating employment from all SUSORP and FRS employer payroll for one (1) complete calendar month.
    - Normal Retirement Date refers to the date in which you attain normal retirement by age:
      
      If initially enrolled in SUSORP before July 1, 2011, it is the first day of the month you attain age 62 OR
      
      If initially enrolled in SUSORP on or after July 1, 2011, it is the first day of the month you attain age 65.
- Contact Social Security for Medicare enrollment at www.ssa.gov or 800-633-4227.
Helpful Links:
Medicare
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Prior to your retirement date:
- Contact the People First Service Center to discuss eligibility to continue Retiree Health and Life Insurance at 866-663-4735.
- Contact Medicare for eligibilty and enrollment at www.medicare.gov or 800-633-4227.
Helpful Links:
- Medicare Guide
- Medicare Advantage and Prescription Drug Plans (MA-PD)