Retirement Plans/FRS
October 31, 2018
Florida Retirement System (FRS) Pension Plan
This defined benefit plan provides a fixed benefit at retirement based on years of service, salary and FRS membership class. The College makes monthly contributions to pay for this benefit.
Florida Retirement System (FRS) Investment Plan
This defined contribution plan allows employees to decide how to invest their money. The Investment Plan directs contributions to individual member accounts and employees allocate contributions and account balances among various investment funds. The employee’s retirement benefit will be based on those contributions AND how well they grow when invested. Employees are vested after 1 year of service.
Community College Optional Retirement Program (CCORP)
Certain employees (faculty and administrators) may elect to participate in the CCORP in lieu of membership in the Florida Retirement System (FRS). The College pays a percentage of the employee’s salary to an annuity company approved by the College. Members of CCORP are fully and immediately vested in the program.
Retirement Incentive Plan
Eligible full-time employees can receive incentives to include up to 100% sick leave payout and 10% of annual salary. Contact Human Resources for additional information.
Deferred Retirement Option Program (DROP)
This program allows a full-time employee to retire and begin accumulating retirement benefits, without terminating employment, for up to 60 months from the date of reaching normal retirement. While participating in DROP, monthly retirement benefits remain in the FRS Trust Fund, earning tax-deferred interest, while the employee continues to work. Once the DROP period ends, the employee terminates all employment with any FRS employer. At that time, the employee receives payment of the accumulated DROP benefits, and the normal monthly retirement benefit begins. Contact Human Resources for further details on the plan.
Visit myfrs.com for additional information on retirement plans.