As You Prepare to Retire
Retirement planning can be exciting and chaotic! There is research to be done, decisions to be made and forms to be completed.
Please review the “As You Prepare to Retire” Document to learn about:
- Florida Atlantic University State retirement
- State University System Optional Retirement Program (AKA: SUSORP or ORP)
- FRS - Pension Plan & Investment Plan
- State insurance – People First
- Leave payout
- Sheltering funds
For additional information, please review the “Preparing to Retire – Resources” below; these will facilitate your understanding of retirement preparations and processes involved.
Preparing to Retire – Resources
ORP (SUSORP = State University System Optional Retirement Program) https://www.dms.myflorida.com/workforce_operations/retirement/optional_retirement_plans/state_university_system_optional_retirement_program
FRS (Florida Retirement System) Pension Plan
FRS ((Florida Retirement System) Investment Plan
FAQS = https://frs.fl.gov/forms/Member-FAQ.pdf
- ORP -
- You Must Remain off All Employer Payrolls for the Following Six (6) Calendar Months after distribution.
- If You Reemploy During Calendar Months 7-12, You Will Be Ineligible for Distributions.
- FRS INVESTMENT - https://myfrs.com/pdf/forms/reemployment_flyerip.pdf
- FRS PENSION -
- Within 6 calendar months: Your retirement will be voided and you and your employer will be required to repay all of the Pension Plan benefits you have received, including any DROP payout.
- During Calendar months 7-12: Your Pension Plan benefits will be suspended for each month you are employed during this period (you must notify the Division of Retirement of your employment). If your benefits are not timely suspended, you and your employer will be required to repay benefits you should not have received.
- After 12 Calendar months: You will not be required to repay any prior benefits, and you will continue receiving benefits from the Pension Plan without interruption.
People First Insurance
- Retiree Enrollment/Cancelation forms: https://www.mybenefits.myflorida.com/content/download/150861/1004226/DSGI_Retiree_Packet_Fillable_12072020.pdf
People First Retiree Health Insurance Rates:
- Medicare Advantage Plan Premiums Rates:
- Early Retiree Rates and Medicare I, II,III Premium Rates:
Supplemental Insurance & Gabor Products
(Long Term Care/Disability/Life Insurance/Aflac) - contact to explore private coverage options:
- People First supplemental plan (Aflac/Colonial/New Era) contact info:
- Gabor: http://www.gaboragency.com/schools/florida-atlantic-university