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
Medicare
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

Social Security & Medicare

https://www.ssa.gov/

https://www.medicare.gov/

www.Medicare.gov

How do I get Medicare Parts A & B

Application for Medicare Part B

Who pays First? Medicare or Supplemental Plan?

Sheltering Leave Payouts

403b Providers

Salary Reduction Agreement

https://www.myfloridacfo.com/deferredcomp/

State of Florida Retirement Plan

ORP (SUSORP = State University System Optional Retirement Program)

FRS (Florida Retirement System) Pension Plan

https://frs.fl.gov/forms/ready_set_retire.pdf

https://www.dms.myflorida.com/workforce_operations/retirement/retirees

FRS ((Florida Retirement System) Investment Plan

https://www.myfrs.com/pdf/forms/termination-kit.pdf

FAQS = https://frs.fl.gov/forms/Member-FAQ.pdf

RE-EMPLOYMENT RULES:

ORP - https://frs.fl.gov/forms/Optional_Reemployment_Limitations_Chart.pdf
- 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 - https://www.myfrs.com/pdf/forms/reemployment_flyerpp.pdf
- 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.

State Insurance Plan - Continuation options and Information

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:
  - https://www.mybenefits.myflorida.com/content/download/150362/1001896/MAPD_Premium_Table_Effective_December_2020_for_January_2021_Coverage_08-18-2020.pdf
- Early Retiree Rates and Medicare I, II,III Premium Rates:
  - Https://www.mybenefits.myflorida.com/content/download/151081/1005575/Premium_Table_Effective_December_2020_for_January_2021_Coverage_12-10-20.pdf
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:
  - https://www.mybenefits.myflorida.com/health/contact_information
- Gabor: http://www.gaboragency.com/schools/florida-atlantic-university