As You Prepare to Retire
Retirement Overview
Whether you have been here a few years or your entire career, the thought of retiring can often feel overwhelming. The FAU Benefits & Retirement team provides guidance, required forms, and personalized support throughout the process.
Preparing for retirement from Florida Atlantic University (FAU) requires several key steps, including planning for retirement benefits, insurance coverage, leave payouts, and post‑retirement considerations.
Getting Started: Retirement Planning at FAU
To ensure a smooth and well‑coordinated transition, we encourage you to:
- Review the information below
- Schedule a consultation with the FAU Benefits & Retirement team
- Plan your appointment 3-6 months prior to your anticipated retirement date
During your consultation, we will review:
- Required retirement paperwork
- Health insurance options and People First enrollment
- Medicare coordination
- Leave payouts and tax‑sheltering options
- Secure submission of documents
Retirement Plan Options
State University System Optional Retirement Program (SUSORP / ORP)
Employees in the ORP will receive a single retirement form (ORP Retire 1) from the FAU Benefits & Retirement Department. This form must be completed, notarized, and signed by Human Resources.
Distribution timing:
- Regular distribution: After being off payroll for three full calendar months
- Early distribution (10%): Available after one full calendar month only if you have reached normal retirement age
Normal retirement age:
- Enrolled before July 1, 2011 → Age 62
- Enrolled on or after July 1, 2011 → Age 65
Reemployment rules (ORP):
- Must be separated from all FRS/SUSORP employers for:
- 3 full calendar months before distribution
- An additional 6 calendar months after distribution
- Reemployment during months 7–12 makes you ineligible for distributions during that period
Distributions are requested directly through your investment provider, once the ORP Retire 1 form has been approved by FAU.
Florida Retirement System (FRS) Investment Plan
FAU will provide the required Investment Plan retirement forms.
Distribution eligibility:
- After termination and being off all FRS payrolls for 3 full calendar months, or
- After reaching normal retirement age with 1 full calendar month off payroll, eligible for a one‑time 10% distribution
Requesting a distribution:
- By phone: 1‑866‑446‑9377 (Option 4)
- Online: MyFRS.com
Reemployment rules (Investment Plan):
- First 6 months after distribution: Distributions must be repaid
- Months 7–12: Distributions and Health Insurance Subsidy stop while employed
- After 12 months: No restrictions
Florida Retirement System (FRS) Pension Plan
FAU will provide a Pension Retirement Packet, and most forms require notarization.
Payout options (choose one):
- Single Life Annuity
- Reduced Life Annuity with 10‑year guarantee
- Joint & Survivor Annuity
- Reduced Annuity with 2/3 survivor benefit
Direct deposit enrollment is required through FRS Online.
Reemployment rules (Pension Plan):
- Within 6 months: Retirement is voided; benefits must be repaid
- Months 7–12: Benefits are suspended while reemployed
-
After 12 months: Benefits continue without interruption
Health Insurance & Medicare
People First Insurance (State Insurance)
FAU will provide People First Retiree Forms to:
- Continue state health insurance (premium required), or
- Enroll in a State Medicare Advantage plan, or
- Cancel coverage
Life insurance continuation or cancellation options are also available.
Medicare Enrollment
If you are age 65 or older and had FAU health insurance:
- FAU will provide a signed verification form for Social Security
- This allows enrollment in Medicare Part B without penalty
Medicare premiums are paid through Social Security deductions or direct payment.
Leave Payouts & Tax‑Sheltering Options
Leave Payout
- Annual and sick leave payouts occur 1–2 pay periods after final paycheck
- An estimated payout calculation will be provided by FAU Benefits & Retirement
Tax‑Sheltering Payout Funds
You may shelter leave payouts using:
- 403(b) – amend an existing salary reduction agreement or open a new account
- 457(b) Deferred Compensation – available through approved state providers
Planning must be completed before retirement to take advantage of tax‑sheltering options.
After Retirement: Additional Information
- Retiree Owl Card: Available after retirement; includes library access and discounts
- Workday Access: Ends after last day of employment
- Update mailing address for W‑2 delivery
- Print paystubs and tax documents in advance
- Parking: Permit expires at the end of the semester of retirement
- Volunteering: Permitted only outside the FRS employer system
Resources & Support
FAU Benefits & Retirement:
benefits@fau.edu
People First: 866‑663‑4735
FRS Retirement: 1‑866‑446‑9377
ORP Retirement: 844‑377‑1888
Employees may email Benefits & Retirement with available dates/times to schedule a private retirement discussion.