Retirement Review State of Florida Retirement Plans UCF - Benefits Section.

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Presentation transcript:

Retirement Review State of Florida Retirement Plans UCF - Benefits Section

Employer Sponsored Retirement Plans Florida Retirement System (FRS) –Pension Plan –Investment Plan Optional Retirement Program (ORP) UCF - Benefits Section

Employer Sponsored Retirement Plans Pension Plan 6 year vesting Monthly contributions are employer-paid and based on a percent of salary and FRS membership class- paid to a trust fund for all FRS members Defined Benefit - the benefit is based on a formula (years of service, age at retirement, average final compensation, and FRS membership class) Investment Plan 1 year vesting Monthly contributions of 9% are employer- paid to your account Defined Contribution - the benefit is based on your account value (contributions plus investment earnings less expenses and losses) Florida Retirement System (FRS) UCF - Benefits Section

Employer Sponsored Retirement Plans Eligible Employees –A&P and Faculty Defined Contribution Contribution Rate – 10.42% Immediate Vesting Investment Providers AIG VALIC ING Aetna Financial Services Jefferson National MetLife Investors TIAA-CREF Optional Retirement Program (ORP) UCF - Benefits Section

Voluntary Retirement Plans Tax Deferred Programs: Employee-sponsored retirement options 403(B) Tax Deferred Annuities: AIG VALIC, Jefferson National, Symetra, MetLife, ING Reliastar, TIAA-CREF, ING Aetna 403(B)(7) Mutual Funds: Smith Barney, T. Rowe Price, Vanguard, Fidelity 457 Deferred Compensation Plans: Call UCF - Benefits Section

Retirement Retirement Resources: –UCF Benefits Section (407) Provider Contacts Comparison Charts Enrollment Information/Forms –Florida Investment Plan (866) ( open 9am – 8pm, EST ) UCF - Benefits Section