1. Retiring From UCF

2. Thinking About Retirement?......
Contact your UCF Benefits Coordinator
To determine which Benefits Coordinator is assigned to your college/division, reference the HR Service Point of Contact list on the HR website by clicking “Contact HR Team” on the HR website here:
UCF HR Benefits Coordinators:
Keven Ayala
Samuel Ensenat
Emanuel Torres
Venessa Williams
Keven: Arts & Humanities, Graduate & Undergraduate Studies, Honors College, CREOL, COHPA, CECS, University Relations, ITR
Samuel: College of Medicine, Facilities & Safety, President’s, Admin & Finance, and Provost.
Emanuel: Education, SDES
Venessa: Science, Nursing, Rosen, Business Admin, Communication & Marketing; Research and Commercialization, UCF Connect & Continuing Ed

3. Insurance Continuation
Health Insurance:
Active benefits carry through the end of the following month of last day work
(9 month faculty employees may have an exception)
Enroll in Medicare A when you turn 65 (regardless of whether you’re employed or not)
Research all Medicare Advantage Plan options before selecting UCF Plan
Supplemental Coverage after Medicare B
Premiums increase
* Must sign up by end of last active benefit month
Early Retiree Premiums are very high
Medicare Supplemental Premiums a little more manageable.
Ideal to do research to see if continuing UCF health insurance is within your best interest. SHINE can help.
Gabor and Supplement Capital or Colonial Insurance Plans can be converted to personal policies.
Securian Life Insurance ends, only replacement is Securian $2500 or $10K options

4. Supplement Insurance Continuation
Life Insurance: Basic Life and Optional Life
Active benefits carry through the end of the following month of last day work
$10,000 or $2500 lifetime policy with Securian is available
Dental & Vision Insurance:
May elect to continue under COBRA with a 2% increase in monthly premiums for up to 18 months.
Other supplemental benefits may be converted to a personal policy
* Must sign up by end of last active benefit month
Early Retiree Premiums are very high
Medicare Supplemental Premiums a little more manageable.
Ideal to do research to see if continuing UCF health insurance is within your best interest. SHINE can help.
Gabor and Supplement Capital or Colonial Insurance Plans can be converted to personal policies.
Securian Life Insurance ends, only replacement is Securian $2500 or $10K options

5. FRS Pension Plan Retirement Eligibility
If plan participant before July 1, 2011
If plan participant after July 1, 2011
At least 6 years of service
*Note: If you are not 62 years of age or do not have 30+ years of service, you will be penalized 5% for every year before you reach the limit.
Special Risk:
*Note: If you are not 55 years of age or do not have 25+ years of service, you will be penalized 5% for every year before you reach the limit.
At least 8 years of service
*Note: If you are not 65 years of age or do not have 33+ years of service, you will be penalized 5% for every year before you reach the limit.
*Note: If you are not 60 years of age or do not have 30+ years of service, you will be penalized 5% for every year before you reach the limit.
HIS is eligible to anyone who is
1. Vested
2. You must meet normal retirement age or years of service under the FRS Pension Plan
3. Must have one of these types of insurance coverage for the period during which you receive the subsidy payment:
health; cancer; accident; disability; dental; vision; Medicare Part A and/or Part B; Tricare;
Guaranteed monthly lifetime benefit
Survivor/beneficiary payment options
Health Insurance Subsidy (HIS) payments, if eligible

6. Deferred Retirement Option Program (DROP)
Enrollment Eligibility
Employee has reached 30 years of service before reaching the age of 57
Employee has reached 30 years of service AFTER the age of 57 but before the age of 62
Employee with less than 30 years of service may enter drop at the age of 62 only if they are vested.
May sign up at any time before they reach the age of 57.
*Note: Failure to sign up for DROP by the age of 58 removes employee’s eligibility to enter DROP.
Must sign up the year they reach 30 years of service.
*Note: Failure to sign up within 12 months of eligibility date by the end of the year that they’ve reached 30 years of service removes employee’s eligibility to enter DROP.
Must have at least 6 years of service and enroll within their 62nd birth year.
*Note: Failure to sign up before becoming 63 years of age removes employee’s eligibility to enter DROP.
What is DROP?
Pro: Lump Sum Payout to go with Pension (best of both worlds)
Con: you miss out on future raises and years of service affecting your monthly pension, and you must leave after 5 years whether you are ready or not
Who can enroll? ONLY FRS Pension, see slide for more details
When can you enroll? Well that depends on where you fit between these three periods.
Only for FRS Pension Plan Members
Able to retire without terminating employment for up to 5 years
Lump Sum benefit accrual paid at the end of the DROP period + lifetime benefit
Health Insurance Subsidy (HIS) payments, if eligible

7. FRS Investment Plan Retirement Eligibility
If plan participant before July 1, 2011
If plan participant after July 1, 2011
At least 62 years of age
At least 6 years of service Or
30 or more years of service
At least 65 years of age
At least 8 years of service
33 or more years of service
May take up to 10% distribution one calendar month following termination
*If reached normal retirement age
May take a distribution after three full calendar months following termination
Lump sum, annuity, or installment payment options available
Health Insurance Subsidy (HIS) payments, if eligible
Much simpler process for retirement from UCF.
After meeting with UCF HR Rep, need to call MyFRS Guidance Line to set up retirement at
Bullets talk about retirement distribution schedule

8. State University System Optional Retirement Program (SUSORP) Retirement Eligibility
If plan participant before July 1, 2011
If plan participant after July 1, 2011
At least 59.5 years of age (no penalty)
“Normal Retirement Date”
62 years of age or older
65 years of age or older
May take up to 10% distribution one calendar month following termination
*If reached normal retirement age
May take a distribution after three full calendar months following termination
Lump Sum, periodic distribution, or rollover options available
After you meet with UCF Benefits Rep, must meet with SUSORP provider company representative to set up payment options.

9. Accrued Leave Payout *Approximately 30 days to process
Permanent University employees are eligible to receive leave balances paid out
The maximum hours payable are based on employee class:
Executive Service – 480 hours of Annual
A&P/12 Month Faculty/USPS Exempt – 352 hours of Annual
USPS Non-Exempt – 240 hours Annual
*All USPS classes must attain regular status in order to be eligible for payout
An employee with 10+ continuous years of service is also eligible to receive a sick leave payment
To be paid a number of hours equal to 25% of their sick leave balance
Payout cannot exceed 480 hours
*Approximately 30 days to process

10. Accrued Leave Payout *Approximately 30 days to process
What is the Special Pay Plan (SPP)?
Payout Defers automatically into a TIAA 401(a) account
Is exempt for Social Security and Medicare Tax
SPP is automatic if the employee:
Is entering DROP at 59 and 4 months with an annual leave payout of $10,000 or more; or
Is retiring/terminating/coming out of DROP at age 55+ with an accumulated annual, sick and/or compensatory leave payout of $10,000 or more
If not SPP eligible - 2 Payout options:
Receive payout via EFT and pay applicable taxes; or
Rollover to a 403(b) or 457 up to the applicable IRS limits
*Approximately 30 days to process

11. Reemployment
6 Month Rule: If you retire from the FRS Pension, FRS Investment, or SUSORP plan you can not be reemployed for six calendar months following the initial payment
7-12 Month Rule: If rehired between the 7 to 12 months from the initial payment your monthly benefit or distributions will be suspended
After 12 months you can be rehired as a retiree and continue to receive a monthly benefit or distribution from your retirement plan
If you are a reemployed retiree returning to work in an ORP eligible position, you must enroll in the ORP plan
If you are a reemployed retiree returning to work in a non-ORP eligible position, you must enroll in the FRS Investment Plan

12. UCF Retiree Perks UCF Retiree ID Card Free Parking Privileges
Available at the Card Services office on campus at no cost after 48 hours
Free Parking Privileges
Choice of decal or hang tag through UCF Parking Services, unless you return to work in a full-time position
Employee Assistance Program (EAP)
All EAP services are available during the first year of retirement. Health Advocate is the EAP provider for UCF and can be reached at
UCF Library Privileges
Public rooms, lending and research services

13. UCF Recreational Facilities Tuition Waiver
Accounts
May create a Knights account prior to retiring from UCF
UCF Recreational Facilities
Located in the College of Education
Tuition Waiver
On a space-available basis, without payment of tuition, subject to the provisions of Section (3) or (4) Florida Statutes, and university policy
UCF Retirement Association
Retiree fellowship, luncheon meeting, keynote speakers, quarterly newsletter, discounts and more. Annual fee $15
Additional Benefits for Retiree Faculty Only
Listing in the UCF faculty and staff directory
If requested, s can be forwarded from your UCF employee account to retiree account during the first 12 months
Continue to receive professional mail to your department mailbox

14. Contact Information
People First: (866) Mon-Fri 8am-6pm or ww.peoplefirst.com Social Security & Medicare: (800) or MyFRS Financial Guidance Line: (866) or Division of Retirement: (844) or

15. Additional Resources
State Group Insurance Benefits for Retirees: Department of Management Services (DMS) for Retirees: Florida Serving Health Insurance Needs for Elders (SHINE): or

16. Q&A