Florida Retirement System | Deferred Retirement Option Program |
Community College Optional Retirement Plan | 403(b) Plans

Florida Retirement System The college makes the required Florida Retirement System (FRS) contribution for regular full-time and part-time employees. The retirement program provides the following two options: FRS Pension Plan - An employee is vested after earning six years of creditable service. Retirement benefits are based on a combination of length of service and salary and will be calculated at the time of retirement. This plan is fully portable within the 800 FRS employers. FRS Investment Plan - An employee is vested after earning one year of creditable service. Benefits received are not fixed, rather based on employer contributions and investment returns. Employees have the choice of contribution distribution within the investment funds available. This plan is fully portable within the 800 FRS employers as well as employers outside the FRS umbrella. Deferred Retirement Option Program The Deferred Retirement Option Program (DROP) retirement program allows regular full-time and part-time employees to retire and begin accumulating retirement benefits without terminating employment for up to sixty months from the date of reaching normal retirement. Normal retirement occurs when an employee reaches age 62, or when an employee completes 30 years of service regardless of age. DROP is available only to those employees in the FRS Pension Plan. Those employees under the age of 57 with 30 or more years of service may defer the DROP date until reaching age 57. For more information, consult the Florida Department of Management Services website. Bencor Special Pay Plan The College has implemented a special pay plan for employees who are terminating, retiring, or entering into DROP and have at least $4,000 of accumulated sick leave and/or annual leave pay out. With this plan, employees will have the value of their accumulated leave deposited as a pre-tax contribution into a special pay plan up to the current $49,000 limit subject to IRS rules and regulations. Not only will you save in Federal taxes when you leave the college, but you will also avoid the 6.2% Social Security tax and the 1.45% Medicare tax on plan contributions. Employees who do not have $4,000 in terminal leave pay-out will be paid out their leave subject to Federal, Social Security and Medicare taxes. Once the contribution is made to the Plan, you are immediately 100% vested into a fixed or guaranteed account with Transamerica. At any time, you may self-direct your investment in a choice of 22 accounts. You may also elect to rollover the tax-deferred funds into an IRA or another tax qualifying plan, or you may immediately withdraw your funds. Community College Optional Retirement Plan In lieu of the Florida Retirement System (FRS), full-time faculty and administrators have the option to participate in the Community College Optional Retirement Plan (CCORP). Eligible employees may withdraw from FRS and enroll in a tax-sheltered account program with one of the state approved CCORP companies. The college makes the entire CCORP contribution on behalf of the employee to the participating CCORP vendor. There is no vesting requirement. Election to this program is upon full-time employment or within ninety calendar days from the date of hire. The participating companies are listed below: Company Name Contact Number Valic Enoch Thomas (561) 688-6303 ING Robert Fitzgerald (352) 205-7411 MetLife REsources Heiko Sommerer Ken Suchy (407) 333-3078 (561) 371-4312 TIAA-CREF Sharon Mohan (866) 842-3357

403(b) and 403(b)(7) Plans
All employees, with the exception of students, may participate in the College's 403 (b) Program in which the employee contributes pre-tax earnings to an Internal Revenue Code 403(b) plan. There is no vesting requirement, although Internal Revenue Service laws are in place. First time enrollees should:TSA Consulting Group.

• Complete a Maximum Allowable Contribution form with our third party administrator,
• Contact a participating company below to obtain a prospectus and open an account.
• Complete a Salary Reduction Agreement form and return to Human Resources at MS 10.

The participating companies are listed below:

Company Name	Product	Contact	Number
403 (b) ASP	Mutual Funds	No local contact	(866) 634-5873
American Century	No Load Mutual Funds	No local contact	(800) 345-3533
Axa Equitable	Variable and Fixed Annuities	Tony Lofaso Frank Cummings Nicholas Dull Ryan McClain	(561) 689-6775 (561) 961-9345 (561) 961-9358 (561) 961-9343
Fidelity	No Load Mutual Funds	No local contact	(800) 343-0860
ING Retirement	Variable and Fixed Annuities	Bert Ritter Eileen Ritter	(561) 432-5656 (561) 584-6001
Lincoln Investment	Mutual Funds	Michael Mracna	(561) 502-9050 (800) 454-6265
MetLife Resources	Fixed Annuity and Mutual Funds	Kenneth Suchy	(800) 763-2838 (561) 371-4312
The Legend Group	Mutual Funds	No local contact	(888) 883-6710
The Hartford / Edward Jones	Variable and Fixed Annuities	Vittorio Bertuzzelli (Edward Jones)	(561) 776-0846
Teachers Ins. Annuity Assoc. - College Equities Retirement Fund (TIAA-CREF)	Variable and Fixed Annuities	Toi Bennett Richard Chandres	(561) 393-1308 (866) 842-3357(local) (800) 842-2776
Variable Annuity Life Ins. Co. American General (VALIC)	Variable/Fixed Annuities and Mutual Funds	Dean Dignoti	(800) 892-5558 x87012 (888) 478-7020

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