College of Central Florida
Initiating Retirement
The first step to begin the retirement process is to submit a resignation letter or Separation Notice. Submitting your resignation will prompt your department supervisor to complete the proper paperwork (a Personnel Action Form or PAF) to initiate your separation from the college.
Once HR receives the PAF and resignation letter/Separation Notice, we will begin working with you to finalize your retirement.
Information Regarding Pension Plan Retirement
You may begin working on retirement paperwork up to 6 months prior to your retirement date. See the FRS Pension Plan Retirement Checklist.
In advance of scheduling a meeting with Human Resource to begin the retirement process:
Review the retirement guide, Ready, Set, Retire, from the Division of Retirement.
Complete the FRS Retirement Application Packet
You are responsible for completing as much of the application packet as you can – except areas requiring your signature in the presence of a notary. HR can notarize the documents and assist with any questions you may have.
Please note: You must choose from 4 options regarding how your retirement will be dispersed. If you choose option 1 or 2, and you are married, your spouse must also complete a portion of the form in the presence of a notary.
You are required to include proof of birth as part of the application submission process. A Birth Certificate is accepted; however, new guidelines have been released from the FRS which list additional document types they will accept going forward.
Make an appointment to finalize your retirement with Human Resources.
Human resources can assist with any additional questions you may have. HR can also notarize the FRS application – please remember to refrain from signing in any areas of the document that require the presence of a notary.
Continuation of Benefits for Health and/or Life Insurance
Benefits (health, life, etc.) will end the last day of the month of retirement. However, retirees have the option to continue health insurance as well as $5,000 of life insurance through the college at a cost. If you choose to keep our health and/or life insurance into retirement, HR will notify you of current premium rates.
Retirees have the option to make monthly premium payments via check, money order or ACH direct debit to FBMC Benefits Management. Another popular option is to have the premium taken directly from your FRS pension check. FBMC handles all retiree billing:
FBMC Benefits Management
Retiree and Direct Bill Department
P.O. Box 10789
Tallahassee, FL, 32302-2789
850-425-6200
If you choose to keep health or life insurance with the college, an FBMC retiree enrollment form, as well as other necessary forms, will be provided to you during your scheduled meeting with Human Resources.
If you decide to cancel health insurance at a later date into your retirement, you must provide your request in writing to Human Resources. Please note: if you choose to cancel health or life insurance as a retiree, you will not be able to rejoin the college benefit plans at a later time.
Continued dental or vision coverage is not available for retirees at this time.
Health Insurance Subsidy
Whether you retain CF’s health insurance or are enrolled in another health plan after retirement, you may qualify for a Health Insurance Subsidy through FRS as long as you continue with a health plan. The Health Insurance Subsidy is only available to members of the Florida Retirement System. Retired members of FRS will receive a monthly benefit for the payment of health insurance premiums. The benefit amount equals $7.50 per month for each year of creditable service but not more than $225 per month.
To qualify, the Health Insurance Subsidy form will need to be completed after your retirement date and sent to FRS.
Terminal Pay
Please see Employee Checklist and Resources – Exit Process for Separating Employees page for information on terminal pay.
TSA Consulting
TSA Consulting Group is responsible for managing the disbursement or roll over requests for all tax-sheltered annuities offered through the college. Please work directly with your annuity representative and send all requests directly to TSA Consulting Group (PO Box 4037, Fort Walton Beach, FL, 32549; Phone: 888-796-3786, Option #4; Fax: 866-741-0645; www.tsacg.com)
Information Regarding Investment Plan Retirement
In advance of scheduling a meeting with Human Resource to begin the retirement process:
Review the FRS Investment Plan Retirement Checklist
Review the Investment Plan Termination Kit
Investment plan members do not complete an FRS application form with Human Resources. We will report your termination to FRS; you must then contact FRS directly to make decisions on how you would like to receive your investment funds (lump sum, partial payments or direct roll over).
The information below (in red) is taken directly from the FRS Employer Handbook regarding distribution of Investment Plan Benefits:
Distributions under the FRS Investment Plan may not be made until the member has been terminated for three calendar months. However, up to 10 percent* of the Investment Plan account may be distributed to a member who has been terminated for just one calendar month if the member has met the requirements for normal retirement under the FRS Pension Plan, as provided in section 121.021(29), Florida Statutes.
* Note that this type of early partial distribution must first be authorized by SBA rule.
If you have questions specifically about the FRS Investment Plan, contact FRS directly: 1-866-446-9377.
Schedule a meeting with Human Resources to finalize other aspects of your retirement, such as continuation of benefits, health insurance subsidy and terminal pay information.
Continuation of Benefits for Health and/or Life Insurance
Benefits (health, life, etc.) will end the last day of the month of retirement. However, retirees have the option to continue health insurance as well as $5,000 of life insurance through the college at a cost. If you choose to keep our health and/or life insurance into retirement, HR will notify you of current premium rates.
Investment Plan Retirees have the option to make monthly premium payments via check, money order or ACH direct debit to FBMC Benefits Management. FBMC handles all retiree billing:
FBMC Benefits Management
Retiree and Direct Bill Department
P.O. Box 10789
Tallahassee, FL, 32302-2789
850-425-6200
If you choose to keep health or life insurance with the college, an FBMC retiree enrollment form, as well as other necessary forms, will be provided to you during your scheduled meeting with Human Resources.
If you decide to cancel health insurance at a later date into your retirement, you must provide your request in writing to Human Resources. Please note: if you choose to cancel health or life insurance as a retiree, you will not be able to rejoin the college benefit plans at a later time.
Continued dental or vision coverage is not available for retirees at this time.
Health Insurance Subsidy
Whether you retain CF’s health insurance or are enrolled in another health plan after retirement, you may qualify for a Health Insurance Subsidy through FRS as long as you continue with a health plan. The Health Insurance Subsidy is only available to members of the Florida Retirement System. Retired members of FRS will receive a monthly benefit for the payment of health insurance premiums. The benefit amount equals $7.50 per month for each year of creditable service but not more than $225 per month.
To qualify, the following Investment Plan Health Insurance Subsidy form will need to be completed after your retirement date and sent to FRS.
Terminal Pay
Please see Employee Checklist and Resources – Exit Process for Separating Employees page for information on terminal pay.
TSA Consulting
TSA Consulting Group is responsible for managing the disbursement or roll over requests for all tax-sheltered annuities offered through the college. Please work directly with your annuity representative and send all requests directly to TSA Consulting Group (PO Box 4037, Fort Walton Beach, FL, 32549; Phone: 888-796-3786, Option #4; Fax: 866-741-0645; www.tsacg.com)
Deferred Retirement Option Program (DROP) Process
The Deferred Retirement Option Program (DROP) provides you with an alternative method for payment of your retirement benefits for a specified and limited period if you are an eligible Florida Retirement System (FRS) Pension Plan member. Under this program, you stop earning service credit toward a future benefit and your retirement benefit is calculated at the time your DROP participation begins. While you are in the DROP, your monthly retirement benefits accumulate in the FRS Trust Fund earning interest while you continue to work for an FRS employer. Upon termination, your DROP account is paid to you as a lump sum payment, a rollover or a combination partial lump sum payment and rollover. Monthly benefits are paid to you in the amount as calculated upon entry into DROP, plus any applicable cost-of-living adjustments for intervening years.
Initiating DROP
You may apply up to six months before reaching your normal retirement date or DROP deferral date. To maximize your time in DROP, the division must receive your DROP application and election forms no later than the last working day of the month you intend to begin DROP participation.
In advance of scheduling a meeting with Human Resource to begin the DROP process:
Review the Drop Booklet.
Complete the FRS DROP Application Packet
You are responsible for completing as much of the application packet as you can – except areas requiring your signature in the presence of a notary. HR can assist with any questions you may have and notarize the documents.
Please note: You must choose from 4 options regarding how your retirement will be dispersed. If you choose option 1 or 2, and you are married, your spouse must also complete a portion of the form in the presence of a notary.
Make an appointment to finalize your DROP paperwork with Human Resources. Human resources can assist with any additional questions you may have. HR can also notarize the FRS application – please remember to refrain from signing in any areas of the document that require the presence of a notary.
What to Expect When Your DROP Terminates
If you work until your original Deferred Retirement Option Program (DROP) termination date, the Division of Retirement will mail you your DROP Termination Packet approximately 90 days prior to your last day of employment. If your employment ends before your original DROP termination date, it is important that either you or your employer contact the Division of Retirement as soon as possible so you can receive your DROP Termination Packet in a timely manner. The Division of Retirement can be contacted via phone, mail, fax, or email to report your new DROP termination date.
Sick Leave Pool Membership
Please be advised that if you are a current member of the Sick Leave Pool (SLP), you will become ineligible for continued SLP membership if you elect to become a DROP participant. Per the Sick Leave Pool Administrative Procedure:
16) Employees who elect to participate in the 401(a) Deferred Terminal Pay Compensation Plan (Bencor Plan) are automatically removed from the sick leave pool.
Retirement Gift
CF is pleased to offer a gift in recognition of your retirement and years of service to the college. Eligible employees include those who have eight years of service and who retire from the FRS Retirement System. At the time of completing retirement paperwork, you will be given a Retiree Gift Choice form to complete.
Appleton Museum of Art
CF Retirees are eligible for a discount on membership: $10 Individual membership or $20 for Family. Membership provides free admission to the Appleton. If retirees would prefer to receive other benefits, including discounts at the Appleton Store or discounts at Reciprocal museums, etc., they must join at a higher level.
Wellness
Retirees are welcome to join our wellness classes at no cost (spinning, etc).
Dassance Fine Arts Center
Retirees are offered two complimentary tickets to our student performances. Regular price is $12 for adults. Retirees are offered two tickets for $10 for the Performing Arts Series with some exceptions.
Show information is located on tickets.cf.edu but retirees are invited to call the box office at 352-873-5819 for their discount. Please identify yourself as CF retiree when calling.
Continuation of Health and Life Insurance (voluntary)
At the time of retirement, retirees have the option to remain on the group health plan and continue to carry $5,000 of life insurance. This is voluntary and full premium costs are paid by the retiree. If you opt out of either plan, you will not be able to rejoin at a later date. Prior to open enrollment each year, Human Resources will mail information regarding health plans and rate changes to enrolled members.
Your CF email address will deactivate the day you retire.
Reemployment After Retirement
After you retire under the FRS, you can work for any private employer, for any public employer not participating in the FRS, or for any employer in another state, without affecting your FRS benefits. The provisions of the reemployment law vary, depending on whether your date of retirement or DROP termination is before or after July 1, 2010.
If you are reemployed in any capacity (FRS-covered or non-covered) in your first year (12 months) of retirement by an employer participating in the FRS, review the link below to understand limitations and exceptions that may apply: