Retiring From UCF Thinking About Retirement Contact your

Retiring From UCF

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: http: //hr. ucf. edu. • UCF HR Benefits Coordinators: 1. Keven Ayala 2. Samuel Ensenat 3. Emanuel Torres 4. Venessa Williams

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

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

FRS Pension Plan Retirement Eligibility If plan participant before July 1, 2011 • At least 6 years of service If plan participant after July 1, 2011 • At least 8 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. *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. Special Risk: • At least 6 years of service Special Risk: • At least 8 years of service *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. *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. • Guaranteed monthly lifetime benefit • Survivor/beneficiary payment options • Health Insurance Subsidy (HIS) payments, if eligible

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. Must sign up the year they reach 30 years of service. Must have at least 6 years of service and enroll within their 62 nd birth year. *Note: Failure to sign up for DROP by *Note: Failure to sign up within 12 the age of 58 removes employee’s months of eligibility date by the end eligibility to enter DROP. of the year that they’ve reached 30 years of service removes employee’s eligibility to enter DROP. *Note: Failure to sign up before becoming 63 years of age removes employee’s eligibility to enter DROP. • 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

FRS Investment Plan Retirement Eligibility If plan participant before July 1, 2011 • • At least 62 years of age At least 6 years of service Or • If plan participant after July 1, 2011 • • At least 65 years of age At least 8 years of service Or 30 or more 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

State University System Optional Retirement Program (SUSORP) Retirement Eligibility If plan participant before July 1, 2011 • At least 59. 5 years of age (no penalty) “Normal Retirement Date” • 62 years of age or older If plan participant after July 1, 2011 • At least 59. 5 years of age (no penalty) “Normal Retirement Date” • 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

Accrued Leave Payout 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

Accrued Leave Payout 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: 1. 2. 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

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

UCF Retiree Perks • UCF Retiree ID Card • 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 877 -240 -6863 • UCF Library Privileges • Public rooms, lending and research services

• Email Accounts • May create a Knights email 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 1009. 26(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, emails can be forwarded from your UCF employee email account to retiree email account during the first 12 months • Continue to receive professional mail to your department mailbox

Contact Information People First: (866) 663 -4735 Mon-Fri 8 am-6 pm or ww. peoplefirst. com Social Security & Medicare: (800) 772 -1213 or www. ssa. gov My. FRS Financial Guidance Line: (866) 446 -9377 or www. myfrs. com Division of Retirement: (844) 377 -1888 or www. rol. frs. state. fl. us/login. aspx

Additional Resources State Group Insurance Benefits for Retirees: http: //mybenefits. myflorida. com/health/eligibility/retirees Department of Management Services (DMS) for Retirees: https: //www. dms. myflorida. com/workforce_operations/retirement/retirees Florida Serving Health Insurance Needs for Elders (SHINE): http: //www. floridashine. org/ or 1 -800 -963 -5337

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