Insurance and Perks Welcome to Florida State University. This is an overview of the Insurance options and additional perks available to all faculty and.

Insurance and Perks Welcome to Florida State University. This is an overview of the Insurance options and additional perks available to all faculty and staff employees.

People First Administers all FSU insurance benefits:
Processes enrollment Processes Qualifying Status Changes (QSC) Verifies dependent eligibility Administers COBRA benefits Annual Open Enrollment FSU employees use the People First system to enroll, manage, and make changes to their insurance benefits People First is the administrator for all insurance benefits offered by FSU. Their responsibilities include determining eligibility, processing enrollments, handling qualifying event changes, verifying dependent eligibility, COBRA and open enrollment. You will use the People First system to enroll into, and make changes to State benefits. You can do this online or by telephone.

Where do I go if I have questions?
People First Available Mon.-Fri., 8:00 a.m. to 6:00 p.m. ET FSU HR Benefits Section (850) or If you need assistance with enrolling, or making changes to your insurances, log onto the People First website, or contact them at the phone number listed on this slide. Otherwise, you can contact the Human Resources Benefits office.

Coverage Begin Dates When Coverage Begins:
Health insurance: 1st day of the month following enrollment If enrolling in the month of employment, 1st day of the month after hire date Supplemental plans: Dental, vision, accident, cancer, hospitalization, etc. 1st day of the month following 2 paychecks in the same month Premiums for 9 and 10 month faculty are doubled during the spring semester for summer coverage You have 60 days from your hire date to enroll. The earliest your health insurance can begin is the first of the month following your enrollment. For example, if you are hired and enroll in August, then the earliest effective date for your health is September 1st. Your supplemental insurances become effective the month after two full checks in the same month have occurred. For example, if you are hired and enroll in August, your supplemental plans will begin in October after the 2 paychecks in September have deducted premiums.

Enrollment Enroll: People First will mail log-in information to you
Online through the People First website, or, Over the phone by calling the People First Service Center People First will mail log-in information to you You can contact the HR Benefits section for your People First ID Deadline: You have 60 days from your hire date to enroll Contact HR if you are hired during the summer People First will mail your log-in information to your home address. You can also contact the People First Service Center or the Human Resources Benefits Office to obtain your People First ID.

Health Insurance Individual Family Spouse Program $50 $180 $15
Standard Plans (HMO & PPO) Who is covered Individual Family Spouse Program Employee Only Employee + Dependent(s) Both Spouses work for the State Full Time Monthly Payment $50 $180 $15 Standard Health Insurance Plan premiums are the same whether you choose the PPO or HMO option. An employee who has a spouse that works for the university, or another state agency, and is also benefits eligible can enroll into the spouse program and receive health insurance at a reduced premium. Positions hired for less than 30 hours per week (an FTE below 0.75) pay a pro-rated premium that is higher than what is listed on the slide. Contact the People First Service Center for rates. Rates listed are for positions 0.75 FTE or higher Employees hired for less than 30 hours per week (0.75 FTE) have a higher, pro-rated monthly premium

HMO Health Plan Services limited to network
Referrals needed for specialists Requires primary care provider No deductibles No pre-existing condition exclusions Only emergency services are paid outside the service area -HMO must be notified within 48 hours of an emergency Type of Medical Visit Co-Payment Primary Doctor $20 Specialist $40 Emergency Services $100 Hospital Admission $250 In general, HMO plans focus on wellness, prevention, early detection, and the treatment of illnesses. These plans do not have pre-existing condition exclusions, claims to file or any deductibles. You may need a referral from your primary care provider if you need to see a specialist for a specific concern. Services are limited to the HMO network, unless referred. However, you are fully covered world-wide for emergency services.

PPO (Florida Blue) Health Plan
No restrictions on providers Co-payments Co-Insurance Annual Deductibles before provider pays Specialist self referrals Costs vary based on network and non-network providers No pre-existing condition exclusions The PPO health plan offers the widest range of available physicians, and allows members to “self-refer” to specialists. Services are not covered until annual deductibles are met. Once these deductible amounts have been paid by the member, the plan provider begins paying their percentage of cost for medical and prescription expenses. The deductible varies based on whether the provider is in the network.

PPO (Florida Blue) Health Plan
Network Non-Network Office Visits $15 primary care $25 specialty care 40% of the allowance, plus the difference between the charge and the allowance Calendar Year Deductible $250 individual $500 family $750 individual $1,500 family Other Annual maximum out-of-pocket co-insurance: $2,500 individual; $5,000 family $100 health screening allowance (not applicable to dependents) Employee must file claims Check to see if your provider is part of the network before you receive services. Otherwise, you may have to pay more than you expect.

High Deductible Health Plan (HDHP)
Higher deductible Lower monthly premium No pre-existing condition exclusions Co-payments Deductibles Co-insurance Individual Family Monthly Premium $15 $64.30 Annual Deductible (in-network) $1,300 $2,600 FSU offers the option to enroll in an HMO or PPO high deductible health plan, or HDHP. With the HDHP you must meet a higher annual deductible, but your monthly premiums are lower than the standard plan premiums. You must meet the annual deductible amount for all services and prescriptions, except certain preventative services, before the plan starts paying toward your expenses.

Health Savings Account (HSA)
Pre-tax funds for medical purposes Accumulates interest on roll over balances Participants 55 and older can contribute an extra $1,000/year Employees 65 and older are ineligible for an HSA Yearly Contribution Individual Family Employee $2,850 $5,750 Employer $500 $1,000 The HDHP offers the option to open a Health Savings Account. The University will make a contribution towards this account, even if you choose not to make additional contributions. You must open an account online with Chard Snyder through the People First website. A Health Savings Account is a pretax account used to pay for qualified health care expenses. The funds can accumulate over time. You can use the remaining balance for eligible expenses if you change health plans or leave State employment.

Prescription drug class
Prescription Drugs CVS/Caremark: or Prescription drug class 30-day supply 90-day supply Generic $7 $14 Preferred Drugs (contact provider for a list) $30 $60 Non-preferred $50 $100 You will receive a prescription card in addition to your health insurance card. Members may obtain prescriptions at either a local pharmacy or through the mail-order service. Most pharmacies accept CVS/Caremark, however, Walgreens does not. PPO Plan members must fill maintenance medications through mail order or at a participating retail pharmacy. A list of maintenance medications can be obtained from the provider. HMO plan members may use the 90 day mail order option to reduce prescription costs. Questions about your prescription drug costs, available generic alternatives, specialty medications, mail order, or locating a network pharmacy can be directed to CVS/Caremark. Note: PPO members must use 90-day supply for all maintenance drugs

Flexible Spending Accounts (FSA)
Pre-tax dollars to cover expenses Funds are use-it or lose-it Grace period each year to spend and claim remaining funds Renews automatically FSA Account Type Minimum Election Maximum Election Other Health Care $60 $2,550 For tax deductible medical expenses Limited Purpose For employee’s enrolled in an HDHP plan with an HSA Dependent Care $5,000 For expenses incurred for care of dependents Flexible spending accounts allow employees to set aside pre-tax dollars to cover medical and dependent care expenses. The funds in these accounts are use-it or lose-it. Your elected amount will be deducted from the remaining paychecks for the year and renews automatically for the next year unless you change it during open enrollment. Please note: If you are enrolled in a High Deductible Health Plan with a Health Savings Account, you are only eligible to enroll in the Limited Purpose FSA.

Life Insurance Basic life Insurance Optional life Insurance
$25,000 policy Automatic enrollment for full-time employees Part-time employees must enroll into coverage through People First Term Life insurance Optional life Insurance Up to $1,000,000 coverage Employee pays full premium After-tax benefit 1-5 times salary up to $500,000 6-7 times salary up to $1,000,000 with proof of good health Term Life insurance University employees receive a $25,000 Basic Life insurance benefit. The premium is paid by the University for full-time employees. All full-time employees are automatically enrolled into the plan. Part-time employees must elect the coverage with People First and will pay a pro-rated monthly premium. Optional life insurance is an after-tax benefit available for additional life coverage for up to $1,000,000. You can enroll in one to five times your salary, or up to $500,000, without proof of good health. When enrolling in six or seven times your salary, or to insure above $500,000, then proof of good health is required. Employees pay the entire optional life premium cost. Both the basic and optional life insurance policies include death and dismemberment coverage.

Life Insurance Spouse Life Child Life $15,000 coverage, or,
Term Life insurance Employee pays premium After-tax benefit Not available if your spouse works at another state agency or university Child Life $10,000 coverage Term Life insurance Employee pays premium After-tax benefit Coverage is available for Spouses and eligible dependent children through the State’s Spouse and Child life insurance policies. 2 tiers of coverage are available for the coverage of your spouse. If your spouse works for another State Agency or University, then the Spouse life coverage is not available. Child life provides a $10,000 death benefit and is $.85 a month, regardless of the number of dependents added to the coverage.

Dental Insurance Plans Provider 4 different plans available
Dentists may drop a provider at any time Plan brochures available on the MyBenefits website Plans Provider Indemnity w/PPO Ameritas Prepaid and Indemnity w/PPO Assurant Prepaid Cigna or United Dental 2 Prepaid, PPO and Indemnity Humana There are 4 different dental plans available to FSU employees: Prepaid (or HMO), PPO, Indemnity with PPO or Indemnity. Providers may drop out of the plan at any time. This is not a qualifying event to change plans, so be sure to verify that your dentist accepts the State dental plan you are considering. Plan brochures are available on the State’s MyBenefits website to compare policies and monthly premiums.

Dental Insurance Prepaid plans
HMO structure where services are limited to a network Most preventative care at no charge A specific dollar amount for each service received Orthodontia benefits (adult and child) No deductibles No claims to file A prepaid dental plan maintains affordable premiums and low out-of-pocket expenses through a network of participating general dentists and specialists. If you use a dentist that is not part of the network, then you will have to pay the entire amount for services received. You cannot change dental plans based on provider preference, except during open enrollment.

Dental Insurance PPO & Indemnity w/PPO Indemnity
Network & non-network dentists available Lower costs when using network dentists Annual deductible to meet Coverage and costs vary by company Indemnity Choose any dentist you want More out-of-pocket expense Co-insurance, deductibles, and maximum annual benefits The PPO and Indemnity with PPO plans allow you to visit a dentist of your choice. The cost of services is less when you use a dentist within the network. The provider covers a percentage of cost based on the service received for both in network and non-network providers. The Indemnity plan allows you to choose any dentist and is not limited to a network. The plan pays a set amount for covered services and you pay the remaining balance. Be sure to inquire about the charges before receiving services. Prices are available with People First when you log-in to make your elections or through the plan provider benefit brochures located on the State MyBenefits website.

Eyeglass Lenses or Contact Lenses
Vision Insurance Elective contact lenses: $150 allowance Benefit Frequency of Benefit Eye Exam Once every 12 months Frames Once every 24 months Eyeglass Lenses or Contact Lenses You can receive an eye exam with your health insurance coverage. Vision insurance is separate from health insurance and offers coverage for eye exams and materials. You are eligible to receive an eye exam once every 12 months. Within a calendar year, you may only have the material benefit towards either contact lenses or eyeglass lenses.

Additional Post-Tax Insurance Options
Life Insurance Long Term Disability Long Term Care Provider: Gabor Agency, (850) Critical Care Provider: Colonial Life, (888) Enroll through the specific provider FSU has other programs that are offered to employees on a after-tax basis. Employees are guaranteed coverage in most cases when enrollment occurs during their first 60 to 90 days of employment, depending on the coverage. Contact the provider for policy information and enrollment forms.

Group Life Insurance Options
Life Insurance Type Description Group Whole Life by MassMutual Life Insurance Co. Guaranteed Death Benefit, Level Premium, Increases in Cash Value A benefit up to $250,000 for employees, up to $50,000 for spouses, up to $25,000 for dependents Guaranteed or Simplified Issue to eligible employees, spouses, and dependents during the first 90 days of employment or during special open enrollments Group Term Life by Standard Insurance Co. A benefit up to 4 times the employee's salary A maximum of $200,000 Guaranteed issue to employees, spouses and dependents during the first 60 days of employment or during special open enrollments Individual Term Life by Symetra Life Insurance Co. Customizable Coverage- choose a term of 10, 15, 20, or 30 years Level Premiums are age & gender based Fully underwritten Portable Group Whole Life insurance provides a benefit up to four times the employee's salary, with a maximum of $250,000. Offered Simplified Issue to employees and spouses during the first 90 days of employment or during special open enrollments. Group Term Life insurance provides a benefit up to four times the employee’s salary with a maximum limit of $200,000. Offered guaranteed issue to employees, spouses and dependent children during the first 60 days of employment of during special open enrollments. Term Life insurance provides a benefit, with premium costs determined based on the insured person's age/gender. The benefit is fully underwritten.

Long Term Disability Underwritten by The Standard Insurance Company
Benefit replaces 60% of pre-disability income, should an employee become disabled Eligibility: Benefits Eligible Employees Minimum of 20 hours/week Start date: 31st or 91st day of disability, depending on the option chosen Benefits: Monthly benefit = 60% of pre-disability earnings Less benefits from other integrated income up to a monthly benefit of $15,000 Examples of other integrated income: Worker’s Compensation Disability retirement Payment of sick leave Long Term Disability Insurance offers supplemental income should you become disabled and unable to work. Benefits are paid at a rate equal to 60% of your gross monthly income prior to the disability. Disability benefits will start on the 31st or 91st day of disability, depending on the option chosen; the employee must be unable to work for 30 or 90 consecutive days. Offered Guaranteed Issue to full-time employees for first 90 days of employment.

Long Term Care Underwritten by UNUM Insurance Company of America
Provides assistance needed if you become chronically ill and unable to handle basic activities of daily living Helps you stay independent Enables you to receive care in the location that you choose Offered Guaranteed Issue to eligible new employees within 60 days of employment. Offered with underwriting after 60 days of employment. Coverage is Portable Long Term Care is the type of assistance you would need if you become chronically ill and unable to handle some of the basic activities of daily living, or if you require substantial supervision due to a cognitive impairment. It can help you stay independent for as long as possible, enabling you to receive care in the location that you choose. This can be in your home, community adult day care center, hospice care facility, assisted living facility, or nursing home. Long Term Care coverage is available with a group discount to all full-time employees, ages 18 through 64. It is fully underwritten by UNUM, so a medical exam may be required.

Critical Care Provides financial assistance to off-set critical illness expenses: loss of income, travel expenses, out-of-pocket medical expenses, and rehabilitation expenses “Critical Illness” examples: stroke, heart attack, chronic kidney disease, etc. Up to $15,000 in critical illness coverage No medical exam required Enroll through Colonial Life Critical Illness insurance provides financial assistance to off-set loss of income incurred from treatment, expenses related to travel and lodging, out-of-pocket medical expenses, and rehabilitation expenses incurred by a critical illness. Critical Illness insurance is offered guaranteed issue, meaning no medical exam required, to new hires for up to $15,000.

Opportunities to Make Changes
Qualifying Status Change Participants have 60 calendar days following a qualifying event (marriage, divorce, loss of coverage, death, etc) to make a change to their coverage Open Enrollment Occurs every fall Make any changes, additions, or deletions during this time All changes made are effective January 1st of the following year Qualifying status changes are specific life events, which can occur at any time that allow you to make changes to your benefits. You must notify People First within sixty days of the event, or you will have to wait until open enrollment to make changes. People First may also require documentation to verify the qualifying event and process your request. There is an annual open enrollment period that gives employees an opportunity to review and/or make changes. This period is held during the fall, and all changes go into effect on January 1st of the following year. Prior to Open Enrollment, People First mails information to advise employees of their current benefits, and to provide information about any upcoming changes.

Reminders Enrollment Deadline for Benefits: 60 days from date of hire to enroll with People First 9 and 10 month faculty insurance premiums are doubled in the spring semester to cover summer months of coverage Contact HR Benefits if you are hired during the summer You have 60 days from your hire date to enroll into State benefits. Your next opportunity to enroll is Open Enrollment. Contact People First for your ID and to enroll into benefits. Faculty premiums are doubled during the Spring semester. This provides coverage through the Summer months. Summer appointment paychecks will not have insurance premiums on them. Contact the Human Resources Benefit Office if you are hired during the summer. You may need to submit premium payments directly to People First.

Perks Florida Prepaid College Program FSU Employee Tuition Scholarship
Seminole Savings Florida State University offers employees additional perks. Some are available through Payroll Deduction or direct pay.

Florida Prepaid & Florida College Investment Plans
Florida Prepaid College Lock in today’s college costs for eligible dependents Annual open enrollment from October—January Florida Investment Plan IRC Section 529 Invest pre-tax money to withdraw later for college expenses Call (800) for more information The Florida Prepaid College program is a great way to save for your child’s future tuition, while “locking-in” today’s rates. Several tuition and dorm plans are available for use at universities, community colleges, and private colleges. The College Investment Plan allows employees to invest pre-tax dollars to withdraw and use for college expenses.

FSU Tuition Scholarship
Available to salaried, full-time employees Only for courses taken at FSU Up to 6 hours per academic term, tuition free Employee pays for books and other course fees Requires supervisor and department head approval For program guidelines and application form, go to: HR website or, Call (850) Full-time salaried employees can take advantage of 6 free credit hours each academic term at FSU. Courses are for degree or non-degree seeking students regardless of job relevancy. The employee is responsible for the cost of books and additional course fees. Visit the Human Resources website for additional information, course exclusions, and the application you will need to complete.

Seminole Savings Employee discount program
Provides discounts on products and services at participating businesses Most vendors will need to see your FSU card or a printed coupon Visit for a list of participating vendors Seminole Savings program provides discounts to employees. Visit the HR website for the list of vendors.

Retirement Welcome to Florida State University, this section is an overview of the Retirement options available to all salaried faculty employees.

Retirement Options Employee Eligible Retirement Plan Faculty
Optional Retirement Program (ORP) FRS Pension FRS Investment You are eligible to enroll into one of three State of Florida-sponsored Retirement Plans: The Optional Retirement Program, Florida Retirement System Pension Plan, and the Florida Retirement System Investment Plan. Participation in one of these three plans is mandatory for all faculty. If you have previously worked for another Florida university, community college, State agency, or local government, you may already have membership in one of these retirement plans. This may impact your retirement plan selection as a new employee at FSU. Please consult with a Human Resources Benefits team member if you have any questions about choosing a retirement plan. *Enrollment in one of these plan options is mandatory for all faculty members.

Optional Retirement Program (ORP)
Defined contribution plan – similar to a 401(k) Employee pre-tax contributions: Mandatory – 3% Voluntary – can contribute an additional 5.14% University contributions: 5.14% of gross salary No vesting period Deadline to enroll: 90 days from date of hire – strictly enforced The Optional Retirement Program, or ORP, is a defined contribution plan. It requires a mandatory pre-tax employee contribution, while the University contributes an additional percentage. The total contribution goes to an approved ORP provider of your choice to be invested by you. ORP has no vesting period and members own the rights to their benefit from the first day they are hired at FSU. You must enroll in the ORP plan within the first 90 days of employment. The Division of Retirement strictly enforces this enrollment deadline. Failure to elect ORP within the first 90 days results in a permanent and irrevocable default election into the FRS Pension Plan. Once defaulted, you can only choose between the Pension Plan and the Investment Plan.

Start or stop voluntary contributions at any time IRS employee contribution maximums (per calendar year): $18,000, if under age 50 $24,000, if age 50+ Contact investment company representatives for tax law/limit information As a member of ORP, there are no restrictions on starting, stopping, and changing your voluntary contributions to the plan. The IRS limits the amount an employee can contribute to a retirement account in any given calendar year. These limits only apply to your voluntary contributions. The limits for the current calendar year are listed on this slide. You will need to contact your investment company for additional information on tax laws and limits.

Approved Providers Five investment companies to choose from: AXA – (850) Brighthouse – (800) Formerly MetLife TIAA – (877) VALIC – (850) Voya – (850) The State of Florida requires ORP participants invest their funds with one (or more) of the approved investment provider companies. There are several investment companies authorized to provide services for ORP members. Contact a participating company for more information or to enroll.

FRS Pension Plan Defined benefit plan – monthly pension retirement payment Employee pre-tax contributions: Mandatory – 3% 8 years of service to vest (does not need to be continuous) Retirement eligibility: Age 65 or 33 years of service (at any age) Vested Early retirement: 5% penalty per year under age 65 Part-time faculty receive full service credit OPS/Adjunct teaching does not count toward retirement eligibility The FRS Pension Plan is a traditional defined-benefit pension plan. Upon retirement, the FRS Pension Plan will provide you with a monthly retirement check, paid to you for the remainder of your lifetime. The Pension Plan requires a mandatory 3% pre-tax employee contribution. This plan has an 8 year vesting period. As an FRS Pension Plan member, you must work a minimum of 8 years in a salaried position to be eligible to receive a monthly pension check upon retirement. The 8 years do not need to be worked consecutively. If you complete your working career without accumulating a total of 8 years of service, you will not be entitled to receive a benefit. For this reason, the FRS Pension Plan is an excellent choice for employees who expect to have a relatively long career working in public employment in the State of Florida. Please note that if you have service prior to July 1, 2011 under the Florida Retirement System you would fall under the previous vesting and normal retirement guidelines. Please contact your Human Resources benefits specialist with questions. Normal retirement under the Florida Retirement System Pension Plan occurs either at age 65, or after completing 33 years of service (no matter your age.) You may, of course, continue to work after age 65 or 33 years, and retire at a later date. As long as you are vested under the plan, you may choose to retire early, before reaching the normal retirement age or years of service. Note, however, that if you choose to retire before you are eligible for a normal retirement benefit, your monthly retirement payments will be reduced by 5% for every year that you are under age 65. All salaried employees, either full-time or part-time, will earn full service credit for every month worked under the FRS Pension Plan. Employment in a non-salaried position, such as OPS or adjunct teaching work, is not included for retirement purposes under any of the State-sponsored retirement plans.

FRS Pension Plan – DROP Deferred Retirement Option Program (DROP)
Begin accumulating retirement benefits without terminating employment – up to 60 months Eligible once requirements for normal retirement are met Eligibility to join expires 1 year after normal retirement requirements are met Exception: employees who have 33 years of service before age 57 can defer participation Once you reach normal retirement eligibility under the Pension Plan, you can choose to join the Deferred Retirement Option Program, or DROP. DROP allows you to effectively retire from the Florida Retirement System, while continuing to work for your FRS employer for a specified period – usually 5 years. You are not eligible to enter DROP until you reach age 65 and are vested, or you have accumulated 33 years of service – whichever occurs first. To maximize the amount of time you can participate in DROP, you should enroll in the program as soon as you become eligible. Individuals who have attained the required 33 years of service at a young age may wait until the month of their 57th birthday to enter DROP, and still remain in the program for the full 5 years.

FRS Pension Plan Annual retirement benefit is based on:
Average Final Compensation (AFC) 8 highest fiscal years’ earnings during FRS career Years of “creditable” service (A&P, Faculty, and USPS) Percentage value per year: 1.6% Benefit formula: AFC x Service x Percentage Value per year = yearly pension amount Here is a brief explanation about how your FRS Pension Plan benefits are calculated: When you are ready to retire, the Florida Retirement System will evaluate your service and salary history to determine your pension benefit. They will determine your Average Final Compensation, abbreviated as AFC, which is simply the average of your eight highest fiscal year salaries earned while working under the FRS. The State of Florida uses fiscal years – July through the following June – instead of traditional calendar years. This AFC is then multiplied by the number of years of service, and then multiplied by a percentage factor of 1.6%. The resulting dollar amount is your yearly Pension Plan benefit.

FRS Pension Plan Monthly retirement benefit
Disability retirement (8 years eligible service required) Survivor benefits Health Insurance Subsidy (HIS) $5 per year of service Maximum of $150 to monthly benefit Annual Cost of Living Adjustment (COLA) Based on current law Deadline to enroll: end of the 5th calendar month following date of hire automatically enrolled if you fail to make any election FRS Pension Plan members are also eligible to receive benefits if retiring due to a permanent disability. To qualify for disability retirement, you must have a minimum of 8 years of eligible service under the FRS. Certain family members may be eligible to receive survivor benefits if you pass away before becoming eligible to receive your Pension retirement. Also, as an extra supplement for retirees who have certain insurance coverages, the State of Florida will pay a health insurance subsidy of an additional $5 per year of service, with a maximum of $150, added to your monthly benefit. The monthly pension benefit –not the Health Insurance Subsidy – is subject to an annual cost of living adjustment based on current law. You have until the end of the 5th month following your hire date to enroll in the Pension Plan. You will be automatically enrolled into the Pension Plan if you fail to make an election.

FRS Investment Plan Defined contribution plan – similar to a 401(k)
Employee pre-tax contributions Mandatory – 3% University contributions 3.3% (combined total of 6.3%) 1 year of service to vest Normal retirement age is 59 ½ For more information: My FRS Financial Guidance Line: The FRS Investment Plan is a defined contribution plan, similar to a 401(k). The plan requires a mandatory 3% pre-tax employee contribution. The University will also contribute an amount set by the Legislature to an investment account. You, as owner of the Investment Plan account, control how you want the contributions to be invested. You can choose from many fund options of different risk levels, such as stocks, bonds and equities.

FRS Investment Plan Not eligible for DROP
No Cost of Living Adjustment (COLA) increase Eligible for Health Insurance Subsidy (HIS) $5 per year of service Maximum of $150 to monthly benefit Deadline to enroll: End of the 5th calendar month following date of hire Investment Plan members are not permitted to participate in DROP, and do not earn yearly cost of living adjustments. Once you retire from this plan, you may continue your health insurance and can also receive the health insurance subsidy. You have until the end of the 5th month following your hire date to enroll in the FRS Investment Plan. You will be automatically enrolled into the Pension Plan if you fail to make an election.

FRS – 2nd Election All FRS plan members have one opportunity to switch from: FRS Pension Plan to FRS Investment Plan OR FRS Investment Plan to FRS Pension Plan ORP members are not eligible to use the 2nd Election A finalized 2nd Election cannot be undone Note: Switching to the FRS Pension Plan may require additional out-of-pocket expense As mentioned on the last slide, you have a period of five calendar months in which to elect participation in the FRS Pension or Investment Plans. If no election is made, you will default into the FRS Pension Plan. If, later on in your career, you decide you want to switch to the other plan, you may use your 2nd Election. Please note that ORP members are not eligible to use the 2nd Election to switch retirement plans. The 2nd Election is a one-time opportunity to move between the two FRS plans. The decision to use the 2nd Election becomes final once it has been processed by the Florida Retirement System. Members wanting to switch from the FRS Investment Plan to the FRS Pension Plan will be required to use their Investment Plan funds to buy into the Pension Plan. The cost of buying into the Pension Plan is determined by calculating the amount the University would have contributed to the Pension Plan, plus interest, had the employee been a member of the Pension Plan from the date of hire. If the member’s investment plan account does not have enough money to fund the buy-in amount, the member may have to pay some out of pocket funds to finance the switch. Also, please note that 9- and 10-month faculty who are not working a summer contract cannot use the 2nd Election during summer months.

Enrollment Retirement Plan Enrollment Form(s) Enrollment Deadline
Optional Retirement Program ORP-ENROLL-1 90 days from hire date. FRS Pension FRS Investment ORP-ENROLL-1 and ELE-1-EZ 5 months from hire date. ORP enrollment is not complete until contracts are signed with the ORP provider 90-day deadline to enroll in ORP & 5-month deadline to enroll in FRS Pension or FRS Investment If you do nothing, you will automatically be enrolled in FRS Pension Plan after 5 months Faculty members must decide whether to enroll in the Optional Retirement Program, within the first 90 days of employment. You must use the appropriate enrollment forms to make your plan selection. Forms are available online, at the FSU Human Resources web site, or at MyFRS.com.

Reemployment Restrictions
You are considered a retiree of the State of Florida if you receive, withdraw, roll over or transfer any employer-funded Pension, Investment, or ORP benefit, regardless of your age If a retiree is rehired: Minimum of 6 full calendar month waiting period Financially liable for repayment, if in violation 1 full year after “retirement” – no further restrictions Rehired Pension Plan or DROP retirees are not eligible for renewed membership in any State of Florida retirement plan Please be aware that the Florida Retirement System has strict rules about reemployment after retirement. It is important to understand that any employee, regardless of age or years of service, who begins receiving their FRS Pension Plan, Investment Plan, or ORP benefit, becomes a retiree of the State of Florida, and may be subject to certain restrictions if returning to public employment at a later date. Be aware that these restrictions only apply to former FRS retirees who come back to work at state of Florida agencies. FRS retirees are free to work for any private employer, or public employer outside of the State of Florida, without any restrictions.

Voluntary Retirement Plans
Deduction Tax Sheltered Annuity 403(b) Pre-Tax Deferred Compensation 457 Roth 403(b) Post-Tax In addition to the State-sponsored retirement benefits, the University allows employees to participate in three types of voluntary retirement plans. *Enrollment in one of these plan options is entirely optional.

Tax Sheltered Annuity 403(b)
Reduce taxable income Minimum $10 bi-weekly Subject to yearly contribution limits: $18,000, if under age 50 $24,000, if age 50+ Voluntary ORP contributions count toward limit Contributions can be changed at any time Employees can participate in FSU’s 403(b) Tax-sheltered annuity program. The pre-tax contributions in this account can be invested in several types of funds, including money markets, bonds, and stock funds. The minimum amount that can be invested bi-weekly is $10. All contributions to the 403(b) plan are voluntary – and the amount contributed may be started, stopped or changed at any time. The contributions and earnings are fully accessible to the participant after he or she has terminated from employment, or has reached age 59½.

Tax Sheltered Annuity 403(b)
Choose from eight participating investment companies: AXA – Voya, Lincoln Investment, Reliastar – Lincoln Financial – Brighthouse – Formerly MetLife TIAA – VALIC – Contact one or more of the Investment Providers listed on this slide for more information or to enroll. Additional contact information, including phone numbers, is available through the Human Resources website link listed above.

Deferred Compensation - 457
Administered by the State of Florida For a list of companies, or to enroll, contact: Bureau of Deferred Compensation (850) or Subject to yearly contribution limits: $18,000, if under age 50 $24,000, if age 50+ Separate limit from 403(b) See company representatives for law/limit information Deferred Compensation accounts are another way employees can save for retirement on a pre-tax basis. The yearly contribution tax limits for Deferred Compensation is separate from the limit for the Tax Sheltered Annuity 403(b). There are several companies available within this plan. Contact the Bureau of Deferred Compensation for more information or to enroll.

Post Tax – Roth 403(b) Choose from five participating investment companies: AXA – Voya, Lincoln Investment – TIAA – VALIC – Voluntary employee contributions made on an after-tax basis Roth 403(b) contributions are subject to the same yearly contribution limits as traditional (pre-tax) 403(b) accounts FSU employees also have the option to contribute to a post-tax Roth 403(b) retirement account. A Roth 403(b) is similar to the Traditional 403(b) and 457 plans, except that all contributions are made using post-tax, not pre-tax, dollars. Unlike Traditional 403(b)s and 457s, Roth contributions are subject to federal income tax at the time the contributions are made. Since these taxes are paid in advance, the contributions plus any earnings may be withdrawn tax-free at a later date – ideally at retirement. All contributions to the FSU Roth 403(b) plan are voluntary – and the amount contributed may be started, stopped or changed at any time. Contributions and earnings are fully accessible to the participant after the participant has terminated from employment or has reached age 59½. To enroll in the FSU Roth 403(b) program, please contact one or more of the Investment Providers listed on this slide. You will be required to complete an annuity contract to set up your Roth 403(b) account. The investment company representative will ensure that your contribution request is submitted to FSU for processing.

Thank You Human Resources – Benefits University Center A, Suite 6200
(850) Retirement: Insurance:

Insurance and Perks Welcome to Florida State University. This is an overview of the Insurance options and additional perks available to all faculty and.

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Insurance and Perks Welcome to Florida State University. This is an overview of the Insurance options and additional perks available to all faculty and.

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Presentation on theme: "Insurance and Perks Welcome to Florida State University. This is an overview of the Insurance options and additional perks available to all faculty and."— Presentation transcript:

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About project

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