Financial Plans and Benefits
October 31, 2018
HR Financial Benefits
Florida Retirement System (FRS) Pension Plan
This defined benefit plan provides a fixed benefit at retirement based on years of service, salary and FRS membership class. The College makes monthly contributions to pay for this benefit.
Florida Retirement System (FRS) Investment Plan
This defined contribution plan allows employees to decide how to invest their money. The Investment Plan directs contributions to individual member accounts and employees allocate contributions and account balances among various investment funds. The employee’s retirement benefit will be based on those contributions AND how well they grow when invested. Employees are vested after 1 year of service.
Community College Optional Retirement Program (CCORP)
Certain employees (faculty and administrators) may elect to participate in the CCORP in lieu of membership in the Florida Retirement System (FRS). The College pays a percentage of the employee’s salary to an annuity company approved by the College. Members of CCORP are fully and immediately vested in the program.
Retirement Incentive Plan
Eligible full-time employees can receive incentives to include up to 100% sick leave payout and 10% of annual salary. Contact Human Resources for additional information.
Deferred Retirement Option Program (DROP)
This program allows a full-time employee to retire and begin accumulating retirement benefits, without terminating employment, for up to 60 months from the date of reaching normal retirement. While participating in DROP, monthly retirement benefits remain in the FRS Trust Fund, earning tax-deferred interest, while the employee continues to work. Once the DROP period ends, the employee terminates all employment with any FRS employer. At that time, the employee receives payment of the accumulated DROP benefits, and the normal monthly retirement benefit begins. Contact Human Resources for further details on the plan.
Visit myfrs.com for additional information on retirement plans.
Twelve month employees earn eight (8) hours of annual leave for each month of service. After five and ten years of service, this increases to 10 and 12 hours per month, respectively. Annual leave is payable at the employee’s hourly rate upon termination, resignation, retirement or death.
The college is closed on the following days:
- Martin Luther King’s birthday
- Spring Break (determined by the College)
- Memorial Day
- Independence Day
- Labor Day
- Veterans Day
- Thanksgiving Holidays
- An extended Christmas Holiday period (based on College’s discretion) to include New Years Day.
Observation of these holidays follows the pattern established by the Federal government when such days fall on weekends.
Thirty-two hours of accrued sick leave may be used per fiscal year of personal reasons not attributable to sickness.
Full-time employees accrue eight (8) hours of sick leave for each month of service. There is no limit to the number of hours that may be accrued. Payment for accrued sick leave is given only upon death or normal retirement.
Sick Leave Pool
The College offers voluntary participation in a sick leave pool. The Sick Leave Pool is an insurance policy in case of catastrophic illness. Certain eligibility requirements apply for membership.
To encourage educational growth among employees receiving college-approved full benefits (i.e. health, life, and retirement), and their dependents, an award equivalent to the value of six in-state college credit hours per term is available to eligible employees, their spouses and dependents, and to retirees who were employees receiving college-approved full benefits.
Legal dependents are those as defined by IRS standards. The employee must certify his/her spouse and all eligible dependents by completing an Employee Tuition Benefit Course Request card to the Financial Aid Office. Spouses and dependents of eligible employees must enroll in college credit, vocational credit, or college preparatory courses to qualify for this benefit. Spouses and dependents of retirees are not eligible for this benefit.
A minimum 2.0 cumulative grade point average on a 4.0 grading scale is required in order to receive the tuition benefit. The benefit does not cover book or supply costs, or courses that are repeated that were previously charged against the Employee Tuition Benefit.
All employees are encouraged to complete a direct deposit agreement for the electronic funds transfer of their paychecks. Employees or recent hires interested in setting up direct deposit should contact the Human Resources department.
Employees can start/end/change payroll deductions for annuities at any time.
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