Retirement Tutorial 2008

Welcome to UFRetirement Information Retirement Plans Available• Florida Retirement System (FRS)–Pension Plan–Investment Plan• State University System (SUS) –Optional Retirement Program (eligibility determined by position classification)1SUS Optional Retirement Program• Available to Faculty and TEAMS-A positions• Defined contribution plan– 403(b) tax-sheltered annuity plan per IRC• Employer contribution is currently 10.42% of salary–Employee has option to make additional contribution up to 10.42% (pre-tax)SUS Optional Retirement Program• Immediate vesting• Requires active election within 90 days of hire date• Benefit based on account balance at termination of employment FRS Pension Plan• Available to Faculty and all TEAMS employees• Employer funded –Monthly contributions to pension trust fund• Defined benefit plan2FRS Pension Plan• Six-year vesting requirement• Default plan, unless otherwise mandated by statutesFRS Pension Plan• Normal retirement–Age 62 with at least six years creditable service–Thirty years of service at any age• Benefit based on formula–Years of service x percentage valuex AFC (“high 5”)FRS Investment Plan• Available to Faculty and all TEAMS employees• Defined contribution plan• Employer funded–Monthly contributions to a portable individual account (currently 9% of salary)3FRS Investment Plan• One-year vesting period• Benefit based on account balance at termination of employment–Three month ...