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Florida Gulf Coast University

Website Directory  

Human Resources

Retirement

 
 

University employees are offered several retirement plan options. Options may include participation in the FRS Pension Plan, FRS Investment Plan, or Optional Retirement Program (ORP) (available to Faculty and A & P employee’s only). Employees are required to contribute 3% of their gross eligible earnings to their respective retirement plans. The table below provides information on the retirement plan options available for each employee class. Also below is a comparison table for those with FRS covered employment prior to July 1, 2011.

Program

Florida Retirement System (FRS)

Optional Retirement Program (ORP)

Availability

Support Personnel, A&P, and Faculty

Faculty and A&P staff only

Includes

FRS Pension Plan
FRS Investment Plan

N/A

Brochure

Download FRS Program Brochure

Dowload ORP Prgram Brochure

Plan Summary

Pension Plan: Summary Plan Guide

Investment Plan: Summary Plan Guide

Written Plan for the ORP

Comparison Information

Pension Plan vs. Investment Plan (Video)
ORP & FRS Comparison

Please review the brochures and links below for additional information.

Comparison of employment before/after July 1, 2011

Available on the myFRS website:

Take-home Pay Calculator - Calculator to assist members in estimating the impact of the 3% contribution on their take-home pay.

Enrollment Forms:

Support Personnel Employee Enrollment Forms (PDF files)

Faculty and A&P Staff Only Enrollment Forms (PDF files)

  • ORP-ENROLL (enrollment for ORP eligible employees)**

If you choose Option #1, you must also execute an annuity contract with an approved provider company within 90 days of your hire date.

**ORP enrollment and change forms must be sent to Human Resources for certification.

 

FGCU SUPPLEMENTAL 403(b) PLAN

Florida Gulf Coast University offers a voluntary retirement savings program as described under section 403(b) of the Internal Revenue Code (IRC).

A 403(b) plan is a tax-deferred retirement program that permits an employee to reduce his or her compensation on a pre-tax basis (a “deferral”) and have the deferral deposited into a 403(b) account that the employee sets up with an approved 403(b) vendor. Amounts deferred into a 403(b) account, and any earnings on those deferrals, are generally not taxed until the employee makes a withdrawal from his or her 403(b) account following separation from service.

Employees eligible to participate in the Plan include employees other than student workers performing services described in Internal Revenue Code section 3121(b)(10). An eligible employee may select to participate at any time throughout the year. Additionally, current participants may elect to change or stop their participation at any time.

To start or make an elective contribution to the Plan, you must execute an annuity contract with an approved 403b provider and complete a Salary Reduction Agreement and return it to the Human Resources Department. Your election will be effective as of the date indicated on the Salary Reduction Agreement or the next applicable payroll date after the form is received in Human Resources. Such elective contributions are also subject to applicable Internal Revenue Code limits and the terms of the Plan. Employees should contact each vendor for information about the 403(b) products and services it offers.

FGCU 403(b) Plan Document
Approved Vendors
Salary Reduction Agreement