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Human Resources

Human Resources

Retirement

 
 

As an employee of Florida Gulf Coast University, a significant component of your benefits package is the participation in one of the State of Florida Division of Retirement plans. Options may include participation in the FRS Pension Plan, FRS Investment Plan, or Optional Retirement Program (ORP). In addition, you have the opportunity to maximize your retirement savings by participating in the University sponsored 403(b) program or the State Deferred Compensation 457 plan.  

State Retirement Plans 

 

FRS Pension Plan

The FRS Pension Plan is a defined benefit plan. At retirement, vested participants will receive a "defined" monthly benefit based on a formula that uses factors such as years of service, age and average final compensation. Eligible employees include Support Personnel (SP), Administrative & Professional (A&P) and Faculty. Click here for additional information.

FRS Investment Plan

The FRS Investment Plan is a defined contribution plan. The participant chooses how to allocate the contributions in their retirement account among available investment options. The benefit at retirement is determined by the amount of money deposited into the account and it's market performance over time. Eligible employees include Support Personnel (SP), Administrative & Professional (A&P) and Faculty. Click here for additional information.

State University System Optional Retirement Plan (SUSORP)

The ORP is a defined contribution plan. The participant chooses how to allocate the contributions in their retirement account among available investment options with one of the State's five approved provider companies. The benefit at retirement is determined by the amount of money deposited into the account and its market performance over time. Eligible employees include Administrative & Professional (A&P) and Faculty. Click here for additional information.

Click here to see comparison of the FRS Pension, FRS Investment and SUSORP plans.

 

Voluntary Retirement Plans

 

403(b) Supplemental 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 allows an employee to reduce his or her compensation on a pre-tax basis and have the deferral deposited into a 403(b) account with one of five approved provider companies.

Employees eligible to participate in the plan include Support Personnel, Administrative & Professional, Faculty, non-student OPS and adjunct employees. An employee can elect to participate at any time throughout the year. Additionally, current participants may elect to change or stop their deferral at any time. Click here for additional information. 

457 Deferred Compensation Plan

The State of Florida 457 Deferred Compensation Plan is a voluntary retirement plan under Internal Revenue Code (IRC) 457(b) that allows employees to defer pre-tax retirement contributions to an account with one of five approved provider companies.

Employees eligible to participate in the plan include Support Personnel, Administrative & Professional, Faculty, and non-student OPS employees. An employee can elect to participate at any time throughout the year. Additionally, current participants may elect to change or stop their deferral at any time. Click here for additional information.