Retirement

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.

Contribution Rates

Employee: 3% mandatory contribution

Employer: 8.47% for Regular Class employees; 25.48% for Special Risk Class employees

Voluntary Employee: voluntary contributions are not permitted in the FRS Pension Plan 

Loans and Hardship Withdrawals

Not permitted in the FRS Pension Plan 

Enrollment

Within 8 months of hire: Enroll online or complete form and fax to FRS

Publications

• FRS Comparison Brochure
• Pension Plan Summary Plan Description

For additional information, tools and resources, please visit the Florida Retirement System website.

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 its market performance over time. Eligible employees include Support Personnel (SP), Administrative & Professional (A&P) and Faculty. 

Contribution Rates

Employee: 3% mandatory contribution

Employer: 3.3% for Regular Class employees; 11% for Special Risk Class employees

Voluntary Employee: voluntary contributions are not permitted in the FRS Investment Plan 

Loans and Hardship Withdrawals

Not permitted in the FRS Investment Plan

Enrollment

Within 8 months of hire: Enroll online or complete form and fax to FRS

Publications

• FRS Comparison Brochure
• Investment Plan Summary Plan Description
• FRS Investment Plan Quick Guide to the Investment Funds You Can Choose

For additional information, tools and resources, please visit the Florida Retirement System website.

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. 

Contribution Rates

Employee: 3% mandatory contribution

Employer: 5.14% for participating employees

Voluntary Employee: up to 5.14% 

Contribution Limits

The IRS sets contribution limits annually. The limits below include voluntary contributions only. The employee mandatory 3% does not apply to the annual limit.

Under age 50 - $19,000 per year

Over age 50 - $25,000 per year

Loans and Hardship Withdrawals

Not permitted in the ORP

Enrollment

Within 90 days of hire: Open an account with an approved investment provider and return completed ORP ENROLL form to FGCU Human Resources.

To make changes to your existing ORP account, including changing provider company or voluntary contributions, please complete the ORP CHANGE form and return to Human Resources for certification.

Publications

• ORP Eligible Comparison Brochure
• Written Plan for the ORP

For additional information, please visit the SUSORP website.

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 also known as a tax-sheltered annuity plan. It is a voluntary retirement savings plan for employees of certain tax-exempt organizations such as public schools.

There are tax benefits to a 403(b) plan.  Regular contributions may be deducted from your paycheck on a pre-tax basis, so you don’t pay income tax on the money you contribute. The plan grows tax-deferred until you withdraw it at retirement. Many of us will have lower income taxes in retirement so the income tax may be lower at that time.

Roth contributions are made on an after-tax basis, but you don’t pay taxes when you withdraw the money at retirement.  The decision on pre-tax versus Roth depends on your financial plan.

Pre-tax contributions can be made to any of five approved vendors.  The Roth contributions are available with three of those providers.  Participants can contribute to both types of 403(b) if they choose.

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.

Contribution Rates

Voluntary employee contributions only

Contribution Limits

The IRS sets contribution limits annually. 

Under age 50 - $19,000 per year

Over age 50 - $25,000 per year

Loans and Hardship Withdrawals

Loans and hardships may be permitted, please contact carrier for additional information.

Enrollment

To begin participating in the 403(b) you must complete a Salary Reduction Agreement (pre-tax or Roth) and execute an annuity contract with an approved 403(b) provider. 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.

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.

Contribution Rates

Voluntary employee contributions only

Contribution Limits

The IRS sets contribution limits annually. 

Under age 50 - $19,000 per year

Over age 50 - $25,000 per year

Loans and Hardship Withdrawals

Hardship withdrawals for “unforeseeable emergencies” may be permitted, please contact The Bureau of Deferred Compensation for details.

Enrollment

To learn more or begin participating in the 457 retirement plan, please visit their website.

Publications

• State of Florida Employees Deferred Compensation Plan Document
• Florida Deferred Compensation Plan FAQ

Enrollment in the plan is compulsory for all OPS non-student employees, including adjunct faculty.

Faculty and staff employees participating in a university retirement plan are excluded from the FICA Alternative Plan. Also excluded are students, graduate assistants, phased retirees, and any employees covered by current university retirement plans.

Under the FGCU 401(a) FICA Alternative Plan participants contribute 7.5% of their compensation to an account in their name. Medicare contributions at 1.45% will continue to be withheld and matched by the employer.

The plan is funded with VALIC's Potential Product. Initially, Plan contributions are automatically invested in the Potential General Account (i.e. guaranteed or fixed). Subsequently, participants can self direct among 19 investment choices administered by AIG Retirement Services (VALIC).

Download Plan Summary Handout 

To enroll please log on to www.valic.com.

Click "Enroll" in the middle right of the screen and enter the access code: 5126003026 and then enter your information as prompted. 

Participating employees are not subject to Social Security taxes while covered by this plan, and Social Security taxes are never due on these funds.

Any benefits previously earned under another retirement plan (including Social Security) will not be reduced by participation in this plan.

Contributions to this plan are pre-tax. Therefore, the total amount taxes paid will be reduced. No taxes are paid on the contributions until they are withdrawn.

The account balance is portable and there are no administrative fees.

 Withdrawals from the plan may be made at the following times:

1. Termination of employment;
2. Retirement;
3. After age 70 ½ or retirement, if later, when the IRS requires minimum distributions be made to the participant each year;
4. Participant's total disability; or
5. Participant's death.

Withdrawals from your account may be made in a lump-sum cash payment (the IRS 10% penalty on early withdrawals does not apply to withdrawals upon separation at age 55 or later) or plan balances may be rolled over to an IRA or other eligible retirement plan. No IRS penalty applies to these transfers.

 AIG Retirement Services (VALIC), a leader in tax-qualified retirement plans, is the administrator of the Plan. For more information regarding the FICA Alternative Plan, including investment options, contact AIG Retirement Services (VALIC) at 1-800-448-2542. Individual account information is accessible on AIG Retirement Services (VALIC) Online.