RetireesWhether you are getting ready for retirement or are already retired, resources on this site can help you better understand the benefits and opportunities available to University retirees.
The UCF Retiree Benefits Guide includes a checklist of items to complete before you retire, how to receive retirement payments/distributions, eligibility for insurance continuation, and other benefits specifically for UCF retirees.
The UCF Retirement Association (UCFRA) was established as a non-profit organization in 1989 through the efforts of recently retired personnel and the Human Resources Office, along with the support of Presidents Trevor Colbourn and Steven Altman. The Association was established to promote the general welfare of retirees and the campus community. The Constitution and By-laws of the Association were originally adopted on September 29, 1989. The Association has two representatives on the UCF Benefits Committee – one representating faculty and one representing staff – to monitor proposed changes that may affect retirees.
The Deferred Retirement Option Program (DROP): The Deferred Retirement Option Program (DROP) provides you with an alternative method for payment of your retirement benefits for a specified and limited period if you are an eligible Florida Retirement System (FRS) Pension Plan member. Under this program, you stop earning service credit toward a future benefit and your retirement benefit is calculated at the time your DROP participation begins. While you are in the DROP, your monthly retirement benefits accumulate in the FRS Trust Fund earning interest while you continue to work for an FRS employer. Upon termination, your DROP account is paid to you as a lump sum payment, a rollover or a combination partial lump sum payment and rollover. Monthly benefits are paid to you in the amount as calculated upon entry into DROP, plus any applicable cost-of-living adjustments for intervening years. For more information, see the latest version of the DROP guide.
Phased Retirement Program: The UCF Phased Retirement Program (PRP) allows eligible Faculty members to transition to retirement while their department or unit benefits from their effort and experience. The PRP is voluntary and provides reduced duties for one to five years at commensurate compensation. Eligible employees may elect annually to participate in the PRP.
401(a) Special Pay Plan: The UCF Special Pay Plan (SPP) is a mandatory retirement plan for USPS, A&P, and Faculty receiving annual leave and/or sick leave and/or compensatory leave upon separation of employment, entering DROP, or changing from a 12-month contract to a 9-month contract. The Special Pay Plan is authorized under Section 401 (a) of the Internal Revenue Code and provides the maximum tax advantages for leave payouts to the University and its employees. TIAA-CREF is the plan administrator for the University of Central Florida and handles all asset allocations, loans and distributions.