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Retirement

UCF MANDATORY RETIREMENT PLANS

Eligibility

Employees in USPS, A&P/Faculty, and Executive Service positions are required to participate in one of the three mandatory retirement plans sponsored by the State of Florida based on their position classification.

The choices you have are different depending on your employment classification:

Retirement Plan
Eligible Employment Classifications
Florida Retirement System (FRS) Pension Plan
• A&P • Executive Service • Faculty • USPS
Florida Retirement System (FRS) Investment Plan
• A&P • Executive Service • Faculty • USPS
State University System Optional Retirement Program (SUSORP)
• A&P • Executive Service • Faculty
*College of Medicine Faculty: Mandatory
FICA Replacement Plan
Enrollment is automatic and mandatory for all:
• OPS Non-Students • Adjunct Faculty • Post-Doctoral Scholars • Physician Learners

 

If you are a reemployed retiree returning to work in a SUSORP eligible position, you must enroll in the SUSORP plan. If you are a reemployed retiree returning to work in a non-SUSORP eligible position, you must enroll in the FRS Investment Plan. *Note: The reemployed retiree renewed membership does not apply to retirees of the FRS Pension Plan.

Decision Making Tools

 

For details regarding the Florida Retirement System (FRS) Pension Plan, reference the FRS website, as well as the State of Florida Retirement Plans section of the UCF Employee Benefits Guide.

How to Enroll

A&P/Faculty and Executive Service Employees:

  • Complete ORP-ENROLL form
    *Ensure sections I, II and IV of the form are fully completed before sending, including the member signature section.
  • Return ORP-ENROLL form to HR Benefits Section via fax (407-882-9022) or password protected email attachment (benefits@ucf.edu)
  • Complete the online EZ Retirement Plan Enrollment* through the FRS Website.
    *Do not choose the hybrid option on the online form; it is not available to State University System employees.

USPS Employees:

  • Complete the online EZ Retirement Plan Enrollment* through the FRS Website.
    *Do not choose the hybrid option on the online form; it is not available to State University System employees.

Enrollment Deadline

  • The deadline to enroll in the FRS Pension Plan is the last business day of the 8th month following date of hire.

For details regarding the Florida Retirement System (FRS) Investment Plan, reference the FRS website, as well as the State of Florida Retirement Plans section of the UCF Employee Benefits Guide.

How to Enroll

A&P/Faculty and Executive Service Employees:

  • Complete ORP-ENROLL form
    *Ensure sections I, II and IV of the form are fully completed before sending, including the member signature section.
  • Return ORP-ENROLL form to HR Benefits Section via fax (407-882-9022) or password protected email attachment (benefits@ucf.edu)
  • Complete the online EZ Retirement Plan Enrollment* through the FRS Website.
    *Do not choose the hybrid option on the online form; it is not available to State University System employees.

USPS Employees:

  • Complete the online EZ Retirement Plan Enrollment* through the FRS Website.
    *Do not choose the hybrid option on the online form; it is not available to State University System employees.

Enrollment Deadline

  • The deadline to enroll in the FRS Investment plan is the last business day of the 8th month following date of hire.

For details regarding the State University System Optional Retirement Program (SUSORP), reference the SUSORP website, as well as the State of Florida Retirement Plans section of the UCF Employee Benefits Guide.

How to Enroll

Execute a contract with at least one Investment Provider Company:

  • Corebridge Financial (formerly AIG/VALIC)
  • Equitable (formerly AXA)
  • TIAA
  • VOYA

Contact information for the current SUSORP investment providers are listed below:

Complete ORP-ENROLL Form.

  • Complete the ORP-ENROLL form.
    *Ensure sections I, III, and IV of the form are fully completed before sending, including the member signature section.
    *Note: College of Medicine Faculty members and reemployed FRS Investment Plan or SUSORP retirees (who are eligible for the SUSORP) should complete the ORP-Mandatory (ORP-MAND) form in lieu of the ORP-ENROLL form.
  • Return ORP-ENROLL form and confirmation of SUSORP account to HR Benefits Section via fax (407-882-9022) or password protected email attachment (benefits@ucf.edu).

Enrollment Deadline

  • The deadline to enroll in the SUSORP plan is 90 days from date of hire.
    *A&P/Faculty and Executive Service employees who do not elect the SUSORP within 3 months (date of hire + 90 days) must elect to enroll in the FRS Pension Plan or the FRS Investment Plan by the end of the 8th month following their month of hire. If a selection is not made, they will be automatically defaulted to the FRS Investment Plan.

For details regarding the FICA Replacement Plan, reference the FICA Replacement Plan Summary Plan Description, as well as the Retirement Plans section of the UCF Employee Benefits Guide.

FICA Replacement Plan

The Omnibus Reconciliation Act of 1990 (OBRA 90) introduced into the law IRS Section 3121(b) (7) (f). As a result, temporary employees of a government entity may deposit money into a private retirement plan instead of Social Security. Under the UCF 401(a) FICA Replacement Plan, participants contribute 7.5% of their compensation to an account in their name. Enrollment in the plan is mandatory and automatic for all OPS non-students, Physician Learners, Post-Doctoral Scholars and Adjunct Faculty. Full-time student employees, Graduate Assistants, Graduate Teaching Assistants, Graduate Research Assistants, and employees holding dual compensation positions do not currently pay Social Security taxes and will not be enrolled in the plan. 

Please be advised that the FICA Replacement Plan is considered to be a “tax qualified plan” for purposes of determining your ability to make before-tax contributions to an individual retirement account (“IRA”). If your total income (or, if married and filing a joint return, the total income of you and your spouse) exceeds certain levels you may not be eligible to make before-tax contributions to an IRA due to your participation in the FICA Replacement Plan. Accordingly, you may want to seek the advice of your individual tax advisor before making IRA contributions. 

Benefits of the Plan 

Contributions to the plan are made on a pre-tax basis. This is the least expensive way to save for retirement, and allows participants to accumulate a higher retirement benefit. Participants pay no taxes on their earnings or contributions in their accounts until retirement. Both UCF and participating employees permanently save the 6.2% Social Security tax. Any benefits which the participant has earned under Social Security or any other retirement plan will not be reduced by participating in this plan. 

How The Plan Works 

Participation in the plan is mandatory. Eligible employees will be automatically enrolled in the plan as of their first paycheck. Once a contribution has been made to the plan, the employee will receive an Enrollment/Designation of Beneficiary form and an introduction letter from TIAA, the plan Administrator. The plan is funded with TIAA’s Life Cycle fund. However, employees can opt to diversify their funds among other investment options with TIAA. Click here to read the FICA Replacement Plan Summary Plan Description (SPD). 

Withdrawal Periods 

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

  1. Termination of employment (including retirement) 
  2. Retirement 
  3. Participant’s total disability 
  4. Participant’s death

Withdrawals from your account may be made in a lump-sum cash payment (IRS 10% penalty on early withdrawals may apply) or plan balances may be rolled over to an IRA or other eligible retirement plan. No IRS penalty applies to these transfers.

Who is the Plan Administrator?

TIAA CREF (Teachers Insurance and Annuity Association, College Retirement Equities Fund) is the recordkeeping and administrative firm that specializes in qualified retirement plans. They offer a wide range of investment products and services designed to meet specific financial needs. For more information, participants can contact TIAA CREF at 1-800-842-2776.

Bencor was the recordkeeping and administrative firm prior to April 13, 2007. These duties have been transferred to Corebridge Financial (formerly VALIC). For account information and distribution requests prior to this date, please contact Corebridge Financial (formerly VALIC) at 1-800-448-2542.

UCF  Voluntary Retirement Plans

One way to meet long-term financial goals is to participate in tax-deferred programs that serve to supplement employer-sponsored retirement plans. The IRS defines the 403(b) and 457(b) plans that are available to all UCF employees as retirement plans. This designation brings with it specific rules regarding but not limited to loans, hardship distributions, rollovers, in-service distributions, and plan-to-plan transfers.

*Please Note: All UCF employees (regardless of their classification) are eligible to participate in the voluntary UCF 403(b) and the Florida Deferred Compensation 457(b) retirement plans. There is no deadline to enroll; employees can enroll in the 403(b) or 457(b) at any time.

Voluntary Retirement Plan Resources

Click here to enroll in the UCF voluntary 403(b) plan or to make changes to your UCF voluntary 403(b) plan account

How to Enroll

How to Make Changes

Participating 403(b) Companies

Inactive 403(b) Provider Contact List

Loans & Hardships

UCF 403(b) Plan Loan Policy

To request a loan or hardship withdraw from your 403(b) account, contact your 403(b) investment provider(s) directly, which the exception of MetLife participants who will need to contact UCF HR Benefits (Benefits@ucf.edu or 407.823.2771).

*Note: Loans/Hardship Distributions are not permitted in the State University System Optional Retirement Program (SUSORP). They are only permitted in the voluntary 403(b) accounts, with the exception of 403(b)(7) accounts with Fidelity, T-Rowe Price & Vanguard.

The 457(b) plan is administered by the Department of Financial Services, Bureau of Deferred Compensation.

How to Enroll

*Note: It can take several pay periods for any 457 enrollments/changes to be reflected on your paycheck.

How to Enroll

The three approved participating Investment Providers (and local representatives) with which participants invest their 457(b) funds are:

Employees interested in more information or enrolling in the voluntary pretax and Roth 457(b) plan must call 1-877-299-8002 or visit the Florida Deferred Compensation website.

RETIRING FROM UCF

 

Retirement Benefit Guides

Planning for retirement is a significant decision, and access to accurate retiree benefits information is essential. The UCF Retirement Guides are designed to help employees understand the retirement process, available options, and the benefits offered to UCF retirees.

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 to another qualified plan or a combination partial lump sum payment and partial rollover. Monthly benefits are paid to you in the amount calculated at DROP entry, plus any applicable cost-of-living adjustments during DROP participation.

Transition to Retirement Program (T2RP)

Retiree Resources

  • LIFE at UCF: LIFE at UCF provides non-credit lifelong learning experiences for older adults aged 50 and over, within the context of a major university. It is unique among the more than 400 lifelong learning institutes nationwide, in that it is a privately incorporated 501(C)3 organization that is hosted by UCF. For more information about LIFE at UCF, its programs and how to join, click here.

 

FREQUENTLY ASKED QUESTIONS

  • Which plan is right for me?

    That depends on your career and retirement goals! While the UCF HR Benefits team has no financial planners on staff, the FRS provides free financial planning services to all FRS and SUSORP members while they have active employment. We advise contacting the MyFRS Financial Guidance line if you are in the Pension Plan or Investment Plan, or your potential SUSORP Provider Company’s representative (contact information included in the SUSORP section of the UCF HR Retirement website) to discuss your goals and how to make your retirement work best for you.

  • What is the difference between the FRS Pension Plan, FRS Investment Plan, and State University System Optional Retirement Program (SUSORP)?

    Visit the MyFRS website here to view a comparison of the plans.

  • What is the FICA Replacement Plan and who participates in it?

    The FICA Replacement Plan is a defined contribution plan authorized under section 401(a) of the IRS code. It is a tax-qualified private retirement plan in which employees in certain positions are mandated to participate in lieu of paying Social Security FICA taxes. Enrollment in the FICA Replacement Plan is automatic and mandatory for all OPS Non-Students, Adjunct Faculty, Post-Doctoral Scholars, and Physician Learners (Medical Residents). For additional information visit the FICA Replacement Plan section of the UCF HR Retirement website or contact TIAA at 800-842-2776.

  • I was previously OPS, what happens with my FICA Replacement Plan account?

    Withdrawals from the FICA Replacement Plan may be made at the following times: termination of employment, retirement, participant’s total disability, or participant’s death. 

    Therefore, if your employment remains active (even in an OPS capacity) you are not eligible to take an in-service distribution, which includes rollovers. To withdraw funds from your FICA Replacement Plan balance, your employment must be fully terminated. 

  • Can I change my retirement plan election after I have enrolled in a plan as a new employee?

    If you elect the SUSORP retirement plan, you cannot change to a different plan later. You will remain in the SUSORP for as long as you remain at UCF in a SUSORP-eligible position.

    If you enroll in the FRS Pension or Investment plan, you will have a one-time opportunity during your FRS career to change to the other FRS retirement plan. This change from one FRS plan to the other is referred to as the 2nd election. The SUSORP is not an available 2nd election option. To learn more about this option visit the FRS 2nd Election website. *Note: Although the 2nd Election option may be available, it is strongly recommended that you carefully review your choices and take the time to make a well informed decision during your new hire enrollment period. Electing to make a change later under the 2nd Election provision may involve a substantial financial cost or additional vesting requirements in order to switch plans.

  • What does vesting mean?

    “Vesting” in a retirement plan means ownership. This means that each employee will vest, or own, a certain percentage of their account in the plan each year. An employee who is 100% vested in their account balance owns 100% of it and the employer cannot forfeit, or take it back, for any reason.

  • Does UCF match contributions to voluntary retirement plans?

    Contributions to a voluntary 403(b) and/or 457(b) account are in addition to the FRS, SUSORP and FICA Replacement plans. UCF does not match voluntary employee contributions.

  • How often can I change my voluntary retirement contributions?

    Employees can enroll and/or make changes to their contribution amounts at any time.

  • Can I rollover outside retirement plans into the UCF 403(b) and/or Deferred Comp 457(b) plans?

    Yes, eligible employees can roll over funds from qualified outside retirement plans, such as a previous employer’s 401(k), 403(b), or IRA, into the UCF 403(b) and/or Deferred Compensation 457(b) plans. Rollovers are subject to plan rules and IRS regulations.

  • When can I enter DROP?

    You can enter the Florida Retirement System (FRS) Deferred Retirement Option Program (DROP) as soon as you are vested and reach your normal retirement date. For additional information regarding DROP, click here.

  • How soon should I inform my department and the HR Benefits team of my plans to retire?

    We recommend scheduling a meeting with the HR Benefits Team 3 – 6 months before your planned retirement date. 

    This meeting allows the Benefits Team to: 

    • Review and confirm your retirement eligibility and intended retirement date 
    • Assist you in completing all required retirement paperwork 
    • Discuss options for insurance continuation and retiree benefit elections 
    • Answer any questions you may have about your transition into retirement
  • What are my options when I decide to retire?

    For additional information regarding what benefits are available to UCF Retirees, review the applicable Retiree Benefit Guide.

  • Can I continue my insurance after retirement?

    As a retiree of the University of Central Florida, you are eligible to continue your state health insurance and basic life insurance benefits. To be eligible to continue State Group health and life insurance as a retiree, you must be insured at the time of retirement and immediately begin receiving your retirement benefit.

  • What is the difference between COBRA, Eligible Former Employee, and retiree health insurance continuation?

    The primary differences relate to eligibility requirements, length of coverage, and how coverage is continued. 

    COBRA provides temporary continuation of health insurance coverage for up to 18 months following a qualifying event, such as separation from employment. 

    Retiree health insurance allows eligible retirees to continue their State Group health insurance coverage indefinitely, as long as eligibility requirements are met. To qualify, you must be enrolled in State Group health insurance at the time of retirement and must begin receiving your retirement benefits immediately upon retirement. Retiree coverage allows for uninterrupted continuation with no lapse in coverage.  

    Eligible Former Employee (EFE) coverage (for those who qualify) provides a 24-month period after separation during which you may reinstate State Group health insurance coverage. 

    Each option serves a different purpose depending on your employment status and long-term insurance needs. For additional information regarding retiree insurance options, visit the MyBenefits Retirees page here.

  • What can I do with my retirement accounts after I leave UCF?

    For information regarding how to request distributions from your retirement account, review the Retirement Plan Options portion of the UCF Offboarding Guide.