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The FRS is an employee and employer contributory retirement plan. The rules surrounding FRS including the contribution rates are determined by the Florida Legislature and are reviewed yearly. One of the requirements of the State is that full time and part time regular employees must participate in the FRS. Additional information regarding FRS can be viewed at www.myfrs.com.
Effective July 1, 2011, employees began contributing 3% of their gross monthly salary on a pre-tax basis. The employer also contributes an amount equal to the gross monthly salary multiplied by the corresponding employer rate (please see contribution rates). Employee contributions are vested immediately and the employer contributions have a vesting period. The vesting period may vary depending on what plan you enroll in and when you enrolled.
The FRS offers two types of retirement plans to its members: pension plan and investment plan. Click here to compare both plans.
FRS Pension Plan - is a defined benefit plan designed for long term service employees. Vesting requirements vary depending on when you enrolled in the plan. Investments are directed by the State and it is not portable if you should leave FRS employment. At retirement, the pension plan pays a guaranteed lifetime monthly benefit based on a formula using age at retirement, years of FRS service and Average Final Compensation. This is the default plan if you do not designate the Investment Plan.
FRS Investment Plan - is a defined contribution plan designed for a more mobile workforce. It carries a one year vesting requirement, contributions are self directed and funds are portable if you should leave FRS employment. Employees must initially elect to take the investment plan within the first five months of the date of hire.
Full time and part time regular employees are automatically enrolled in the FRS Pension Plan. If employees want to remain in the Pension Plan, no additional paperwork is required. If employees choose to elect the Investment Plan within their five (5) month new hire election period, an Election Form (ELE-1) must be completed.
The Election Form may be downloaded from www.myfrs.com or you may request the form from Human Resources. The ELE-1 form must be completed and submitted to FRS on or before 4:00 pm on the last business day of the 5th month following your month of hire. Regardless of the plan elected, employees have a one-time 2nd Election where they can change plans during their FRS career. Information about 2nd election may be accessed at www.myfrs.com.
FRS will mail a confirmation statement to the employee’s address of record once the ELE-1 form is completed and processed. It may take 2-3 weeks to receive the confirmation.
The CCORP is a defined contribution plan in which both eligible employees and employers contribute. Administrators, Faculty and High School Teachers are eligible to participate in the CCORP. Eligible employees must enroll within 90 days from the date of their appointment or they will automatically be enrolled in the Florida Retirement System (FRS) Pension Plan.
CCORP enrollment is complete when a contract has been issued by a CCORP provider company and when the proper State of Florida enrollment forms have been submitted to the Division of Retirement. Participants must withdraw from the FRS in order to participate in the CCORP.
Participants who enroll in the CCORP are immediately vested in both the employee and employer contributions. Contributions are self directed and funds are portable should you separate from the College.
Please contact us at . A participant is required to establish a contract with one of the annuity providers listed below before submitting an Optional Retirement Program Enrollment Form (OCC-1) to Benefits. A detailed list of authorized vendors is below.
| VALIC Retirement - (800) 448-2542
John Donnelly - (941) 480-1280
| VOYA Financial
Burton Holt - (888) 470-1785
| MetLife - (800) 763-2838
Diana Angus - (239) 836-1114
|TIAA-CREF - (800) 842-2252|
|Fidelity Investments - (800) 343-0860|
Deferred Retirement Option Program (DROP)
The DROP plan allows regular full-time and part-time employees who are enrolled in the Pension Plan to retire at normal retirement, and continue to work for up to an additional five years. Retirement distributions are placed into a DROP account until the DROP end date. For additional DROP information refer to Procedure 05-0604 of the College Operating Procedures.
Health Insurance Subsidy
The Health Insurance Subsidy is only available to members of the Florida Retirement System. Retired members of FRS will receive a monthly benefit for the payment of health insurance premiums. The benefit amount equals $5.00 per month for each year of creditable service.
Retirement Incentive Plan (RIP)
This is an Florida SouthWestern State College elective retirement benefit designed for employees who want to retire within six months of normal retirement (age 62 or 30 years of service if you started work prior to July 2011 and have worked for FSW for at least ten  years). Eligible employees must provide one year notice prior to retirement. Benefits include a bonus, additional sick leave payout and payment of half of the employee's health and life insurance premiums for up to 36 months after retirement. For additional information refer to Procedure 05-0603 of the College Operating Procedures.