As You Prepare to Retire
Retirement Overview
Preparing for retirement from 91ÖÆƬ³§ involves several important steps related to retirement plans, insurance, leave payouts, and post‑retirement considerations. The 91ÖÆƬ³§ Benefits & Retirement Department provides guidance, required forms, and individualized support throughout the process.
For assistance, contact Benefits & Retirement to schedule a retirement discussion.
Getting Started: Retirement Planning at 91ÖÆƬ³§
91ÖÆƬ³§ Benefits & Retirement will review retirement procedures with you, including:
- Required retirement paperwork
- State retirement options
- Optional Retirement Program (SUSORP)
- FRS Pension Plan and Investment Plan
- State insurance through People First
- Medicare enrollment
- Leave payouts
- Tax‑sheltering payout options
- How to receive and submit documents securely
Retirement Plan Options
State University System Optional Retirement Program (SUSORP / ORP)
Employees in the ORP will receive a single retirement form (ORP Retire 1) from the 91ÖÆƬ³§ Benefits & Retirement Department. This form must be completed, notarized, and signed by Human Resources.
Distribution timing:
- Regular distribution: After being off payroll for three full calendar months
- Early distribution (10%): Available after one full calendar month only if you have reached normal retirement age
Normal retirement age:
- Enrolled before July 1, 2011 → Age 62
- Enrolled on or after July 1, 2011 → Age 65
Reemployment rules (ORP):
- Must be separated from all FRS/SUSORP employers for:
- 3 full calendar months before distribution
- An additional 6 calendar months after distribution
- Reemployment during months 7–12 makes you ineligible for distributions during that period
Distributions are requested directly through your investment provider, once the ORP Retire 1 form has been approved by 91ÖÆƬ³§.
Florida Retirement System (FRS) Investment Plan
91ÖÆƬ³§ will provide the required Investment Plan retirement forms.
Distribution eligibility:
- After termination and being off all FRS payrolls for 3 full calendar months, or
- After reaching normal retirement age with 1 full calendar month off payroll, eligible for a one‑time 10% distribution
Requesting a distribution:
- By phone: 1‑866‑446‑9377 (Option 4)
- Online: MyFRS.com
Reemployment rules (Investment Plan):
- First 6 months after distribution: Distributions must be repaid
- Months 7–12: Distributions and Health Insurance Subsidy stop while employed
- After 12 months: No restrictionsÌý
Florida Retirement System (FRS) Pension Plan
91ÖÆƬ³§ will provide a Pension Retirement Packet, and most forms require notarization.
Payout options (choose one):
- Single Life Annuity
- Reduced Life Annuity with 10‑year guarantee
- Joint & Survivor Annuity
- Reduced Annuity with 2/3 survivor benefit
Direct deposit enrollment is required through FRS Online.
Reemployment rules (Pension Plan):
- Within 6 months: Retirement is voided; benefits must be repaid
- Months 7–12: Benefits are suspended while reemployed
-
After 12 months: Benefits continue without interruption
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Health Insurance & Medicare
People First Insurance (State Insurance)
91ÖÆƬ³§ will provide People First Retiree Forms to:
- Continue state health insurance (premium required), or
- Enroll in a State Medicare Advantage plan, or
- Cancel coverage
Life insurance continuation or cancellation options are also available.
Medicare Enrollment
If you are age 65 or older and had 91ÖÆƬ³§ health insurance:
- 91ÖÆƬ³§ will provide a signed verification form for Social Security
- This allows enrollment in Medicare Part B without penalty
Medicare premiums are paid through Social Security deductions or direct payment.
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Leave Payouts & Tax‑Sheltering Options
Leave Payout
- Annual and sick leave payouts occur 1–2 pay periods after final paycheck
- An estimated payout calculation will be provided by 91ÖÆƬ³§ Benefits & Retirement
Tax‑Sheltering Payout Funds
You may shelter leave payouts using:
- 403(b) – amend an existing salary reduction agreement or open a new account
- 457(b) Deferred Compensation – available through approved state providers
Planning must be completed before retirement to take advantage of tax‑sheltering options.
After Retirement: Additional Information
- Retiree Owl Card: Available after retirement; includes library access and discounts
- Workday Access: Ends after last day of employment
- Update mailing address for W‑2 delivery
- Print paystubs and tax documents in advance
- Parking: Permit expires at the end of the semester of retirement
- Volunteering: Permitted only outside the FRS employer system
Resources & Support
91ÖÆƬ³§ Benefits & Retirement: benefits@fau.edu
People First: 866‑663‑4735
FRS Retirement: 1‑866‑446‑9377
ORP Retirement: 844‑377‑1888
Employees may email Benefits & Retirement with available dates/times to schedule a private retirement discussion.