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When Retiring From UCF

Things to know…. When Retiring From UCF. UCF Benefits Section, Human Resources 407.823.2771. UCF Benefits Office.

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When Retiring From UCF

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  1. Things to know… When Retiring From UCF UCF Benefits Section, Human Resources 407.823.2771

  2. UCF Benefits Office • The UCF Benefits Office is here to help make your transition to retirement as smooth as possible. Please contact us 3-6 months prior to your estimated retirement date. We will set up a personalized appointment to help with the completion of retirement and insurance paperwork and to answer any questions you may have.

  3. Getting Started - FRS Call Benefits at 407.823.2771 to schedule an appointment with your Benefits Coordinator, at which time you will discuss… • Retirement Date • Estimate of monthly pension benefit • DROP enrollment (if applicable) • Retirement Application • Other Benefits

  4. How to Get Started - ORP Call Benefits at 407.823.2771 to schedule an appointment with your Benefits Coordinator, at which time you will discuss… • Retirement Date • Schedule appointment with ORP representative to discuss distribution options. By law, you must receive a distribution to be considered retired and eligible to continue benefits • Retirement Application—documentation verifying that distribution has/will be requested • Other Benefits

  5. Insurance • Same for FRS & ORP • People First • Health & Life • Same vendors/different premiums • COBRA • Dental & Vision • Other Supplemental Coverage • Must convert to personal policy

  6. Re-employment • USPS and A&P • Must stay off payroll for 1 full calendar month following month of termination • Monthly benefit is suspended if return to work for FRS employer within 12 months of retirement date [OPS or line position] • After 12 months, no limitations

  7. Re-employment Cont. • Faculty • Must stay off payroll for 1 full calendar month following month of termination • If returning as Adjunct, may work up to 780 hours during first 12 months of retirement • If returning in a line position, monthly benefit will be suspended for remainder of first year of retirement • After first 12 months, no limitations

  8. Re-employment Cont. • Faculty • No DROP for ORP but Phased Retirement Program is available • Must have 6 years of creditable service and declare intent to participate no later than 63rd birthday • Meet with Benefits Coordinator and Academic Affairs • Receive 1 Adjunct contract per year for maximum of 5 years

  9. Leave Payout • 2 Payout options • Receive payout via EFT and pay applicable taxes, or • Rollover to a 403(b) or 457 up to the applicable IRS limits • Approximately 30 days to process

  10. Retirement Paycheck • Receive last working day of the month that retirement is effective • Direct deposit • W-4P • Health Insurance Subsidy (found only through FRS) • $5/month for each full year of service

  11. Did You Know? • Employees who retire from UCF are eligible for the following: • Free use of the UCF Library • Free parking pass (faculty hang tag) • Free use of email (GroupWise and/or Pegasus Account) • Free tuition for UCF classes (retirees age 60 or older, on a space-limited basis, other restrictions may apply)

  12. Did You Know, cont. • Free use of the Employee Assistance Program (through The Allen Group) • Free use of Faculty & Staff Wellness Research Center (Education Building) • Access to the UCF Retirement Association (membership required)

  13. Retirement Resources • UCF Benefits Section • 407.823.2771 or benefits@mail.ucf.edu • Social Security Administration, 407.648.6109 or 800.772.1213 • Medicare, 800.MEDICARE • Div of Retirement, 888.RET.CALC • People First, 866.663.4735 • userID and password required

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