Enrollment Process
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Electing FRS Membership
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| If you are employed in an ORP-eligible position and have not previously received retirement benefits under an FRS plan, you will be automatically enrolled in ORP at the beginning of your employment. Your participation in ORP will be compulsory unless you elect membership in FRS within 90 days of your eligible employment. You will also be automatically enrolled in FRS if, within 90 days of your ORP eligibility, you fail to execute an annuity contract and notify the Division of Retirement of your decision.
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| To elect FRS membership, you must ensure that your signed election form (ORP-16) is submitted to your personnel office and your personnel office has enrolled you in the FRS within the 90-day enrollment period. As part of this enrollment process you will also be asked to name one or more beneficiaries and how you would like any pre-retirement death benefits to be distributed. Your FRS membership will be retroactive to the date you began employment and will be irrevocable as long as you remain in your current position. You must follow this procedure even if you were previously employed in a FRS position.
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| The Division of Retirement publishes the Retirement Guide for the Regular Class, which is designed to provide you with pertinent information regarding the various provisions of your FRS membership. This publication is available through your personnel office and is periodically updated for distribution to FRS members. Be sure you refer to the guide specific to the class of FRS membership applicable to you (in other words, the guide for the Regular Class or the Senior Management Service Class, as appropriate).
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Electing ORP Membership
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| If you elect to remain enrolled in the ORP, you will become fully and immediately vested in ORP only upon execution of an annuity contract(s). Therefore, you should review the ORP products offered by the approved participating provider companies, decide on the company or companies (Valic, MetLife Investors, TIAA-CREF, Jefferson National, and ING) with which you wish to invest plan funds, and sign an annuity contract with each that you choose.
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| You must then submit a copy of this implementing contract(s) to your personnel office and, if you have selected more than one company, designate how you wish employer contributions to be split on a percentage basis between them (subject to company requirements as to minimum deposits). Your ORP contributions will remain in a holding account (for a maximum of 90 days from the first date of ORP eligibility) and will not accrue interest until you have selected a provider company or companies and funds have been distributed to them.
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| If you fail to execute an annuity contract and notify the Division of Retirement of your decision within 90 days of your ORP eligibility, you will be automatically enrolled in the FRS. Should you decide to make voluntary tax-sheltered contributions you must sign a Salary Reduction Agreement to authorize payroll deductions. This form allows you to designate a certain percentage of your income be contributed to tax-sheltered annuities each pay period, regardless of any change in your income. To minimize tax consequences, you should be aware of your personal circumstances to ensure the tax exemption of your contributions before signing a salary reduction agreement.
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| You may also decide to redirect your contributions to one of the products offered by the ORP by signing an amended Salary Reduction Agreement and an ORP-16A Change form.
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| If you plan to shelter more of your income by contributing to another tax-sheltered annuity, in addition to your contributions to the ORP (see Voluntary Contributions), then the Salary Reduction Agreement which you sign should stipulate the total level of contributions you intend to make. This single Salary Reduction Agreement will serve as your authorization for maximum contributions to the ORP and as your authorization to direct the additional contributions to another tax-sheltered annuity. You may be required to sign another form or annuity application with the company to which you direct these contributions.
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| Remember to name a beneficiary when you prepare your annuity contract application. The person(s) you name will receive the value of your ORP Fund if you die before retirement. You can name anyone - your spouse, parents, children, other relatives, or friends including more than one beneficiary.
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| You may also name a contingent beneficiary. This person(s) would be paid the money only if the first beneficiary is not alive to receive the money. If your family situation changes, you should review your designation to determine if changes are necessary to reflect your wishes.
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| The General ORP Provisions section of this information provides you with the pertinent facts regarding ORP membership. The following will serve you as a general reference guide to the ORP, but it is not an authoritative interpretation of the ORP. The final authority for ORP is s. 121.35, F.S., and rules promulgated by the Division of Retirement, which are located in Chapter 60U of the Florida Administrative Code. These legal documents govern the plan and should be followed in the event the information contained here is in conflict.
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| Note The Small Business Jobs Protection Act of 1996 eliminated the requirement of one salary reduction agreement per individual per year.
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| E-mail your SUSORP comments or questions to us. Please include your name, mailing address, e-mail address, the last four digits of your social security number (SSN), and your phone number if you require an answer from us.
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