Your Retirement Plan
Daytona State College is proud to offer comprehensive retirement benefit options, and is one of more than 950 public employers who participate in the Florida Retirement System (FRS). Click through the topics below to learn more out our retirement benefit offerings.
Your Retirement Options
The Daytona State College District Board of Trustees has authorized the provision of a Florida Community College Optional Retirement Program (CCORP). Under this plan, annuity contracts providing retirement and death benefits may be purchased by the college on behalf of eligible employees. Participation in the CCORP is in lieu of participation in the Florida Retirement System (FRS).
FRS Pension Plan
This plan is a traditional retirement pension plan, where the state is responsible for managing the Pension Plan Trust Fund. Employees qualify for a benefit eight years of service and the benefits is payable when you reach retirement age as defined by the plan. The monthly benefits awarded is guaranteed and is based on a formula using your salary, years of service, FRS membership class, and age.
PLEASE NOTE: If you were initially enrolled in the FRS before July 1st, 2011, your vesting requirement may be different. Refer to My FRS Vesting Webpage for details.
FRS Investment Plan
This plan is a 401(k)-type investment plan, where the employee is responsible for managing the investment account. Employees enrolled in this plan qualify for a benefit after one year of service and, once earned, the benefits are the employees. The benefit is based on contributions made to the account and on investment performance over time.
PLEASE NOTE: If you do not submit a plan choice by your deadline, the Investment Plan will be considered your first election by default.
State Community College System Optional Retirement Program
The Daytona State College District Board of Trustees has authorized the provision of a State Community College System Optional Retirement Program (SCCSORP). Under this plan, annuity contracts providing retirement and death benefits may be purchased by the college on behalf of eligible employees. Participation in the SCCSORP is in lieu of participation in the Florida Retirement System (FRS). Only faculty and administrators are eligible and vested upon enrollment and employees may select annuity options offered through MetLife, TIAA, or Valic to make contributions.
Employees can call all or any of the companies listed on the Daytona State College TSACG contact list:
Please use the link above for information regarding investment funds. They will provide you with information and enrollment material. Once you set up your account, please provide the Employee Benefits Department with the completed forms from your SCCSORP investment contact and completed OCC-1.
Employees have 90 days from their hire date or the date of reclassification into an SCCSORP eligible position to make this election.
Contribution Rates: Rates are set each fiscal year by the Florida Legislature and can be found here at: The Department of Management Services Main Website
MyFRS Financial Guidance Line
Speak with an unbiased financial planner who can answer your questions and help you choose your FRS plan.
1-866-446-9377 – Option 1 (TRS 711)
8:00 am to 6:00 pm ET
Monday through Friday, except holidays
More Ways to Save
Retirement plans can vary drastically for each individual. In order to help you get ready for your retirement goals, your employer has established voluntary 403(b) and 457(b) plans that allow all eligible employees to participate through payroll reductions. Contributions are subject to IRS limitations and are calculated and deducted before taxes, and your contribution is sent to the investment provider of your choice on your behalf. All you have to do to participate is complete a Salary Reduction Agreement for your employer and a few enrollment documents with the investment provider company to open your account with them directly.
Please visit OMNI & TSACG Compliance Services DSC Website for vendor information.
For more information, please contact the Employee Benefits Department at 386-506-3083 or e-mail Benefits@daytonastate.edu