Retirement at the beach

Florida Retirement System

Daytona State College employees are eligible to participate in the Florida Retirement System (FRS). The college makes the entire retirement contribution percentage of the individual’s salary required by the Retirement System to their choice of the FRS Pension Plan or the FRS Investment Plan. If enrolled in the FRS Pension Plan, you are vested after earning 6 years of creditable service.  If enrolled in the FRS Investment Plan, you are vested after one year of creditable service.

Faculty and administrators may choose to participate in the Optional Retirement Program (ORP) in lieu of participation in the FRS Pension Plan and the FRS Investment Plan. The college contributes to an annuity on behalf of the employee which is immediately vested.

Tax Sheltered Savings Programs - Tax sheltered annuity and custodial account programs are available with various companies through payroll deduction on a pre-tax basis.

Worker’s Compensation - All college employees are entitled to compensation for occupationally incurred illnesses and injuries.  For additional information, please contact Judy Yates at (386) 506-3083.

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).

Community College Optional Retirement Plan

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).

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  • Eligibility

    Participation in the optional retirement program is limited by state guidelines to full-time employees who are otherwise eligible for membership in the Regular Class of the Florida Retirement System classified as:

    1. Instructional; or
    2. Executive Management, Instructional Management, or Institutional Management, if the recruiting to fill a vacancy in the position is to be conducted in the national or regional market, and the duties and responsibilities of the position include: a.) the formulation, interpretation, or implementation of policies; or b. ) the performance of functions that are unique or specialized within higher education and that frequently involve the support of the mission of the college.

    Employees eligible for the Senior Management Service Class or the Teacher’s Retirement System of the Florida Retirement System are not eligible for the CCORP.

  • The Plan

    Each of the retirement plans is designed to provide you with income during your retirement years, but each plan does that in a different way: the FRS defines a retirement benefit level that you can expect to receive while the CCORP sets aside funds to purchase an annuity on your behalf and the investment growth of those funds determines your retirement benefits. You will have Social Security coverage under either retirement plan.

    The Florida Retirement System is a defined benefit pension plan sponsored by the State of Florida. Each month the college contributes a percentage of your earnings to the FRS. Upon completion of 6 years of creditable service, you are vested in the plan and will receive a lifetime monthly income from the plan when you are eligible to retire. The amount you receive will be based on your age, your years of creditable service, the value of each year of service, and your average final compensation when you retire.

    The Optional Retirement Program is a defined contribution pension plan. Each month, the college contributes a percentage of your earnings to an annuity on your behalf. Regardless of your length of service, you will receive a lifetime monthly annuity income at retirement that will be based on the amount of funds, the type of annuity which you have selected, and the investment earnings or losses of those funds. There is no guaranteed benefit and the possibility of loss of funds does exist.

    You may wish to continue participation in the FRS retirement plan during your remaining working years if:

    • you have already established membership in FRS through the college
    • you have established membership through other eligible employers
    • you are already vested in the FRS

    If you elect to participate in CCORP now, any FRS service remains credited.

    You may wish to select the CCORP if:

    • you are young with most of your career ahead of you
    • you have never participated in FRS
    • you briefly participated in FRS
    • you do not expect to work 10 years to vest under FRS
    • you still have a number of years for compounded investment earnings to accumulate and add significantly to your ultimate retirement annuity.

    Although this accumulation will not be as great if you have only a few years remaining before retirement, any funds accumulated under CCORP will be payable to you at retirement, regardless of your length of service.

    It is important to know that the retirement plan choice you make is irrevocable as long as you continue in eligible employment. Neither the college nor approved providers assume liability for the choice you make. You should consult a qualified financial consultant before making your final decision.

  • Contributions

    CCORP

    FRS

    10.43% to annuity chosen

    6.67% normal cost

    0.00% to HIS Contribution Rate

    1.11% to Health Insurance Subsidy Contribution Rate

    0.00% fee

    0.05% fee for PEORP Administrative Expense Plan

    10.43% TOTAL

    7.83% TOTAL Employer Contribution Rate

    For more information, call the Benefits Office at (386) 255-8131, extension 3082 or call any of the approved CCORP provider companies listed below.

  • Company Representatives

    Jefferson National - John McAvoy - (352) 372-1802
    MetLife - John McLeod - (800) 492-3553, ext. 2444
    TIAA-CREF - Larry Shipp - (877) 267-4510, ext. 5103
    VALIC - Joe Selter, CFP - (386) 738-7309