Retirement

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Retirement
MIAMI DADE COLLEGE
The beginning of your new life!
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TOPICS

• Continuation of MDC Benefits
• Medicare Benefits
• FRS - Health Insurance Subsidy (HIS)
• MDC Subsidy (IRHBS)
• Leave Settlement
• Bank Point, Sick, /or Vacation
• Distribution Options
• FRS DROP End Confirmation
• Reemployment after Retirement

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Continuation of MDC Benefits

• Health AETNA Healthcare
• HMO - Network only
• POS - In Out of Network
• PPO - Out of Florida Service Area
• Dental - CIGNA
• DHMO - In-network services only
• PPO - In and Out of Network services
• Term Life Lincoln Financial Group
• Basic Life - One time annual Base Salary
  (rounded to the next lower hundred - Rate based
  on age)
• Optional Life (if enrolled prior to retirement)
  One time annual Base Salary (rounded to the
  next lower hundred - Rate based on age)

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Continuation of MDC Benefits
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Medicare Basics
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• Medicare Part D
• AETNA Plans are approved Medicare Part D plans.

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Medicare Basics
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Florida Retirement System Health Insurance
Subsidy (HI)

• Lifetime Benefit
• Extra payment added to monthly retirement
  (Assistance to offset health insurance cost)
• 5.00 per each year of FRS service up to maximum
  of 150 (does not include the DROP years)
• Qualifications must have health insurance,
  Medicare or Tricare coverage.
• Retiree must apply for benefit within 6 months of
  retirement. FRS mails the HIS-1 form to
  retirees home address.

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MDC Individual Retiree Health Benefits Subsidy
(IRHB)

• Coverage
• Applicable only for Employee Single coverage to
  offset cost of health insurance coverage only.
• Seven years Maximum or upon Medicare entitlement
  (age 65)
• Eligibility
• 30 years of FRS service at any age or
• 10 years of service with the College and age 62
• Formula
• 50 for first ten years of employment
• Plus an additional 2.5 for each year above the
  ten years up to a maximum of premium

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Sick Leave SettlementFaculty and Support Staff

• Formula
• 50 - the first 10 years of MDC service
• 1.5 - each year above 10 years
• Average Final Comp. AFC highest 3 years of
  service
• Payment
• Up to maximum of AFC
• Balance of all SICK days (SIFC, SIFN, SIFO)
• 50 of AFC Paid within 30 days of final payroll
• Remaining balance paid one year later or
• Option to participate in Sick Leave payout while
  in DROP through Bencor program

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Leave SettlementFaculty Bank Points

• Bank Point Balance will be paid at the rate such
  points were earned.
• Paid within 30-days of final pay. Paid in
  accordance with the Colleges terminal leave
  payment program (Bencor)
• Option to participate in Bank Point Payout while
  in DROP through Bencor program
• Payroll Services - x72751

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Sick Leave SettlementProfessional Exempt
Contractual

• Formula
• 50 - the first 10 years of MDC service
• 1.5 - each year above 10 years
• Average Final Comp. (AFC) highest 3 years of
  service
• Payment
• Up to maximum of AFC
• Balance of SIFN and SIFO
• 50 of AFC Paid within 30 days of final payroll
• Remaining balance paid one year later or
• Option to participate in Sick Leave payout while
  in DROP through Bencor program
• Personal Leave
• 4-days (Included in Sick leave balance, they are
  not additional days.)

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Accrued Leave Professional Exempt Contractual
Support Staff

• Flex Days
• 2-days (Use it or Lose it)
• Vacation Days
• Up to 62 days (max.)
• Includes days paid upon DROP entry
• Paid at Current Daily rate of pay

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Accrued Leave - (cont.)

• Professional Staff Accrued Leave (PSAL)
• MDC will pay actual days accrued during the
  fiscal year of retirement up to 75 hours (10
  days)
• All other PSAL days must be used as leave or they
  are not paid.
• Paid at daily rate of pay.
• Payment
• Within 30 days of final pay
• Paid through Bencor plan.

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BENCOR Terminal Pay Plan

• You permanently save up to 7.65 in Social
  Security taxes
• Federal Income Taxes that would have been paid at
  your highest tax rate are deferred until funds
  are withdrawn from the plan
• For any employee retiring or leaving the College
  who receive a payout (sick, vacation, bank point
  etc.) greater than 1,000

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BENCOR (cont)

• ELIGIBLE DROP PARTICIPANTS
• Sick and/or Bank Points one time election upon
  entering DROP
• Leave pay deposit after 1 year in DROP as
  follows
• Year 1 20 balance of sick/bank point
• Year 2 25 balance of sick/bank point
• Year 3 33 balance of sick/bank point
• Year 4 50 balance of sick/bank point
• Year 5 100 balance of sick/bank point
• Amount must be worth over 1,000

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Tuition Waiver

• Matriculation, student services fees and
  application fee.
• Tuition waiver forms available at the financial
  aid office.

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Tuition Waiver (cont.)

• The maximum number of credits that retirees and
  their dependents are eligible for
• Six Credits for Fall
• Six Credits for Spring
• Six Credits for Summer (A B Combined)

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FRS DROP Termination

• DP - Term Form
• No FRS employer services for 30-days
• DP PAYT (Selected Payout Method)
• Option 1 Lump Sum Payment (less 20 Tax)
• Option 2 Direct Rollover (Pre-Tax rollover of
• entire balance)
• Option 3 Partial Lump Sum and rollover the
• remaining amount.
• Financial Institution receiving rollover
  completes the
• bottom portion of DP-PAYT form.
• Forms must be Notarized and returned to FRS.

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Reemployment After Retirement/DROP Exit

• RESTRICTIONS APPLY ONLY TO FRS EMPLOYERS
• 1st Calendar month of retirement
• ANY WORK CANCELS retirement.
• All DROP/retirement benefits lost
• No restrictions on private employment
• One month begins at effective date of retirement

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Limited Exceptions

• 2nd through 12th month of retirement
• Adjunct Instructors limited to work 780 hrs.
• 48 points 4 classes for first 12 months
• Any other FRS work (Part or Full Time) will cause
  suspension of retirement benefits (FR-23)
• After 12 months of retirement
• No restrictions
• Reactivate Retirement Benefits (FR23a)

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After Retirement/ DROP Exit

• BENEFITS ARE PAID MONTHLY
• At the end of each month
• ELECTRONIC FUND TRANSFER EFT
• Direct Deposit (mandatory) 30 45 days to
  set up in the FRS retired payroll
• 1st FRS check mailed to your home address
• Tax Withholdings subject to Federal income tax
• Cost of living adjustment (COLA) 3 each Fiscal
  Year (July 1st.)

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FRS - Required Documents

• HIS-1 form Health Insurance Subsidy (within 6
  months)
• Tax withholding election forms

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• To obtain information about
• your retirement benefits contact
• Division of Retirement Customer Service
• 1 [phone]
• Website http//www.dms.myflorida.com/retirement
• and click on Online Services.

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For more information regarding Benefits
Contact the Compensation Benefits Main
Number at 305 237-2010 Or visit our website
at http//www.mdc.edu/hr/Benefits/default.asp Y
ou may also visit our new ASK HR site located
at http//support.mdc/ics/support/default.asp?dep
tlD5314