New Employee Orientation

Loading...

PPT – New Employee Orientation PowerPoint presentation | free to download - id: 3bed48-MTNkO



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

New Employee Orientation

Description:

New Employee Orientation General Information * * ORP/403(b) Companies Fidelity Investments Jefferson National ING MetLife Resources SYMETRA T. Rowe Price Ins. TIAA ... – PowerPoint PPT presentation

Number of Views:152
Avg rating:3.0/5.0
Slides: 72
Provided by: fauEduhr
Learn more at: http://www.fau.edu

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: New Employee Orientation


1
New Employee Orientation
  • General Information

2
Florida Atlantic University
  • Established in 1961
  • Opened in 1964
  • 30,000 plus students
  • 6 campuses
  • 10 Colleges
  • 170 Degree Programs
  • 19 NCAA Sports

3
University Pay Plans
  • SP hourly
  • 6 month probationary period
  • Timesheets required
  • AMP salaried
  • Faculty
  • OPS temporary
  • Timesheets required

4
Things you should know
  • Workers Comp Procedures
  • RTW Program
  • Smoking on Campus
  • Hours of Work
  • Personnel Records
  • Campus and HR Announcements

5
Diversity Initiative at FAU
  • Goal Blend the attributes of a diverse faculty,
    staff, and student population into an inclusive
    environment that is welcoming and respectful of
    differences
  • FAU is ranked 28th nationally for student body
    diversity (US News World Report)
  • Honored at the 2010 National Role Model
    Conference
  • Diversity committee
  • Campus of Difference Training
  • Celebrations of Diversity

6
New Employee Orientation
  • Employee Relations
  • Development Information

7
University Pay Plans
  • AMP-Administrative, Managerial, Professional
  • Exempt
  • SP- Support Personnel
  • Non-Exempt
  • Probationary Period
  • Faculty
  • Temporary

8
Attendance Leave
  • Annual Leave
  • Must be approved in advance by the supervisor,
    unless the leave is used for medical absences or
    emergencies, which the supervisor may require the
    employee to document
  • Sick Leave
  • Sick Leave is authorized for the following
    purposes
  • The employees personal illness, injury, exposure
    to a contagious disease a disability where the
    employee is unable to perform assigned duties or
    appointments with health care providers
  • The illness, injury, or appointments with health
    care providers, of member of the employees
    immediate family
  • Death of an employees immediate family member
    following the use of Bereavement Leave. 
    Immediate family is defined as spouse, child,
    parent, grandparent, grandchild, or sibling of
    the employee or employees spouse 
  • Employees are required to notify their supervisor
    of any absence for illness, injury, or exposure
    to a contagious disease at the start of the
    normal workday. All other absences must be
    approved in advance

9
Attendance Leave
  • Extended Medical Leave
  • Universitys Policy
  • Offers employees with one or more years of
    continuous service to take an extended medical
    leave for up to six months with the appropriate
    medical documentation
  • FMLA
  • 12 weeks paid or unpaid leave
  • Have at least 12 months of service
  • Have worked at least 1250 hours in past 12 months
  • Leave Entitlement
  • Birth, adoption, or foster care placement of a
    child
  • Care for an immediate family member
  • Serious health condition
  • Military Caregiver Leave
  • Qualifying Exigency Leave
  • Employees with less than one year of service may
    take up to the amount of accrued leave they have,
    with the proper documentation
  • FMLA Rights and Responsibilities are located at
    www.fau.edu/policies/files/7.5_Personnel
    _Policies.pdf
  • Certification of Health Care Provider Form

10
Domestic Violence Leave
  • In keeping with the provisions of Florida
    Law, s. 741.313, employees are entitled to take
    up to three working days of leave within a 12
    month period to deal with issues relating to
    domestic violence suffered by the employee or a
    family or household member
  • Eligible Employees
  • Employed by FAU for more than three months
  • Leave may be taken to
  • Obtain an injunction for protection against
    domestic violence
  • Obtain medical or mental health care related to
    the domestic violence
  • Seek services from a victims services
    organization
  • Seek legal assistance or prepare for court
    proceedings
  • Secure existing housing or obtain new housing for
    safety reasons
  • Domestic Violence leave is unpaid, however,
    employees may use accrued leave. FAU may require
    written documentation from a treating facility or
    court verifying the purpose of the leave. All
    documentation will be kept in a confidential file

11
Employee Relations Online Documents
  • FAU Personnel Regulations
  • www.fau.edu/regulations/chapter5
  • FAU Personnel Policies
  • www.fau.edu/policies/index.php
  • Statement of Stewardship
  • www.fau.edu/hr/files/Stewardship_Document.docx
  • Each employee has the responsibility to read and
    understand the contents

12
Report of Outside Business or Professional
Activity for FAU Employees Agreement
  • All employees are required to report outside
    business activities, professional activities,
    conflicts of interest, or conflicts of commitment
  • Employees are required to update reporting of any
    such activities, annually, commencing each new
    Fiscal Year
  • http//www.fau.edu/hr/files/OutsideBusiness.pdf

13
Employee Relations
  • Employee Relations Web Page http//wise.fau.edu/hr
    /EmpRelations
  • New Employee Tool Kit
  • Performance Management
  • Performance Appraisals
  • Attendance Leave
  • Disciplinary Process

14
Performance Management
  • Partnership between supervisor and employees
    working together to accomplish goals of the
    Department and University
  • Establish Goals and Expectations
  • Communication
  • Feedback
  • Coaching Support
  • Performance Evaluation
  • Culminating in a Performance Appraisal

15
SP Performance Appraisals
  • Probationary Appraisal
  • Due at the end of the employees 6 month
    probationary period. Can be extended beyond the
    end date up to a period of 6 months however the
    probationary period may not exceed 1 year
  • Law Enforcement
  • Positions have a 1 year probationary period
  • Annual Appraisal
  • Due once per year and based on the day the
    employee started in their current classification

16
SP Performance Appraisals
  • Standards of the position
  • Set by the Supervisor, not the University
  • Standards should be clearly communicated to each
    employee by the supervisor

17
SP Performance Appraisals
  • Critical Elements 5 tasks that the supervisor
    deems most important to the overall job
    performance during the appraisal period
  • Performance Factors Describes how the employee
    accomplishes work responsibilities and handles
    assigned job tasks
  • Career Development Designated area for the
    supervisor to establish goals for the employee
  • Employee Remarks Area at the end of each
    appraisal for employee to provide comments

18
AMP Performance Appraisals
  • Due each year on employees anniversary date
  • Each appraisal shall be completed in narrative
    form by the supervisor
  • The employee submits a statement of special
    accomplishments, completed during appraisal
    period, to the supervisor

19
AMP Performance Appraisals
  • AMP Cover Sheet
  • Establishes an overall rating
  • Cover Sheet is attached to the employees
    narrative appraisal
  • Employees are welcome to supply an addendum to
    their appraisal

20
Performance Appraisals
  • All appraisals are submitted to the
  • Employee Relations in the Human Resources
    Dept. to be maintained permanently as part of the
    employees personnel file
  • An employee can view their file at any time, but
    an appointment should be made in advance with
    Employee Relations

21
Employee Relations
  • Robin Kabat, Associate Director561-297-3072kaba
    t_at_fau.edu
  • Nancy Vincenty, Broward HR Manager
  • 954-236-1245
  • nvincen6_at_fau.edu
  • Donna Newman, Employee Relations Manager
  • 561-297-2554
  • newmand_at_fau.edu
  • Janet Eagen, Human Resources Representative
  • 561-297-0319
  • jeagen_at_fau.edu
  • The Employee Relations Services Team
  • is Here for You!

22
WELCOME TO FLORIDA ATLANTIC UNIVERSITY
  • BENEFITS and RETIREMENT Orientation
  • (561) 297-3073-Benefits
  • (561) 297-2061-Retirement
  • Fax (561) 297-3915

23
EMPLOYEE BENEFITS Leave Time
  • Annual Leave
  • SP (Support Personnel)
  • Up to 5 years 4 hours bi-weekly
  • 5 to 10 years 5 hours bi-weekly
  • Over 10 years 6 hours bi-weekly
  • Can accrue to a maximum of 240 hours
  • Must have supervisors approval to use annual
    leave. (Approval obtained in advance, complete
    request form)
  • All hours over maximum will roll over to sick
    leave after December 31st.

24
EMPLOYEE BENEFITS Leave Time
  • Annual Leave
  • Faculty
  • 12 month 6.7 hours bi-weekly
  • Can accrue to a maximum of 352 hours
  • 9/10 month - No Annual Leave
  • AMP (Administrative, Managerial, Professional)
  • 6.7 hours bi-weekly
  • Can accrue to a maximum of 352 hours
  • All hours over maximum will roll over to sick
    leave after December 31st.

25
EMPLOYEE BENEFITS Leave Time
  • Sick Leave
  • Support Personnel, Faculty, and AMP
  • 4 hours bi-weekly (13 days a year)
  • Sick leave can be used for immediate family
  • Annual leave can be used if sick leave Hrs. has
    been depleted
  • Personal Leave
  • Support Personnel and AMP Only
  • Used during current fiscal year
  • Effective 30 days after hire date
  • Use in one increment (8 hrs.)
  • Must be used between July 1st
  • through June 30th
  • Use it or lose it

26
Sick Leave Pool
  • Full Time and Part Time employees are eligible
    upon invitation
  • Minimum one year of service
  • Minimum balance of 64 hours
  • Sick leave hours from the Pool shall be
    granted only for the employees serious or
    catastrophic personal illness or injury.
  • Employees donate 16 hours and can apply up
    to a maximum of 480 sick leave pool hours once
    personal leave has been exhausted.

27
Benefits Enrollment
  • Instant access to your benefits through an online
    secure website at https//peoplefirst.myflorida.co
    m
  • Need user ID and password
  • People First Service Call Center
  • (1-866-663-4735)
  • Plan information, Benefits Guide, cost
    estimators, links to insurance companies,
  • forms at
  • http//www.myflorida.com/mybenefits

28
Health Insurance
  • PPO
  • Florida Blue
  • (Blue Cross Blue Shield)
  • HMOs
  • AvMed
  • Coventry Health

29
Health Insurance
  • You have 60 days from your Hire Date to select
    your benefits,
  • Enroll ONLINE after you receive your Enrollment
    Kit in mail from People First,
  • Effective First of the Month following
    enrollment. Prepayment allowed for Medical only,
  • Effective First of Month after deductions have
    been taken for all other plans.

30
Insurance Cost per paycheck
  • Biweekly Premium
  • Individual coverage
  • 25.00
  • Family Coverage
  • 90.00
  • Cost will be different for part-time
  • employees (see Benefits Calculator)
  • Office Visit
  • 15 PPO Physician
  • 20.00 HMO
  • 25 PPO Specialist
  • 40 HMO Specialist
  • 25 Urgent-Care Center
  • 250 Hospital stay
  • MEDCO Prescriptions
  • 30 day supply costs
  • Generic
  • 7
  • Preferred / Brand
  • 30
  • Non-Preferred
  • 50
  • 90- day supply through
  • Mail order (mandatory in PPO)
  • Generic
  • 14
  • Preferred Brand Name
  • 60
  • Non-Preferred Brand
  • 100

31
  • HMOs
  • Exclusive network in the area that you live or
    work
  • AvMed Coventry Healthcare have providers in
    Dade / Broward / Palm Beach County / St Lucie
    Counties
  • Martin County/Indian River AvMed only HMO
  • No approval is needed for specialist
  • No deductible
  • No claims to file
  • Mail Order Rx through Medco
  • Emergency Room
  • 100 copay, waived if admitted

32
PPO- Florida Blue ( Blue Cross/Blue Shield of FL)
  • Nationwide/World wide coverage
  • (network providers can be located from online
    directory nationally)
  • No referral is needed to see a specialist
  • Co-insurance (based on percentage of charges)
  • Calendar year deductible
  • MEDCO Prescriptions
  • Rx through Mail Order
  • Hospital stay- 250 per admission
  • Emergency Room Copay
  • 100, waived if admitted

33
PPO network Non-network
  • Deductible
  • 750/person
  • 1500/family
  • Network allowed amount 60
  • Hospital Stay 500
  • Ambulance 100 with no deductible
  • Deductible 250/person
  • 500/family
  • Network allowed amount 80
  • Hospital Stay 250
  • Ambulance 100 with no deductible
  • PPO Calendar Year out-ofpocket maximum
  • 2,500/person 5,000/family
  • After your out-of pocket costs reach the
    maximums, PPO pays 100 for covered care in most
    cases, up to allowable costs.
  • HMOs Out-of pocket 1,500/3,000
  • All Plans No lifetime maximums as of Jan. 2011

34
The FAU Boca Campus Pharmacy accepts Medco for
AvMed HMO and Florida Blue PPO subscribers. FAU
Pharmacy also carries a wide variety of
over-the-counter products including cough and
cold medication, pain relievers, hygiene
products, bath and beauty aids, etc. (Boca Campus
Only)
35
Health Investor High Deductible Health Plans
(HIHP)
  • The Health Investor High Deductible Health Plans
    offers a reduced premium.
  • All covered benefits must apply to the Plan
    Deductible, including prescriptions.
  • Offered only if you have no other health
    coverage.
  • In addition to the higher deductibles, employees
    will pay co-insurance vs. set dollar co-payments.
  • Higher out of pocket maximums.

36
(No Transcript)
37
  • 1. pay for expenses while meeting deductible
  • 2. Pay coinsurance (based on percentage)
  • 3. pay for other healthcare like dental and
    vision not covered by FSA or other plans..
  • 4. save for future healthcare costs

38
Limited Purpose Medical Reimbursement Account (to
be used ONLY with HSA)
  • You can use the LPMRA to cover dental, vision and
    over-the-counter medication costs, IF considered
    tax deductible by the IRS, but not paid by any
    health plan.
  • Dental and vision expenses
  • Orthodontia not covered by dental plan
  • Over-the-counter medications
  • You can set aside 60 to 2,500 in an account
  • Not Medical expenses

39
Flexible Spending Accounts program
  • FSA allows you to set aside a portion of your
    income to pay pretax for
  • health and dependent care expenses not covered by
    your insurance.
  • Deduction amounts are taken from gross pay
    before FICA and Social Security taxes are
    calculated which creates at least a 20 savings.
  • Medical Reimbursement Account
  • Minimum amount 60
  • Maximum amount 2500 in 2013
  • myMRA Debit Card
  • Dependent Care Reimbursement Account
  • Minimum amount 60 per year
  • Maximum amount 2500-5000 in 2013 (depends on
    tax filing status )
  • If you elect 2400 for the calendar year 100
    would be deducted bi-weekly over 24 pay periods
    for 12 month employees and 150 over 16 pay
    periods for 9 month employees
  • Reimbursements are processed within 7 days
  • Some myMRA expenses require documentation
  • Deadline for filing is April 15 of the following
    Year
  • You must incurr expense to use money by next
    March 15th (grace period) or it will be forfeited.

40
Eligible Health Care Expenses
  • Immunizations
  • Guide dogs
  • Stop Smoking RX
  • Vaccines
  • Medical supplies
  • Weight loss programs
  • Wheel Chairs
  • See IRS Pub 502 for
  • complete list.
  • Co-insurance
  • Experimental treatment
  • Contact lenses
  • In-vitro fertilization
  • Deductibles
  • Dental copayments
  • Vision expenses
  • Hearing aids
  • Insulin supplies

41
Eligible Dependent Care Expenses
  • Day care services
  • In-home care
  • Nursery school
  • Preschool and afterschool care
  • Summer day camps
  • Baby-sitting fees
  • Elder care services
  • Can only be used if NOT filing
  • Dependent Care Tax Credit
  • on tax return

42
What Should I Know About My Options ?
43
Health Insurance
  • Under PPO pre-existing conditions in past 6
    months are not covered for 12 months - if over
    age 19.
  • Request Waiver by submitting
  • Certificate of Creditable Coverage or
    Portability if coverage ended within 63 days.
  • All pre-existing conditions are covered under
    both HMOs

44
Wellness Benefits
  • Employees and dependents are covered at 100 for
    preventative care benefits under the PPO and HMO
    plans.
  • Physical exams and screenings including lab work,
    and health assessments
  • Fitness Club discounts (see listings)
  • Smoking Cessation program discounts
  • Weight management program discounts up to 50
    and Nutritional Counseling tools
  • Prenatal Programs
  • Massage and Acupuncture discounts
  • Routine eye and hearing tests
  • PSA test for males 50 and over
  • Annual routine GYN exams for Ladies
  • Other preventative benefits are listed in the
    Benefits Guide

45
Health Insurance
  • All dependents covered though the end of the
    calendar year in which the child turns 26 are
    eligible for coverage.
  • New separate rider available to cover dependents
    age 27-30 must meet criteria additional premium
    (559.80/month), pre or post tax payroll
    deduction.
  • Important Note
  • Copies of birth /or marriage certificates are
    needed for ALL dependents and should be faxed
    directly to PeopleFirst within 60 days of
    enrollments or coverage suspended.

46

Health Insurance
  • Spouse Program When both spouses are full time
    active State Employees, each spouse pays only 15
    per month for health insurance for full family
    coverage (30/month total)
  • Employees may not change their benefits elections
    during the course of a plan year unless they
    experience a Qualifying Status Change (QSC)
    event.
  • Examples marriage or divorce / death of a spouse
    or dependent / birth, adoption, or legal
    guardianship / change in employment status from
    part time to full-time or vice-versa, change in
    spouses employment status.

47
Benefits Enrollment
  • New Hires should enroll ONLINE after you receive
    your enrollment kit
  • if unable to enroll online, enrollment forms can
    be
  • faxed to People First or sent to
  • Benefits Department
  • Admin Bldg, 107 Boca Campus
  • print copy of your Confirmation of Benefits for
    HR
  • if prepaying and attach with check.
  • To Prepay for first month Medical Insurance
    make checks payable to
  • Florida Atlantic University
  • Please include your requested effective date
    (month and year) and Z number on the check.

48
Life Insurance
  • Basic Life Insurance coverage is FREE to full
    time employees 25,000 Policy includes ADD and
    Accelerated Death Benefit. Effective date of
    hire. Part Time may elect at a cost.
  • Optional Life Insurance Employees may add
    additional term life insurance by selecting 1 to
    7 times their annual salary (post tax) policy is
    portable and guarantee issue.
  • See the HR/Benefits Calculator for
    rates.
  • Basic and Optional Term Life insurances
    will end when you terminate employment
    policy conversion available within 31 days of
    termination.

49
D e n t a l I n s u r a n c e
  • United Dental
  • Cigna DHMO
  • Assurant
  • Ameritus Dental
  • Humana (CompBenefits) DHMO
  • Humana (CompBenefits) PPO
  • Premiums are listed on the enrollment form
  • Cost will depend on the coverage selected
  • Four tiers of coverage available

50
D e n t a l I n s u r a n c e
  • Prepaid (DHMO)
  • Each member registers with a dentist from a list
    of providers
  • Some no charge benefits available
  • No claims to file
  • No deductibles
  • Expenses for preventative and restorative care
    vary by Provider
  • Some plans may also include vision discounts

51
D e n t a l I n s u r a n c e
  • Indemnity / DPPO
  • May select any dentist
  • More out of pocket expense
  • Coinsurance, deductibles and maximum annual
    benefits
  • Coverage and cost vary by Provider
  • Employees will pay out of pocket for services and
    then submit a claim form for reimbursement

52
Supplemental Insurance
  • Plans pay you cash for out of pocket expenses
  • AFLAC cancer, hospital intensive care insurance
  • Capital Insurance hospital insurance and vision
    discount program
  • Colonial income replacement for accident and
  • cancer insurance fixed rates
  • ALTA Cigna Hospitalization plans
  • Must complete Peoplefirst enrollment AND
    Company application
  • Gabor Agency - Long Term Care, Whole or Universal
    Life Insurance (including spouse or dependents),
    and
  • Long Term Disability coverage
  • (30 or 90 day waiting period)
  • Detail information about each plan is provided
    through brochures.

53
Vision Plan
  • Through HumanaVision VCP
  • Choice of 2 Vision Care options (Cost on Enroll
    Form)
  • Comprehensive Exam Plus
  • Materials Plan,
  • Materials Only Plan
  • See Benefits Guide for details or go to
  • HumanaVisionCare.com/custom/FL/

54
PREFERRED LEGAL PLAN
  • Biweekly Cost 4.98
  • Unlimited free legal advice via phone
  • Free review of legal documents
  • Free face-to-face consultation with attorneys
  • Free letters and phone calls made
  • on your behalf
  • Free Identity Theft help restoration
  • Free credit report analysis and repair
  • Free Simple Wills for member spouse
  • Free notary services
  • 40 - 70 reduced off legal fees and services
  • Access 24 hr/day, 7 day/week

55
Credit Unions
  • Open accounts anytime online.
  • Competitive rates on home, personal and auto
    loans.

56
  • EAP Employee Assistance Program
  • Investing in your career with completely
    confidential counseling, through Aetna Resources
    for Living
  • 3 free sessions per issue with a private
    licensed therapist for guidance on
  • Financial Issues Legal issues
  • Relationships Stress or Anxiety
  • Grief Issues Depression
  • Child Elder Care Alcohol/Drug Abuse
  • Family challenges Special Discounts
  • Life Improvement Purchase Pet Insurance
  • Call 800-865-3200
  • www.horizoncarelink.com
  • Login ID Florida Atlantic University, Password
    EAP

57
Education Benefits
  • Employee Educational
  • Scholarship Program (EESP)
  • To Qualify
  • Full time employee
  • May enroll after 6 months of employment
  • Undergraduate - C grade or better
  • Graduate - B grade
  • Degree or non Degree seeking
  • Employees are allowed to take up to
  • 6 credit hours per semester Tuition FREE.
  • Some fees still apply.
  • Must be employed last day of class.
  • FAU Bookstores sell text and reference books,
    school supplies, convenience foods, drinks,
    clothing, FAU merchandise on all campuses. Online
    ordering options are available.

58
WEBSITE
  • Log on to
  • http//www.fau.edu/HR/Benefits/index.php
  • Review Benefits Guide use our Benefits
    Calculator
  • Print all forms needed for enrollment or changes
  • Have direct links to all insurance websites and
    provider companys telephone numbers
  • Receive FAU discounts on Tri-Rail, Wireless
    plans, Universal Studios, Busch Gardens, Walt
    Disney World and other discount websites
  • View Employee Handbook and commonly asked policy
    questions
  • Review criteria, procedures and print Employee
    Educational Scholarship Program Form

59
RETIREMENT
60
Florida Retirement System
  • State sponsored retirement plan
  • Choose from
  • Pension Plan
  • Investment Plan
  • Mandatory 3
  • pretax contribution
  • Eligible Employees
  • All Faculty
  • AMP employees
  • SP employees
  • SP employees are automatically enrolled in the
    FRS when employed by the University.

61
Florida Retirement System
  • FRS Pension Plan
  • Hired after July 1, 2011 Must have 8 years of
    creditable services in order to be vested and
    receive retirement benefit. Mandatory 3
    Employee Contribution.
  • Normal retirement is considered to be age 65 with
    8 years of service or 33 years of service,
    regardless of age. For Special Risk members,
    normal retirement is considered to be age 60 with
    8 years of service or 30 years of service,
    regardless of age.
  • Retirement benefit is based on your earnings,
    length of service, and membership class.
    Cost-of-living increases suspended as of July
    1,2011.
  • Subsidy for Health insurance( 5 for every year
    worked)
  • Eligible for DROP (deferred retirement option
    program) DROP was implemented on July 1, 1998,
    that allows employees to retire without
    terminating employment for up to 5 years.
    Employees retirement benefits accumulate and earn
    interest compounded monthly at an effective
    guaranteed annual rate of 1.3.
  • DROP members are excluded from 3 mandatory
    contribution.

62
Florida Retirement System
  • FRS Investment Plan
  • Vesting is after 1 year of FRS creditable
    service, in order to receive the retirement
    benefit. Mandatory 3 Contribution.
  • FAU contributes 3.30 (effective July 1, 2012)
  • No age or service requirements for you to receive
    a benefit, once vested.
  • You should consult a tax specialist to get an
    explanation of the tax implications of early
    retirement.
  • Health Insurance Subsidy is available only after
    you attain eight years of FRS service credit and
    you reach normal retirement eligibility
  • Not eligible for DROP participation
  • If you're vested when you leave FRS-covered
    employment and go to work for a non-FRS employer,
    you can
  • Leave your account in the Investment Plan, where
    it will remain invested until you withdraw it
  • Roll your account over to an Individual
    Retirement Account (IRA) or to the plan of your
    new employer, if that plan accepts rollovers or
  • Have your account paid to you. You'll have to pay
    taxes on this amount in the year during which
    it's paid to you.
  • If withdrawal after termination, you forfeit
    service credit and
  • will not be able to join any of the State of
    Florida retirement
  • plans if reemployed.

63
ORP-Optional RetirementProgram
  • Only AMP and Faculty are eligible for ORP
  • The ORP is a defined contribution plan that
    provides full and immediate vesting of all
    contributions.
  • Mandatory 3 employee contribution.
  • FAU contributes 5.14 (effective July 1, 2012)
    and employees can match that amount after 3
    mandatory.
  • Maximum amounts employees can contribute for the
    year.
  • - 17,000 (Not including 3 mandatory)
  • - 22,500 if over age 50
  • 90 days to elect or employees are automatically
    defaulted into FRS pension Plan.
  • Faculty in the College of Medicine must enroll in
    the ORP.

64
Florida Retirement System
  • Second Election Option
  • You may have a one-time opportunity after you
    make your plan election, to switch from the
    Investment Plan to the Pension Plan, or from the
    Pension Plan to the Investment Plan.
  • You will have to "buy-into" cost to convert
    plans, which may be substantial.
  • For more information log on to www.myfrs.com. or
    call 866-446-9377

65
Tax Sheltered Accounts 403(b) Plan
  • TSA / 403(b) is a retirement savings plan which
    allows you to invest a chosen dollar amount as a
    pre- tax deduction.
  • Reduces your tax liability
  • Choice of approved Providers
  • Manage your investments.
  • Contribution amounts can be changed or stopped
    at any time.

66
ORP/403(b) Companies
  • Fidelity Investments
  • Jefferson National
  • ING
  • MetLife Resources
  • SYMETRA
  • T. Rowe Price Ins.
  • TIAA-CREF
  • VALIC

67
  • FRS Reemployment / Renewed
  • Membership Rules for Prior FRS Participants or
    Retirees
  • Investment Plan
  • Considered Retiree if terminated and received
    any benefits or took ANY distribution, regardless
    of age.
  • No re-employment at FRS agency for 6 months.
  • No renewed membership in FRS and no
    contributions.
  • Pension Plan
  • No reemployment for 6 months.
  • No renewed membership in FRS.
  • Request a refund of 3 mandatory- lose service
    credit.
  • Optional Retirement Program
  • Considered Retiree if terminated and take a
    distribution.
  • No re-employment at FRS agency for 6 months.
  • No renewed membership in FRS and no FAU
    contributions.

68
  • Refunds or Distributions of Mandatory Employee
    Contribution after leaving FAU
  • Participants must be terminated from all FRS
    employers for 3 calendar months to be eligible
    for a refund or distribution.
  • Taking a distribution of any employee
    contributions and/or employer contributions makes
    you a RETIREE under all plans. No renewed
    membership.
  • No reemployment for 6 calendar months after
    receiving distribution.

69
Free Resources MyFRS.com
  • New Hire Kit with video
  • Financial Guidance Planning Line 866-446-9377
  • Estimate Pension benefits, or
  • Access Investment Account
  • Personalized Counseling Assistance
  • Retiree Services
  • Access forms, brochures, newsletters at
    www.MyFrs.com

70
State of FLDeferred Compensation Plan
  • 457 Plan for Supplemental pretax retirement
    savings
  • Payroll deductions can be up to 100 compensation
  • Shelter up to IRS limits 17,000 or 22,500 in
    2012
  • 5 state approved vendors
  • - more fund options
  • Hardship provisions
  • No 10 penalty after termination.
  • Enroll online at www.Myfloridadeferredcomp.com

71
Human ResourcesBenefits Retirement
  • Florida Atlantic University
  • 777 Glades Road
  • Administration Bldg.
  • Boca Raton, FL 33431
  • Phone (561) 297-0242-Benefits
  • (561) 297-3073- EESP
  • (561) 297-2061-Retirement
  • (561) 297- 3071 Mgr. Benefits Retirement
  • Fax (561) 297-3915
  • Email Benefits_at_FAU.edu
  • www.fau.edu/humanreources/benefits