RETIREMENT PLANS – FRS & TAX-DEFERRED ANNUITIES
HCC employment enables participation in a variety of retirement programs, the state-run Florida Retirement System, CCORP and the supplemental tax-deferred annuity plans, 403b and 457b.
FLORIDA RETIREMENT SYSTEM (FRS)
All full-time and part-time regular faculty and staff are eligible for membership in the Florida Retirement System, with the exception of faculty adjuncts and student employees. A mandatory payroll deduction is collected from each eligible employee and submitted to FRS, along with a Florida state legislature-determined employer contribution.
For more information on the Florida Retirement System, please visit www.myfrs.com. Each newly eligible HCC employee is automatically enrolled in FRS and will receive a welcome kit, directly from FRS, within approximately 2 – 3 months of becoming eligible. This kit contains very important information for new FRS members and should be read carefully. A choice between the FRS pension and FRS investment plan format must be made within 5 months of becoming newly eligible. The default enrollment is into the FRS pension plan format, if you take no action within 5 months.
Community College Optional Retirement Plan
In lieu of the Florida Retirement System (FRS), full-time instructors and administrators have the option to participate in the Community College Optional Retirement Plan (CCORP). Eligible employees may withdraw from FRS and enroll in a tax-sheltered account program with one of the state approved CCORP companies (see the TSA 403b/457b Vendor list below). The college and the employee make the contribution to the participating CCORP vendor chosen by the employee. There is no vesting requirement. Election to this program is upon full-time employment or within ninety calendar days from beginning in a qualified position. More details on this option can be discussed with one of the CCORP-approved vendors on the list.
TAX-DEFERRED ANNUITY PLANS – 403b & 457b
Faculty and staff, including adjuncts, may elect to participate in the tax-deferred annuity plan options, which are available to personnel at their discretion and expense. The tax-deferred annuity plans are able to be selected from list of financial institutions, offering a variety of options to HCC employees.
For more information regarding HCC’s 403b and 457b options and how to begin participation in these plans, please visit the TSA Consulting Group’s website at www.tsacg.com. Please review the list of eligible financial institutions. You are encouraged to reach out, to as many of them as you wish, to find out if their retirement/financial planning philosophy and your retirement planning needs are a good fit. These plans are all administered, on behalf of HCC, by the TSA Consulting Group.
Once you have enrolled with your selected financial institution, complete and submit the appropriate 403b or 457b salary deferral form to the HCC Benefits department, to initiate your payroll deductions.
403b Salary Deferral Form
457b Salary Deferral Form
TSA 403b/457b Vendor List
TSA Process Memo
TSA 2014 HCC Annual Notice
403b Plan Document