Transcript Document 7248106

MIAMI DADE COLLEGE
The end of DROP…
The beginning of your new life!
5/22/2016
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TOPICS
 Continuation of MDC Benefits
 Medicare Benefits
 FRS - Health Insurance Subsidy (HIS)
 MDC Subsidy (IRHBS)
 Sick Leave and/or Vacation Settlement
 Distribution Options
 FRS DROP End Confirmation
 Reemployment after Retirement
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Continuation of MDC Benefits
Health – Cigna 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 - Canada Life Insurance
• Twice annual Base Salary (up to lowest $100)
• $0.76 per $1,000
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Continuation of MDC Benefits
 Family Protector – Jefferson Pilot
 Legal Services - ARAG Insurance
 Tuition Waiver - MDC
 Group Benefits Election Form
• No enrollment in group health plans allowed
once benefits are waived
 FRS Insurance Payroll Authorization Form
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Medicare Basics
Eligibility – Age 65
Medicare Part A – Hospitalization
• Hospital only – usually at no cost
• 40 Quarters of work required
Medicare Part B – Medical coverage
• It’s your choice to enroll
• Enrollment: within 6 months of age 65
• Premium: $78.20 per month deducted
from Social Security check. New rates
are effective every January 1st.
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Medicare Basics
For additional information, contact
the Social Security Administration at:
1-800-772-1213
or
look on the Web at
www.ssa.gov
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Florida Retirement System Health
Insurance Subsidy (HI$)
 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 Settlement
Faculty and Classified 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
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Sick Leave Settlement
Faculty 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 College’s
terminal leave payment program
(Bencor)
 Payroll Services - x72751
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Sick Leave Settlement
Administrators
 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
 Personal Leave
• 4-days (Included in Sick leave balance, they are not
additional days.)
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Accrued Leave
 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 - (con’t.)
 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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Tuition Waiver
 Matriculation, student services fees and
application fee.
 Courses selected must be prepaid
 At the completion of the term, individuals
may apply for refund through the Accounts
Receivable Dept. at Kendall Campus by
submitting:
• copy of their course transcript showing
the grade (s) received for the course (s).
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Tuition Waiver – (con’t.)
 The maximum number of credits that will be
reimbursed to the retirees and their
dependents are as follow:
• 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 one full calendar
month after retirement date
 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
 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 = 5 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 You DROP
 BENEFITS ARE PAID MONTHLY
• At the end of each month
• FRS mails check 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
 ELECTRONIC FUND TRANSFER
• EFT - Direct Deposit: 30 – 45 days
to set up in the FRS retired payroll
 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:
(850) 487-4856
 Website: www.myflorida.com/frs and
clicking on “Online Services”.
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