Optional Retirement Program. A. An Optional Retirement Program is provided for employees who are employed for no less than one academic year in accordance with Florida Statutes and applicable rules of the Division of Retirement.
B. The parties agree to inform eligible employees regarding the existence of the Optional Retirement Program.
C. If the UFF is concerned with the performance of any aspect of the Optional Retirement Program, whether administered by the University or State agency, the UFF has a right to consult with the University regarding such concern. As a result of such consultation, the parties may agree to an approach to address the concern if it lies outside the University's statutory authority.
Optional Retirement Program. (ORP). The University will participate in the Optional Retirement Program (hereafter “ORP”) to the extent offered by the State of Florida in accordance with the provisions of State law. Eligibility criteria and terms for ORP participation are as follows:
(1) Faculty who are otherwise eligible for membership in the Florida Retirement System;
(2) Any Faculty Member whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the Faculty Member does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within ninety (90) Days, the Faculty Member will be enrolled as a member of the Florida Retirement System as directed by the Florida Legislature;
(3) No accrued service credit or vested retirement benefits will be lost if a Faculty Member participates in the Optional Retirement Program;
(4) Benefits under the Optional Retirement Program will be fully and immediately vested in the participating Faculty Member’s selected provider portfolio;
(5) The University will contribute to the Optional Retirement Program, on behalf of each Faculty Member participating in the program, an amount required by the Florida Legislature as the employer’s contribution to the Florida Retirement System, as well as an amount equal to the employer’s contribution to the Retiree Health Insurance Subsidy program on behalf of non-Optional Retirement Program participants (see Section 112.363(8), Florida Statutes) plus any employee contribution mandated by the Florida Legislature, less a reasonable and necessary amount, as determined by the Legislature, which will be provided to the Division of Retirement for administering the program; and
(6) A participating Faculty Member may contribute to the Optional Retirement Program, by salary reduction or deduction, a percentage amount of the Faculty Member’s gross compensation not to exceed the percentage amount contributed by the employer to the Optional Retirement Program, but in no case may such contribution exceed federal limitations. The parties agree to inform eligible Faculty regarding the existence and impact of the Optional Retirement Program upon their retirement benefits. If the UFF is concerned with the performance of any aspect of the Optional Retirement Program, whether administered by the Board or another State agency, the UFF has a right to consult with the University reg...
Optional Retirement Program. A. The State University System Optional Retirement Program is provided for employees who are employed for no less than one academic year in accordance with Florida Statutes and applicable rules of the Division of Retirement.
B. The parties agree to inform eligible employees regarding the existence of the Optional Retirement Program.
C. If the UFF-FGCU is concerned with the performance of any aspect of the Optional Retirement Program, the UFF-FGCU has a right to consult with the University regarding such concern. As a result of such consultation, the parties may agree to an approach to address the concern if it lies outside the University’s statutory authority.
Optional Retirement Program. LEAVE WITH AND WITHOUT PAY
A. The activation date of approved military leave should be the date that the employee is activated.
B. As a condition of membership in the Optional Retirement Program, no death benefit or right to file for a disability benefit from the State Retirement Agency is available.
C. While still on the payroll, institution contributions to the employee's ORP and State service credit shall continue.
D. No State service credit shall accrue, nor shall institution contributions be made, while the employee is on Leave Without Pay. Upon return to work, USM institution contributions shall resume.
Optional Retirement Program. Effective July 25, 1997, full-time bargaining unit members that are eligible may choose to participate in MPSERS or the ORP as regulated by state law. Less than full-time employees are not eligible to participate in the ORP and are automatically enrolled in MPSERS at hire.
Optional Retirement Program. (a) An optional Retirement Program is provided for employees who are employed for no less than one academic year including the following provisions:
(1) Faculty and A&P employees who are in the collective bargaining unit and otherwise eligible for membership in the Florida Retirement System;
(2) Any employee whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the employee does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within 90 days, the employee will be enrolled as a member of the Florida Retirement System;
(3) No accrued service creditor vested retirement benefits will be lost if an employee participates in the Optional Retirement Program;
Optional Retirement Program. (a) An optional Retirement Program is provided for faculty who are employed for no less than one academic year including the following provisions:
(1) Faculty and A&P employees who are in the collective bargaining unit and otherwise eligible for membership in the Florida Retirement System;
(2) Any faculty whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the faculty member does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within 90 days, the faculty member will be enrolled as a member of the Florida Retirement System;
(3) No accrued service creditor vested retirement benefits will be lost if a faculty member participates in the Optional Retirement Program;
Optional Retirement Program. An Optional Retirement Program is provided for faculty member who are employed for no less than one academic year including the following provisions:
Optional Retirement Program. Which will reduce my gross compensation by the amount specified by the State of Texas to provide retirement benefits; and apply said funds as payment for a retirement annuity contract selected by me and approved by the University of Houston System, in accordance with the terms of the Optional Retirement Program. The University of Houston System reserves the right to amend these amounts should future legislation make it necessary to do so. I acknowledge that the State’s contribution for the first full year (or fractional part thereof) of participation will be refunded to the state by the ORP carrier in the event I do not begin a second year of employment with the State of Texas in an ORP eligible position in accordance with the provisions of the Optional Retirement Statute. Name of Carrier: (ORP Program Only) Agent Name Telephone # (ORP Program Only) (ORP Program Only) Is Age Related or Retirement Date Catch-up provision being used? Yes No
Optional Retirement Program. Which will reduce my gross compensation by the amount specified by the State of Texas to provide retirement benefits; and apply said funds as payment for a retirement annuity contract selected by me and approved by the University of Houston System, in accordance with the terms of the Optional Retirement Program. The University of Houston System reserves the right to amend these amounts should future legislation make it necessary to do so. I acknowledge that the State’s contribution for the first full year (or fractional part thereof) of participation will be refunded to the state by the ORP carrier in the event I do not begin a second year of employment with the State of Texas in an ORP eligible position in accordance with the provisions of the Optional Retirement Statute. ❑ Tax Deferred Annuity Program – Which will reduce my gross compensation by the amount shown below and apply said sum toward the purchase in my name of a retirement annuity contract. Name of Carrier: Agent Name Telephone # ❑Initial Authorization ❑ Amended Authorization ❑Termination of Salary Agreement ❑Carrier Change Reduction Amount: Monthly: or Bi-Weekly: Is Age Related or Retirement Date Catch-up provision being used? ❑Yes ❑No Is 402(g) Service Date Catch-up provision being used? ❑Yes ❑No
