The end of DROP

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The end of DROP
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)
• 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
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Medicare Basics
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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 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 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)
• Payroll Services - x72751

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Sick Leave SettlementAdministrators

• 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 - (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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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 (cont.)

• 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
• [phone]
• Website www.myflorida.com/frs and clicking on
  Online Services.