Retirement

Retirement Plans

TCC offers retirement plans that include the defined benefit Florida Retirement System (FRS) Pension plan and defined-contribution FRS Investment Plan. TCC also offers the Community College Optional Retirement Plan (CCORP), a defined contribution plan, to eligible Administrators and Faculty employees.

Florida Retirement System

Pension Plan

The State is responsible for the management this guaranteed monthly retirement benefit, using a formula based on salary, years of service, FRS membership class, and age. You are qualified after 8 years of creditable service.

  • FRS Deferred Retirement Option Plan (DROP)
    • FRS Pension Plan continued employment with FRS-covered employer for up to 60 months. Employee can exit any time before but cannot exceed 60-month participation, or will result in voided retirement and DROP funds revoked.

Investment Plan

You invest into your account based on your employer’s contributions, so your earnings depend on the risk you are willing to take and fees incurred by investment funds. You are qualified after one year of creditable service.

Community College Optional Retirement Plan (CCORP)

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 must withdraw from FRS and enroll in a tax-sheltered account program with one of the state approved CCORP companies.

  • The College and the employee make contributions to the participating CCORP vendor chosen by the employee:
    • Employee Contribution is 3%
    • Employer Contribution is 5.15%
  • Must enroll within 90 days from the date of their appointment or they will automatically be enrolled in the Florida Retirement System (FRS) Pension Plan.
  • CCORP enrollment is complete when a contract has been issued by a CCORP provider company; and when the proper State of Florida enrollment forms have been submitted to the Division of Retirement.
  • Participants must withdraw from the FRS in order to participate in the CCORP.
  • Participants who enroll in the CCORP are immediately vested in both the employee and employer contributions.
  • Contributions are self-directed and funds are portable should you separate from the College.
    CCORP Enrollment

Please contact us at hr@tcc.fl.edu. A participant is required to establish a contract with one of the annuity providers listed on the TSA Consulting Groups website and complete the Optional Retirement Program Enrollment Form (OCC-1). Form must be completed and returned to HR.

 

BENCOR

The BENCOR 401(a) FICA Alternative Plan is available to part-time adjunct faculty and OPS employees.

For more information, view the BENCOR Planning Guide and discover other available BENCOR Resources

TSA Consulting

403(b), 457(b), ORP and Roth 403(b) Retirement Savings Accounts

View list of Authorized Investment Providers.