Brochures outlining eligibility requirements, benefits and costs in more detail than the following brief descriptions are available from the Insurance and Benefits Section, University Personnel Relations. Counseling services are also available by appointment.
This plan provides a method of paying for State Group Health; and Life Insurance premiums; on a pretax basis, before federal income tax and FICA (Social Security) tax are calculated. Enrollment in this phase of the Flexible Benefits Plan is automatic upon initial employment with the State and during each annual open enrollment period. Anyone not interested in participating in this plan must complete a waiver form available from the Insurance and Benefits Office.
An employee may also establish a Medical Reimbursement Account;and/or a Dependent Day Care Reimbursement Account to pay for eligible medical and day care expenses on a pretax basis. Applications for the reimbursement accounts are available upon request.
7.25 State of Florida Health Plans
The Group Health Self-Insurance Plan is a comprehensive health program which provides basic hospital/surgical protection. The maximum benefit payable for an insured individual while covered under the Plan is $500,000. Both Individual and Family coverage are available. Chiropractic coverage is optional.
Health Maintenance Organizations (HMOs); are a preventative maintenance program available on a prepaid direct-service basis as an alternative to traditional health insurance. The plans currently available provide members with physician services, hospital care, preventive services and health education. Individual and Family coverage are offered.
Premiums for State Health Programs are paid one month in advance. The first possible effective date of coverage is the first day of the month following the date of employment and/or application. The State pays a portion of the premiums regardless of plan participation for all employees (full and part-time) in salaried positions. If a husband and wife are both employed by the University or one by the University and the other by another State agency, both plans are offered at a reduced cost to the employee (Spouse Program).
Contact the Personnel Relations Department, Insurance and Benefits Section, for additional information or recent changes in employment or marital status.
7.26 State of Florida Group Term Life Insurance
This is term life insurance with a corresponding amount of Accidental Death and Dismemberment insurance. The amount of coverage is determined by multiplying annual salary by an appropriate age factor. The State pays two-thirds of the cost of the insurance for full-time employees. Part-time employees pay slightly higher rates depending on the percent of time on the payroll.
7.27 State of Florida Retirement Plans
All salaried employees of the University are required to participate in a retirement plan provided by the State of Florida.
The Florida Retirement System (FRS) is a defined benefit pension plan. Retirement benefits are computed based on total years of service, value of each year of service, average final compensation (best five years) and age. A minimum of ten (10) years service with the State of Florida is required to have vested rights in the FRS. Normal retirement benefits are paid at age sixty-two (62) and credit for ten (10) or more years of service, or any age and thirty (30) years service. Survivor benefits and disability benefits are included in this plan. The total cost of retirement is paid in full by the State for members of the FRS.
The Optional Retirement Program (ORP) is a defined contribution pension plan. Each payroll period, the State, through the University, automatically contributes an amount equal to the amount required to pay the cost of benefits earned by participants in the FRS (currently 11%) to an individual retirement account. Employees select their account from a variety of annuity products offered by five (5) different insurance companies that have been selected to participate in the ORP.
If employment in the State University System ceases prior to retirement, the account remains fully "vested", that is, the right to the contributions made to the account belongs to the employee. No disability benefits are provided by the ORP. In the event of death before retirement, the beneficiary is entitled to full value of the annuity contract. Full-time Faculty and certain A & P employees are eligible for the ORP.
U.S. Social Security coverage applies under both retirement plans.
State University System Long-Term Disability Plan. Coverage is provided beginning with the 91st day. An employee is eligible to receive two-thirds of their salary when totally disabled, even to age 65 (and for a period beyond if disabled after age 60). Benefits are also provided for a period of total disability that is less than a month. A 3% annual "cost of living" increase is provided on July 1 of each year of disability from the first year through the fifth.
Survivor benefits are also provided. If death occurs after benefits are paid for six consecutive months, this plan provides for an additional lump sum benefit to a beneficiary.
Other features include pension protection and rehabilitative benefits. Under the pension supplement benefit a retirement annuity is established if disability lasts six months or longer. A benefit may apply if alternative duties are performed in place of duties and responsibilities assigned prior to the disability.
Participation in this plan reduces benefits for other insurance, sick pay, worker's compensation or retirement benefits.
Term Life Insurance. This plan is available to full-time employees in amounts not to exceed 300% of annual salary. Up to $20,000 may be continued after retirement.
Permanent Life Insurance. Guaranteed permanent life insurance with guaranteed life rates that may never be terminated except for non-payment of premium is available with individual policies issued at rates that are less than typically charged for similar insurance. Amounts are available from $2500 to $75,000, depending upon the applicant's present age and earnings.
Accidental Death and Dismemberment Insurance. To help cover loss of potential income because of accidental death or because of loss of limb or eyesight, this insurance provides protection both on and off the job, 24 hours a day, in amounts from a minimum of $20,000 to a maximum of $250,000. Coverage is extended to air travel.
Hospital Income Insurance. This insurance provides a daily income benefit (currently $80) while an employee is hospitalized. Single, Employee and 1 Dependent, and Family coverage are available. The maximum benefit period is 100 days ($8000) for each sickness or injury.
Automobile/Homeowners Insurance. Automobile, homeowners, boat and excess umbrella insurance programs are available to salaried employees through payroll deduction. Premiums for all faculty are deducted sixteen (16) times each year. All other employees have twenty-four (24) deductions annually.
Dental Plan. All salaried employees are eligible to participate in the American Dental Plan with payroll deduction. This is not dental insurance, but rather a co- payment plan that provides reduced dental expenses to participating employees. Participants are entitled to certain free services and reduced rates for more extensive work. Employees must select one of the participating dentists and must also agree to remain on the Plan for at least one year from the effective date of coverage.
Premiums for all faculty are deducted sixteen (16) times each year. All other employees have twenty-four (24) deductions annually.
All salaried employees are eligible to participate in one of the tax shelter plans offered by approved carriers. Tax shelter programs for employees of non-profit tax-exempt organizations are possible under Section 403(b) and Section 457 of the Internal Revenue Service Code, and allow participants to take income out of peak earning years and set it aside to provide additional retirement income or to meet other financial objectives.