Tallahassee State College

Retirement

Human Resources

In this section:

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

For our Adjunct employees, OPS, and part-time, we offer our FICA alternative retirement plan with BENCOR, as well as the option to participate in 403b and 457 retirement plans.

Florida Retirement System

Tallahassee State College is a participating employer in the Florida Retirement System (FRS), mandating all eligible full-time employees to enroll.  As a requirement of your employment, you are automatically enrolled in FRS and are obligated to contribute 3% of your gross salary. The FRS offers two primary retirement plans: the Pension Plan, a traditional defined benefit plan, and the Investment Plan, a defined contribution plan. The Pension Plan provides a predetermined monthly benefit in retirement, based on salary and service years, while the Investment Plan allows for more personal control over investments, with benefits dependent on the performance of those investments.

Understanding these options is crucial for making informed decisions about your retirement planning.

 

For more information on FRS, please visit www.myfrs.com.

State Community College System Optional Retirement Program (SCCSORP)

Faculty, Directors, and above are eligible to join the State Community College System Optional Retirement Program (SCCSORP). 

  • The College and the employee make contributions to the participating SCCSORP 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.
  • SCCSORP enrollment is complete when a contract has been issued by a SCCSORP 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 SCCSORP.
  • Participants who enroll in the SCCSORP are immediately vested in both the employee and employer contributions.
  • Contributions are self-directed and funds are portable should you separate from the College.

SCCSORP Enrollment

Please contact us at [email protected]. A participant is required to establish a contract with one of the annuity providers listed on the TSA Consulting Groups website and complete the OCC-1 SCCSORP Enrollment Form.  Form must be completed and returned to HR.

BENCOR

Tallahassee State College requires our part-time, adjunct, and OPS employees to participate in a FICA Alternative Plan, as well as the Bencor Special Pay plan for employees entering retirement to defer income taxes on eligible plan contributions.

FICA Alternative Plan

Part-time, adjunct and OPS employees deposit money into a private retirement plan, instead of Social Security. Thus, these employees are not covered by Social Security. Under the 401(a) FICA Alternative Plan, employees contribute 7.5% of their compensation to an account in their name. Any benefits earned under any other retirement plan (as well as social security benefits) will not be reduced by participating in this plan. If an employee leaves a position covered by this plan for any reason before retirement, s/he can withdraw the balance of the account, or continue to save the funds for retirement.

All part -time, adjunct and OPS employees are automatically enrolled in this plan. There is no minimum age or service requirement.

Special Pay Plan

The Bencor Special Pay Plan is offered by Bencor, Inc. to help employees save up to 7.65% of Social Security Medicare taxes and to defer income taxes on eligible plan contributions.

Employees covered under this plan, who are separating employment, retiring or entering DROP and have accumulated at leave time "special pay" (sick leave pay, annual leave-vacation pay, incentive pay, etc.) will participate in this plan.

Accumulated "special pay" will be placed into the Bencor Special Pay Plan subject to contribution limits.

Tax Sheltered Annuity Retirement Plans

Tallahassee State College offers employees the option to participate in Tax Sheltered Annuity Retirement plans, i.e, 403(b), 457, ORP and Roth 403(b) Retirement Savings Accounts.

Omni & TSAG Compliance Services is our third party administrator for our 403(b) and 457 voluntary retirement plans. 403(b) and 457 plans serve to supplement employer sponsored pension plans. Contributions to these plans are taken via a pre-tax payroll deduction.

Please click the link below for Omni & TSAG Compliance Services and a list of providers specifically associated with TSC and their employees. OMNI & TSAG Compliance Services.  Here you can find a wealth of information relating to the available retirement plans, plan documentation, approved providers list, and the forms necessary to complete actions such as distributions or hardship withdrawals.  Any requests for distributions, hardships or rollovers must be requested through Omni & TSAG.  As our third party administrator, they sign and process all requests.  You can access their online portal at the link above, and click "Online Distribution System".