Insurance

Retirement

INSURANCE

Is enrollment automatic?
No. Employees must enroll in insurance within 60 days from the date of hire. If employees miss the 60-day enrollment period, changes can be made during the annual Open Enrollment period (held during the fall). Any changes made during Open Enrollment will go into effect January 1st of the next year.

Where can I find insurance brochures?
Brochures can be viewed from the People First website, https://peoplefirst.myflorida.com or by visiting the HR website, http://hr.ucf.edu/web/forms/benefits/Guides_and_Brochures_2006.pdf, under Guides and Brochures.

How long can I keep my children as dependents on my insurance?
Children may remain on the insurance plan without having to provide proof of dependency until age 19. From ages 19 to 25, proof is required each semester that the child is in school or living at home and is financially dependent on the employee. The child may stay on the insurance coverage through December 31st of the year of their 25th birthday. A dependent's coverage will be suspended for not providing proper documentation.

What is the difference between the Health Maintenance Organizations (HMO's)?
The premiums and co-payments are the same. Doctors accepting a specific plan may vary from plan to plan.

Does family coverage under health insurance cost the same with only one dependent?
Yes. Regardless of the number of dependents, the cost of family coverage is the same.

After enrollment, do I receive membership cards?
Yes. The insurance company mails cards after the effective date of coverage to the employee's home address as it appears on the employee's W-4 card.

If I did not receive or lost my insurance card(s), what do I do?
Contact the insurance company to request a new card and verify your mailing address on file.

If I did not enroll in health insurance when I was hired, can I change my mind later?
Employees have 60 days from the date of hire to enroll. After that time period, employees may only enroll during the annual open enrollment unless they experience a qualifying status change.

What happens to my premium rates if I go from full-time to part-time employment?
The premiums are based on an employee's percentage of full-time employment (FTE). Changes in FTE status will result in either an increase or decrease in an employee's premium amounts. If you experience a change in employment status, contact the Benefits Section of Human Resources.

When should I add my unborn baby to my health insurance coverage?
The People First Service Center urges employees anticipating the birth of a child to change to family coverage approximately 2-3 months prior to the birth of the child. If individual coverage is in effect at the time of the baby's birth, you will have 60 days from the birth of the child to enroll in family coverage. The effective date of coverage will be retroactive to the beginning of the month in which the child is born and premiums will be due accordingly.

What happens to my insurance coverage if I decide to go on a leave of absence without pay?
If you do not receive a paycheck, premiums for insurance coverage must be paid by personal check or money order. Please contact the Leave of Absence/Worker’s Compensation Coordinator for more details, 407-823-3730.

Can I keep my health insurance coverage after I terminate from the University?
Yes. COBRA federal law allows you to continue health, dental and vision coverage for up to 18 months following termination. Covered dependent(s) may continue coverage up to 36 months. Under certain circumstances, you and your dependents may continue coverage for longer periods. To continue any other supplemental coverage, contact the company within 31 days from your termination date to complete the appropriate forms. The People First Service Center administers COBRA for all state agencies and universities.

How do I see my Primary Care Physician (PCP) before I get my I.D. card?
Contact the insurance company for your group number and identification number.

How do I get prescriptions filled before I receive my I.D. card?
Contact the insurance company for your group number and identification number.

I called my health/dental/vision/etc. company and they are stating that I do not have coverage- what do I need to do?
Please review your paycheck to ensure premiums have been deducted for the coverage. If not, please contact the UCF Benefits Section at 407-823-3775 for assistance. If your paycheck is in order, please contact People First at 1-866-663-4735 and speak with a benefits representative. The representative will review your file and provide assistance accordingly.


RETIREMENT

What plan am I eligible to participate in?
USPS employees are eligible to participate in the Florida Retirement System's Pension or Investment Plan. A&P and Faculty are eligible to participate in the Florida Retirement System's Pension or Investment Plan or the Optional Retirement Program.

What is normal retirement age for the Florida Retirement System?
Age 62 or 30 years of service

What is normal retirement age for the Optional Retirement Program?
There is no age or length of service requirement to begin receiving retirement payments. However, penalties may be assessed if retirement occurs before age 59½.

Is there a maximum I can contribute to my tax-sheltered annuity?
The contribution limit for 2007 is $15,500 for employees under age 50 and $20,500 for those over age 50 unless the employee is eligible for any “catch up” provisions.

Employees may contribute up to the limits in both a tax sheltered annuity (403b) account and a deferred compensation (457) account. Employees should discuss eligibility and contribution options with their annuity company representative.

Can I change from one retirement plan to another?
FRS Investment Plan participants have a one time 2nd opportunity to transfer back to the FRS Pension Plan. Keep in mind that this transfer may cost money that the employee is responsible for paying. ORP participants may not change retirement plans as long as they continue to fill an ORP eligible position. Pension Plan participants have a one time 2nd opportunity to transfer to the PEORP. In addition, if a USPS Pension Plan participant is hired in a new ORP eligible position, they will have 90 days to elect the ORP or remain the Pension Plan.

What is the Deferred Retirement Option Program (DROP) and what are the criteria to participate in the plan?
DROP is an option available to employees enrolled in the defined benefit plan. It allows employees who meet normal retirement (age 62 and vested, or 30 years of service at any age; or age 55 and vested or 25 years of Special Risk service for law enforcement officers) to retire and begin accumulating the monthly retirement benefits without terminating employment for up to 60 months. The monthly retirement pension remains in a holding account earning 6.5% interest compounded annually and 3% annual cost of living increases, while the employee continues to work (but does not earn additional service credit for retirement). To be eligible for DROP, employees must be vested (six years of credible service) and eligible for normal retirement (based on years of service or age as required by their retirement class) as a member of the FRS Pension Plan.

Upon Retirement, what benefits am I eligible to continue? Retirees will be eligible to continue their state-sponsored health insurance and state-sponsored group life insurance, if covered at the time of retirement. Premiums for both plans, if continued, are eligible to be deducted from the State of Florida's monthly pension benefit. Employees enrolled in the Optional Retirement Program (ORP) who retire and begin receiving a benefit from their annuity at the time of separation are eligible to continue health and/or state-sponsored life insurance upon validation of retirement from the annuity company. ORP retirees will be placed on a direct pay schedule for monthly premiums. This also applies to employees whose State of Florida monthly pension benefit is less than the monthly premiums. Employees retiring will be responsible for full premiums. Employees should contact University Retirement for premium costs, coverage, and procedures to follow when retiring. Retirees are also eligible to keep their E-mail accounts through the University, keep their library borrowing privileges, and receive free parking.

What are the re-employment limitations after retirement?
After retiring under the Florida Retirement System (FRS), a retiree can work for any private employer, for any public employer not covered by the FRS/ORP, or for any employer in another state without affecting his or her FRS benefits. If a retiree is re-employed by a FRS-covered employer during the first year of retirement, the following limitations apply:

• A retiree who returns to work during the first month of retirement voids retirement.
• A retiree who returns to work during the 2nd through the 12th month after retirement will have pension benefits suspended for this period of time only. A retired faculty member may be reemployed as an adjunct with the university for up to 780 hours (1 full-time semester or 2 half-time semesters) during the 2nd through the 12th month after their effective date of retirement without having their pension benefits suspended.

Last modified: 10 January 2007
Human Resources Webmaster

Note: Most of the forms on this site are in PDF format, unless otherwise indicated, and require Adobe's Acrobat Reader, which you can obtain from the following link: