Retirement plans
All budgeted employees are automatically enrolled in the Florida Retirement System (FRS) Pension Plan, however you may choose to switch to the FRS Investment plan or the Optional Retirement Program (ORP), if eligible for ORP. St. Petersburg College pays the full contribution for FRS and ORP plans.
FRS Pension Plan
The FRS Pension Plan is a defined benefit plan, in which you are promised a benefit at retirement if you meet certain criteria. The amount of your future benefit is determined by a formula, based on your earnings, length of service, and membership class, and is adjusted by a 3% cost-of-living each July. Your benefit is pre-funded by contributions paid by your employer. The Florida Retirement System must ensure that sufficient funds are available when your benefits are due and bears the market risk and investment decisions. Employees will receive information at their home address from the retirement system concerning the FRS Pension Plan.
FRS Investment Plan
The FRS Investment Plan is a defined contribution plan. The FRS Investment Plan is funded by employer contributions that are based on your salary and your FRS membership class (Regular Class, Special Risk Class, etc.). The Investment Plan directs contributions to individual member accounts, and you allocate your contributions and account balance among various investment funds (participant contributions are not allowed). Employees will receive information at their home address from the retirement system concerning the FRS Investment Plan.
Community College Optional Retirement Program (CCORP)
Eligible employees (faculty and designated administrators) may elect to participate in the Community College Optional Retirement Program (ORP) in lieu of participation in the Florida Retirement System. The CCORP is a defined contribution pension plan. Each pay period, the College will contribute a percentage of your earnings to an annuity on your behalf.
403(b) Retirement Savings Plan
This tax-sheltered annuity, known as a "403(b)", is available from a variety of companies. Changes can be made at any time throughout the year.