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Florida Community Colleges

The opportunity to seek higher education is one that is available to everyone regardless of background, color, creed or income. For many people, the option of attending a four-year university may not be available for a multitude of reasons, but this should not stymie their opportunity to work hard to acquire an education that will afford them a better life for themselves and their families. This makes the work that employees of our great community colleges perform all the more paramount.

If you are an employee of a community college, the dedicated work that you put into helping your school be a prime option for those seeking opportunity and a great education should be equally matched by benefits that will keep you secure under any circumstance. This is what we can provide to you, the great employees of our fantastic community colleges.

Let's Take This Into Account

As an employee of both a state college and the State of Florida, you are offered a comprehensive list of employee benefits. For over 60 years, The Gabor Agency has assisted employees of state universities in understanding and choosing the benefit options that are right for each individual's situation. Our representatives visit the campus daily and are available to meet with you personally to discuss your investment and benefit options.

How We Can Provide Everyday Guidance

1. Voluntary Benefits

Life Insurance**

Various forms of life insurance are available through payroll deduction such as Universal Life and Level Term Life Insurance. Gabor representatives are trained as professionals to evaluate the needs and recommend the most cost effective choice of coverage for each individual's situation. Many of these plans are offered on a simplified issue basis to new employees or during periodic open enrollments. An employee may purchase any of these plans at any time by providing evidence of insurability.

2. State Retirement Options

Optional Retirement Program

The ORP offers full and immediate vesting of all tax-deferred contributions submitted to the state approved participating companies on behalf of the participant. The ORP is an employer sponsored retirement savings plan available to eligible employees through payroll deduction.

The Gabor Agency offers variable annuity products through participating companies in the ORP Program, allowing you to control your investment portfolio. Due to changes made to the State Retirement System by the Florida Legislature, effective July 1, 2012, the employing college or university contributes 5.14% of the employee's bi-weekly gross salary on behalf of the employee. The employee is required to contribute a minimum of 3% of their gross salary and may contribute an additional amount not to exceed 5.14%.

FRS Pension

A defined benefit plan designed for longer-serving employees because it grows slowly at first and takes a steep climb near retirement age. The plan pays a guaranteed lifetime monthly benefit using a formula based on your salary and service while working for an FRS employee. Your employer provides the majority of your FRS retirement based on a fixed percentage of gross salary as determined by the state legislature. A mandatory 3% pre-tax contribution is deducted from your paycheck and deposited into the retirement trust fund which is managed by the State Board of Administration. Vesting occurs after 8 years of service.

DROP (Deferred Retirement Option Program)

DROP is available to those who are vested and eligible for normal retirement as an active member of the FRS Pension Plan. DROP allows you retire without terminating your employment for up to 60 months while retirement benefits accumulate. Interest is earned on benefits and compounded monthly at an effective rate of 1.3% for DROP dates on or after July 1, 2012, 6.5% for prior dates. Within 60 days after DROP participation ends, the employee must choose a distribution method. Gabor representatives are available to help DROP and FRS participants with their retirement options and to manage their funds.

FRS Investment

The FRS Investment Plan is a defined contribution plan, in which your employer contributions are defined by law, but your ultimate benefit depends on the amount of money deposited to your account and its growth over time. A mandatory 3% pretax contribution is deducted from your paycheck and deposited into your retirement account. You decide how the funds are allocated, and your benefit is vested after one year of service.

Employee Voluntary Retirement Options

We offer a full range of retirement investment services and, through Lincoln Investment, Investment products such as, Roth IRAs, Traditional IRAs, Tax-sheltered Annuities, College Savings Plans, and Mutual Funds.

For additional coverage information, click here to have a Gabor representative contact you.

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