All budgeted employees are automatically enrolled in the Florida Retirement System (FRS) Pension Plan. If you are eligible, you can switch to the FRS Investment plan or the Community College Optional Retirement Program. SPC pays the full contribution for FRS and CCORP plans.
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 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.
Eligible employees (faculty and designated administrators) can participate in the Community College Optional Retirement Program instead of the Florida Retirement System. The CCORP is a defined contribution pension plan. Each pay period, the college contributes a percentage of your earnings to an annuity on your behalf.
These tax-sheltered annuities are available from a
variety of companies. Changes can be made at any time of the
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