RETIREMENT CHECKLIST FOR HR OFFICES

4

RERTEITRIREEMMEENNTT CCHHEECCKKLLISISTT

FOFORRHHRR OOFFFFICICEESS

A Checklist of Suggested Steps for Processing Employee Retirements

PG. 2 Pension Plan Members

PG. 4 Investment Plan Members

"Serving those who serve Florida"

Prior to Retirement from the Pension Plan

Encourage employees to learn about the FRS Pension Plan by accessing the resources available at the Division of Retirement's (DOR) website such as the Member Handbook and the Ready. Set. Retire Guide.

Encourage employees who are considering retirement to create and use their FRS Online account to calculate benefit estimates or contact the DOR's customer service line toll free at (844) 377-1888 or local (850) 907-6500 to request benefit estimates five years prior to retirement.

Provide employees with information regarding the Deferred Retirement Option Program (DROP) eligibility, benefit options, and application process.

Retiring from the Pension Plan

Receive a resignation letter. In this letter, the employee should specify the effective date of resignation (last day for pay purposes) and whether they are retiring.

Acknowledge the employee's resignation for purposes of retirement and provide the Pension Plan's Ready. Set. Retire. Checklist.

Ensure People First has the correct home and mailing address to facilitate the distribution of critical documents.

Report the member's termination date using the "Termination Date" module in your FRS Online, Employer Services.

Identify and process all missing timesheets prior to the employee's termination date. Process the separation Personnel Action Request (PAR) within the appropriate payroll cutoff

deadline; then ensure final timesheet(s) is approved and perform audit of leave hours. o Biweekly agencies will have to complete the separation PAR no later than the cutoff date for the first biweekly period that produces a warrant in the month after the employee is separating to avoid insurance premium overpayments.

Ensure the employee's transition from active employee to retiree is triggered timely by the separation PAR. Pension Plan retirees will be automatically enrolled into the health insurance coverage they had as an active employee as well as the $2,500 retiree Life coverage if they had optional life. If the retiree wants to make changes, they will have to complete the New Retiree Health and Life Insurance Election Form or call the service center.

Confirm the employee is coded as a "retiree" in People First and their data have been transmitted to the DOR, so the employee can enroll with People First to have their health insurance premium deducted from their retirement benefit, if eligible.

Certify leaves of absence or periods of workers' compensation for purposes of establishing retirement credit, if applicable.

Process terminal leave payments. o When an employee elects to invest their terminal leave payments in the Deferred Compensation Plan, they are responsible for notifying the HR office by providing the completed Deferrals from Special Supplemental Pay Form (DFS-J3-1173). The agency must provide the Bureau of State Payrolls (BOSP) with the completed Form DFS-J3-2172.

Division of State Human Resource Management | 2

Submit the Final Salary Certification Form (FC-1) to DOR no later than the 8th business day of the month following termination or DROP begin date. o If a salary adjustment or correction is made after the form is submitted, you must submit an amended FC-1.

Provide employee with information regarding post-tax insurance policies, flexible spending account (FSA) Options , deferral of terminal leave payouts, if eligible, etc.

Confirm employee is filling out the correct application. To assist agencies and employees, the DOR has grouped forms together in retirement packets on its website.

To learn more about the DROP application process, please click here. Certify the employee's retirement application and forward it to the DOR. You may submit these

documents by fax at, 850-410-2010, or by mail to: Division of Retirement P.O. Box 9000

Tallahassee, FL 32315-9000 Ensure retirement application is submitted timely so that the employee can secure the desired

retirement effective date. Please refer to Chapter 9 of the FRS Employer Handbook for more information. Confirm the "New Retiree Health and Life Insurance Packet" has been mailed to the employee's address on file in People First. Ensure the Completion of Financial Disclosure Forms, if applicable.

Resources for Retirees from the Pension Plan

Keep your DROP in the FRS Health Insurance Subsidy Application Mailing Address Change Request Form Termination and Reemployment After Retirement Retired Member and DROP Participant Beneficiary Designation Form Disability Benefits Guide Survivor Benefits Guide Ready. Set. Retire Guide Medicare

Division of State Human Resource Management | 3

Prior to Retirement from the Investment Plan

Encourage employees to learn about the FRS Investment Plan by attending employee workshops, accessing the resources available at MyFRS website, or call the MyFRS Financial Guidance Line at, 1-866-446-9377 (TRS 711) option 1, to speak with an experienced EY financial planner free of charge.

Direct employees who are considering retirement to access the "When your FRS Employment Ends" guide.

Retiring from the Investment Plan

Receive a resignation letter. In this letter, the employee should specify the effective date of resignation (last day for pay purposes) and whether they are retiring.

Acknowledge the employee's resignation for purposes of retirement. Report the member's termination date using the "Termination Date" module in your FRS

Online, Employer Services or submitting the FRS Investment Plan employment termination form, if applicable. If the employee is applying for disability benefits, the application will be processed by the DOR. Please refer to Chapter 10 of the FRS Employer Handbook for more information.

o Form WC-1, Certification of Workers' Compensation, must be completed for cases where Workers' Compensation benefits were paid, showing the types of Workers' Compensation benefits received and the dates paid.

o Completion of the Final Salary Certification Form (FC-1) might be required. o You may submit documents to the DOR by fax at, 850-410-2010, or by mail to:

Division of Retirement P.O. Box 9000

Tallahassee, FL 32315-9000

Direct employees to the "When your FRS Employment Ends" guide for instructions on how to request a distribution. If the HR office has questions regarding this process or their role as an employer, they may contact the Employer Assistance Line (1-866-377-2121, Option 3) or they may access the Investment Plan Employer's Handbook on the Investment Plan Administrator's website.

Provide employee with information regarding post-tax insurance policies, FSA Options, deferral of terminal leave payouts, how to update contact information, the benefits from the Social Security Administration (SSA), and how to enroll in Medicare, if eligible, etc.

Identify and process all missing timesheets prior to the employee's termination date. Complete the "Personnel Action Request" to separate the employee (separation PAR) using

the separation reason type "Other" to generate a COBRA package. o Investment Plan employees may not receive a retiree insurance package until People First has validated that they are retired (taken a distribution) and meet retirement eligibility for insurance benefits. o If determined eligible for retiree benefits, People First will convert the member from "Other" to "Retirement" and the retirement packet will be sent out. A copy of the

Division of State Human Resource Management | 4

standard retirement packet can be found on the myBenefits. website under "Other Publications" tab to enroll in the health insurance as a retiree. Ensure that all timesheets have been approved and a complete audit of leave hours has been conducted after the separation Personnel Action Request (PAR) is processed within the appropriate payroll cutoff deadline, to avoid insurance premium overpayments. Ensure that the correct home and mailing address is in People First. This will facilitate the distribution of critical documents. Process terminal leave payments. o When an employee elects to invest their terminal leave payments in the Deferred Compensation Plan, they are responsible for notifying the HR office by providing the completed Deferrals from Special Supplemental Pay Form (DFS-J3-1173). The agency must provide the Bureau of State Payrolls (BOSP) with the completed Form DFS-J3-2172. Ensure the Completion of Financial Disclosure Forms, if applicable.

Resources for Retirees from the Investment Plan

FRS Investment Plan Beneficiary Designation Form MyFRS Termination Kit - FRS Investment Plan Special Tax Notice and Distribution Options Special Tax Notice Disability Benefits Guide Health Insurance Subsidy (HIS) application and Termination and Reemployment After

Receiving the HIS Benefit. Death Benefit Information Notice Think Twice Before Rolling Out

Division of State Human Resource Management | 5

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download