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The Gabor Agency is dedicated to helping you understand and
choose from a comprehensive list of benefit options designed especially for
employees of Florida State University. In its 7th decade of
service, Gabor representatives are on campus daily to help you plan for
retirement and beyond.
In partnership with your Human Resources department, the Gabor
Agency is pleased to offer you the following employee benefits:
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Life Insurance |
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Disability Insurance |
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Long
Term Care Insurance |
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State
Retirement Options |
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Supplemental
Retirement Options |
Dreaming, Building, Protecting.
Permanent
Life Insurance (Universal Life Extra) is
a flexible premium life insurance policy that is guaranteed to stay in force
throughout the life of the primary insured. As long as the premium is consistently paid on time,
no matter how low the interest rates fall or how high the cost of insurance
climbs, the policy will not lapse and premiums will never increase. Underwritten by Symetra Life Insurance
Company
Plan features:
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Easy Payroll
Deduction with no paper bills to pay. |
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Offered Guaranteed
Issue (no medical exam required) for eligible employees up to four times salary
- to a maximum of $250,000 - and for eligible spouses up to $25,000. |
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Full portability of
coverage; if you leave your job or retire the plan goes with you with no
rate increase. |
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The coverage allows
for the adjustment of the death benefit as needs (or budgets) change. |
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Terminal Illness
Accelerated Benefit Option, Safety Benefit and Transportation Benefit included. |
Level Term Life Insurance offered
through Gabor is the least expensive form of life insurance available through
the University. Underwritten by Symetra Life Insurance
Company
Plan
features:
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Easy Payroll Deduction. |
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Competitive Pricing. Level Term provides
gender based ratings. |
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Predictable Premiums. Premiums will
not increase during your initial term. |
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Customizable Coverage. Choose a term that
fits your needs: 10, 15, 20, 30 years. |
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Advanced Access for Illness. If
you are diagnosed with a terminal illness. |
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Portable Coverage. If you leave your job or retire,
your policy goes with you with no increase in rates. |
Return
of Premium Term is a fully guaranteed life insurance
policy that will return every penny of premium paid, tax-free, if no death
benefit is paid during the initial term. Premiums will never increase during
your initial period. The policy is available in 20 or 30 year term periods,
depending on age, and is fully portable. Underwritten by Symetra Life Insurance
Company
Group
Term Life is a low cost life insurance policy with
coverage that does not decrease with age as long as employment continues and
premiums are paid. This policy is offered Guaranteed Issue with no medical
exam required during the first 60 days of employment or during periodic open
enrollments up to three times annual salary with a maximum limit of $150,000. Employee spouses are also eligible for guaranteed coverage up to $25,000 if
payroll deducted. Underwritten
by UNUM Life Insurance Company
Dealing with unexpected change.
Group
Disability Insurance:
The Agency is proud to
represent the Florida State University System group disability plan.
Underwritten by The Standard Insurance Company this program links all eleven State
universities and provides disability insurance that will protect you in the
event a covered illness or injury prevents you from working.
Protecting
the income you earn can save your family from financial disaster. The American
Journal of Medicine estimates every 90 seconds, someone files for bankruptcy in
the wake of a serious illness. If you are in the first 90 days of employment or
during an open enrollment we encourage you to take advantage of this important
protection.
Long
Term Care can be needed at any age. Unexpected events, such as accidents, severe illness
or memory loss can leave a person financially vulnerable. Long Term Care
Insurance helps the insured preserve assets while maintaining independence and
control over their destiny. This program is offered simplified issue to all
new full-time employees and may be purchased year-round by all existing
employees with evidence of insurability. The program is fully portable at the
same rate upon termination of employment or retirement. Underwritten by John Hancock Life
Insurance Company
Accidental Death & Dismemberment
AD&D
Insurance is very low cost supplemental coverage
that provides benefits in the event of an accidental death or dismemberment.
Coverage is 24 hours a day, on or off the job. This includes emergency travel
assistance coverage while an insured employee is traveling more than 100 miles
from their home either on business or for pleasure. The program is offered
guaranteed issue to all new full-time employees and coverage is not convertible
upon elimination of employment or retirement. Underwritten by Zurich American
Insurance Company
Looking forward to the Future.
Within
the first 90 days of employment, you must make a decision about your state
retirement. Most university faculty and administrators have three options: ORP,
FRS pension and FRS investment plan. If ORP membership is not chosen with the
first 90 days, membership will be defaulted to the Florida Retirement System
(FRS) Gabor representatives are on campus daily to advise you on which options
will best meet your retirement needs.
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Due to changes made
to the State Retirement System by the Florida Legislature, effective July 1,
2011, the employing college or university contributes 7.42% 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 7.42%.
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Option 1
State
University System Optional Retirement Plan (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.
Option 2
FRS
Pension Plan is 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.
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, 2011, 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.
Option
3
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.
Supplemental Retirement Options
403(b) Retirement
Savings Plan
A 403(b) is an employer
sponsored retirement savings plan. The Traditional and Roth 403(b) plans differ
mainly as to when contributions, earnings and withdrawals are taxed.
Traditional
403(b) Retirement Savings Plan
Similar to a 401(k), a Traditional
403(b) is an employer sponsored retirement savings plan. Contributions are
deducted directly from your paycheck, before taxes are applied, thereby
lowering your taxable income. Lower taxes means you keep more of your money.
Your contributions grow on a tax-deferred basis allowing your plan to compound
at a greater rate than a taxable account.
Once you become eligible to withdraw
these contributions and their earnings, the withdrawal will be taxable.
Normal IRS rules regarding withdrawals
and plan eligibility apply.
Roth 403(b)
A Roth 403(b) is an employer sponsored
retirement savings plan. Contributions are deducted directly from your
paycheck, after taxes, meaning you'll never have to pay federal income taxes
on your contributions or earnings, even when you
withdraw the money.
Normal IRS rules regarding withdrawals
and plan eligibility apply.
457 Deferred
Compensation Plan
Higher education employees
may participate in a 403(b) Tax-Deferred Plan and 457(b) Deferred Compensation
Plan at the same time, allowing for additional tax-deferred retirement savings.
A 457 Deferred
Compensation plan is a State of Florida sponsored retirement savings plan which
allows employees to make pre-tax contributions through payroll deduction. Once
you become eligible to withdraw these contributions and their earnings, the
withdrawal will be taxable.
You are subject to the
normal IRS rules regarding withdrawals and plan eligibility.
Non-Employer Sponsored Financial Plans
Individual Retirement
Accounts (IRAs)
An Individual Retirement
Account (IRA) is a program you set up to prepare for retirement. Gabor offers
two types of IRAs: Traditional IRAs and Roth IRAs.
Traditional IRA
A Traditional IRA allows you to save
pre-tax dollars for retirement. Your contributions are made before taxes are
calculated on your income and you don't pay taxes until you withdraw money.
Roth IRA
A Roth IRA allows you to contribute
after-tax dollars into an individual retirement savings plan. Contributions
are made after taxes, meaning you'll never have to pay federal income taxes
on your contributions or earnings, even when you
withdraw the money.
Normal
IRS rules regarding withdrawals and plan eligibility apply.
College Savings Plan
A college savings plan is
a tax-advantaged investment vehicle designed to encourage saving for future
higher education expenses of a designated beneficiary.
There are two types of
College Savings plans: prepaid and savings.
Prepaid plans:
Tuition credits may be purchased at present value for use in the future when
tuition may be higher. Performance is based upon tuition inflation.
Savings plans:
Growth is based upon market performance of the underlying investments.
Mutual Funds
Gabor offers a wide range
of mutual funds to employees who wish to contribute either to their 403(b)
account, IRA, or non-qualified investment portfolio.
Additional Resources
As always, your Gabor
representative is on campus daily and available to answer any questions you may
have about your retirement benefits. Click
here to have a Gabor
representative contact you.
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