Retirement

1.     FLORIDA RETIREMENT SYSTEM (MyFRS.com):

• Investment Plan Members -  Contact My FRS Financial Guidance line at 1-844-377-1888.  You may have to wait up to three calendar months to receive a distribution. FRS will be notified that you have ended employment via HCSD Payroll.
   
• Pension Plan Members - Contact the calculations department at 1-844-377-1888 or (850) 907-6500.  Complete Forms FR-11 and FRS-11o, return the completed forms to HCSD Benefits Department with a copy of your birth certificate and/or Driver's license. Employee Benefits will complete the Employer Certification section and forward the completed forms to FRS. 
   
• For Disability Retirement - Contact the disability sections at 1-844-377-1888. Complete Forms FR-13, FR-13a and FR-13b and return to FRS..
   
• For Participation in the Deferred Retirement Option Program  (DROP) - Contact the calculations department at 1-844-377-1888.  Complete Forms DP-11 and DP-ELE, return the completed forms to HCSD Benefits Department with a copy of your birth certificate.  Employee Benefits will complete the Employer Certification section and forward the completed forms to FRS.
   
• To Terminate from the Deferred Retirement Option Program  (DROP) - Contact the FRS DROP Termination Unit at 1-844-377-1888.  FRS will mail you a termination form.  Return the completed form to the HCSD Benefits Department.  Employee Benefits will complete the Employer Certification section and forward the completed form to FRS.
   
• Health Insurance Subsidy (HIS) - You may be eligible to receive additional money from FRS to help offset some of the cost of maintaining health insurance coverage.  The current subsidy payment is $7.50 per month for each year of creditable service at retirement, the maximum is $225 per month.  You will receive the subsidy application on or around the same time that you receive your first pension check from FRS.  Contact the FRS Calculations Department at 1-844-377-1888 for more information.

To apply for service retirement or DROP via the Florida Retirement System you must submit a signed and notarized application form to the Bureau of Retirement Calculations Department.  Applications are accepted up to six months prior to the date you expect to terminate employment or enter DROP.  The law does not provide retroactive benefits for an employee who delays completing an application until after his/her resignation date.  It is the Employee’s responsibility to initiate his/her retirement process. 

2.     HERNANDO COUNTY SCHOOL BOARD (HCSB):

• Inform Your HCSB Administrator of your intent to retire.
   
• Vacation Pay, Terminal (Sick) Pay and Bencor
  You may be entitled to Vacation and/or Terminal Pay, contact HCSD Payroll Department at (352) 797-7012 for information.  When applying for DROP your vacation balance will be included in your FRS Final Salary Certification and you will be paid all or part of your vacation hours.  If you would like to defer your vacation pay off until the end of your DROP participation, submit your request in writing with your DROP election forms to the Benefits Department.  Administrators, Instructional, Professional Technical and Confidential staff bencor information will be mailed to you after your last paycheck. Some/All of your sick pay may be sent to Bencor.  You can request a payout or rollover form from Bencor 30 days after your resignation date.
   
• Health Insurance Benefits
  After you complete a HCSD Personnel Action Form online, Employee Benefits will send you a letter with instructions on how you can continue your health benefits. If you do not retire from the Florida Retirement System you will be offered COBRA benefits. For more information contact Benefits at (352) 797-7007.