Common use of Optional Retirement Program Clause in Contracts

Optional Retirement Program. (a) An optional Retirement Program is provided for employees who are employed for no less than one academic year including the following provisions: (1) Faculty and A&P employees who are in the collective bargaining unit and otherwise eligible for membership in the Florida Retirement System; (2) Any employee whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the employee does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within 90 days, the employee will be enrolled as a member of the Florida Retirement System; (3) No accrued service creditor vested retirement benefits will be lost if an employee participates in the Optional Retirement Program;

Optional Retirement Program. (a) An optional Optional Retirement Program is provided for employees who are employed for no less than one academic year including the following provisions: (1) Faculty and A&P employees who are in the collective bargaining unit and otherwise eligible for membership in the Florida Retirement System;. (2) Any employee whose Optional Retirement Program eligibility results from initial employment will be enrolled as a member of the Optional Retirement Program. If the employee does not execute an annuity contract with an Optional Retirement Program approved provider and notify the Division of Retirement in writing within 90 days, the employee will be enrolled as a member of the Florida Retirement System; . (3) No accrued service creditor credit or vested retirement benefits will be lost if an employee participates in the Optional Retirement Program;