My MDC Retirement Benefits 2008. Miami Dade College. Topics. FEDERAL BENEFITS Medicare Social Security STATE BENEFITS The Florida Retirement System [FRS] Benefits Calculation DROP Health Insurance Subsidy (HIS) COLLEGE BENEFITS MDC Benefits Tax Sheltered Annuity Plan 403 (b).
Miami Dade College
Years of Service
Based on Fiscal Year July 1st – June 30th x
Value per year x AFC
Average of HIGHEST Five Years of Salary
= (Option One) Annual Benefit at Normal Retirement
Divided by 12 = Monthly Benefit
Age 62 or 30 Years
Age 63 or 31 Years
Age 64 or 32 Years
Age 65 or 33 Years
Age at Retirement – 55 years 2 months
Option 1 Normal Ret. Benefit $1,654.22
Early Retirement Factor x 65.833%
Option 1 Early Ret Benefit $1,089.02
Participating in DROP
Annual FRS benefit when DROP begins
Annual FRS benefit after 5 year w/COLA
Drop lump sum benefit after 5 years
Continuing To Earn Additional Service Credit
Annual FRS benefit after 5 more year of service
Based on 25,000 AFC &
30 yrs. vs. 3% Annual Salary Inc.; $28,982 AFC & 35 yrs.
Member Age 60 & Spouse/J.A. Age 62
There are two parts to Medicare: Hospital Insurance (sometimes called Part A) and Medical Insurance (sometimes called Part B). Generally, people who are over age 65 and getting Social Security automatically qualify for Medicare. So do people who have been getting disability benefits for two years.
More information may be found in our publication called Medicare, publication number 05-10043 . Many of our other publications are available on the Internet at http://www.socialsecurity.gov/pubs/englist.html
Tax Sheltered Annuity Plan 403(b)
Salary deferral or reduction plans in which employees allocate a portion of their pre-tax compensation to the plan.
Contributions to the plan are excludable from the employee’s gross income, up to certain maximums.Earnings on funds accumulated in the plan are tax-deferred until taken as distributions.Prior to age 59 ½, a 10% penalty is applied toward early fund distributions.