Explore ways to enhance your retirement savings
With tax season upon us, now is a great time to review your voluntary savings plans to ensure you’re optimizing your contributions. In addition to the mandatory state retirement plans, you may participate in voluntary Fidelity 403(b) and 457(b) Florida Deferred Compensation plans to supplement your retirement income via payroll deductions. These plans are open to all UF employees and have no employer contribution. They also accept rollovers from other retirement plans.
Read on for a breakdown of each plan or watch a video highlighting the differences between the plans and how to effectively save for retirement.
UF offers 403(b) plans through Fidelity Investments. Tax-deferred and after-tax Roth options are available. You may enroll or modify contributions throughout the year by visiting the Fidelity Investments website or by contacting the UF Fidelity representatives at 866-973-5022.
Participants in the State University System Optional Retirement Program (SUSORP) may also contribute to a tax-deferred 403(b) as part of their primary state retirement plan.
Tax-Deferred UF Fidelity 403(b)
Participants contribute to this plan on a pre-tax basis through payroll deduction, which lowers your taxable income. You decide how much money you contribute to the plan, up to the annual IRS limit, and multiple investment options are available. You may withdraw funds without penalty once you reach age 59.5, even while you are employed.
After-Tax Roth UF Fidelity 403(b)
Participants pay taxes as contributions are deducted from payroll, and qualified distributions are tax-free. You decide how much money you contribute to the plan, up to the annual IRS limit, and multiple investment options are available. You may withdraw funds without penalty once you reach age 59.5, even while you are employed.
Voluntary SUSORP 403(b): Tax-Deferred Only
The SUSORP allows enrolled participants to contribute up to 5.14% of SUSORP-eligible earnings to an incorporated tax-deferred 403(b). Contributions are made on a pre-tax basis through payroll deductions, which lowers your taxable income, and multiple investment options are available. These contributions fall within the same annual IRS limit as the UF Fidelity 403(b) plans. You may request a refund of these contributions at any time, including any accrued gains, but you may incur early retirement penalties if you withdraw funds before you reach age 59.5.
You may modify contributions or change investment providers throughout the year by submitting an ORP Change Form to UFHR Benefits via fax at 352-392-5166 or email at benefits@ufl.edu. Please omit your Social Security number for security reasons if you choose email.
457(b) Florida Deferred Compensation Plans
UF offers 457(b) Florida Deferred Compensation plans through the State of Florida. Tax-deferred and after-tax Roth options are available, managed by your choice of the available investment providers.
You may enroll or modify contributions throughout the year by visiting the Florida Bureau of Deferred Compensation website or by contacting their representatives at 877-299-8002.
Tax-Deferred 457(b) Florida Deferred Compensation Plan
Participants contribute to this plan on a pre-tax basis through payroll deduction, which lowers your taxable income. You decide how much money you contribute to the plan, up to the annual IRS limit, and multiple investment options are available. You may withdraw funds without penalty once you leave employment, regardless of your age.
After-Tax Roth 457(b) Florida Deferred Compensation Plan
Participants pay taxes as contributions are deducted from payroll, and qualified distributions are tax-free. You decide how much money you contribute to the plan, up to the annual IRS limit, and multiple investment options are available. You may withdraw funds without penalty once you leave employment, regardless of your age.
Questions?
For certified financial advising, please contact the investment providers directly. If you have questions about the voluntary retirement plans themselves or need assistance enrolling, your UFHR Benefits team is here to help by phone at (352) 392-2477 or email at benefits@ufl.edu.