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- Voluntary Savings Plans
- Voluntary 403(b) Plans
Voluntary 403(b) Plans
Retirement savings plans, similar to the 401(k) plans that are offered to employees at public schools and certain 501c(3) tax-exempt organizations. Intended to supplement retirement income from a state plan or act as a stand-alone plan. Both the tax-deferred and after-tax plans offer annuity and mutual fund investment products.
UF Tax-Deferred 403(b)
Contributions and earnings are allowed to grow tax-deferred until the money is taxed as income when withdrawn from the plan.
Eligibility
- Faculty
- TEAMS
- USPS
- OPS (including Housestaff/Residents, Graduate Assistants, Post Doc Associates, Post Doc Residents, and Adjunct Faculty)
Enrollment
- Contact Fidelity Investments to start saving on a tax-deferred basis through salary deduction.
IRS Contribution Limits
The limits for this plan are based on the calendar year. Visit the Retirement Plan Contribution Limits page for the current year’s maximums.
Publications
Resources
Loans/Hardship Withdrawals
Voluntary savings plans are designed for long-term retirement planning purposes and therefore employees should use other methods to save for immediate or short-term expenses. However, the UF 403(b) plans do allow for loans or hardship withdrawals under very specific circumstances and according to the plans’ loan and hardship policy statements.
UF 403(b) plan participants may contact their investment provider for loan and hardship withdrawal information.
Update My Beneficiary
Login to your Fidelity account to update your beneficiary information.
UF After-tax Roth 403(b)
Participants pay taxes as contributions are made and qualified distributions are tax-free. A qualified distribution is one that is made five years or more from the date the first Roth contribution was made and the participant reaches age 59½, the participant becomes disabled, or upon the participant’s death.
Eligibility
- Faculty
- TEAMS
- USPS
- OPS (including Housestaff/Residents, Graduate Assistants, Post Doc Associates, Post Doc Residents, and Adjunct Faculty)
Enrollment
- Contact Fidelity Investments to start saving on an after-tax basis through salary deduction.
IRS Contribution Limits
The limits for this plan are based on the calendar year. Visit the Retirement Plan Contribution Limits page for the current years’ maximums.
Publications
Resources
Loans/Hardship Withdrawals
Voluntary savings plans are designed for long-term retirement planning purposes and therefore employees should use other methods to save for immediate or short-term expenses. However, the UF 403(b) plans do allow for loans or hardship withdrawals under very specific circumstances and according to the plans’ loan and hardship policy statements.
UF 403(b) plan participants may contact their investment provider for loan and hardship withdrawal information.
Update My Beneficiary
Login to your Fidelity account to update your beneficiary information.
Voluntary ORP (Tax-Deferred 403(b))
Contributions and earnings are allowed to grow tax-deferred until the money is taxed as income when withdrawn from the plan.
Eligibility
- ORP participants only
Enrollment
- Open an account with an investment provider
- Fax completed ORP Change Form to UFHR Benefits at (352) 392-5166
IRS Contribution Limits
The limits for this plan are based on the calendar year. Visit the Retirement Plan Contribution Limits page for the current years’ maximums.
Forms
Publications
Resources
- State of Florida ORP site
- Investment Provider Microsites
Loans/Hardship Withdrawals
Loans and hardship withdrawals are not allowed.
Update My Beneficiary
Contact your investment provider to update.