Human Resource Services
Other Plans
FICA Alternative
The FICA Alternative Plan is a defined contribution plan authorized under Section 401(a) of the Internal Revenue Code. BENCOR Inc. is the plan administrator for the University of Florida. Adjunct faculty, post-docs, house staff, and hourly and most exempt OPS employees are eligible to participate in the FICA Alternative Plan. The plan is mandatory for eligible employees, who will be automatically enrolled or un-enrolled based on their salary plan status during the affected pay period. There is no minimum age or service requirement. Participants contribute 7.5% of their wages to an investment account in their name. Medicare contributions at 1.45% will continue to be withheld and matched by the employer. Please note that recipients of OASDI (Old Age, Survivors, and Disability Insurance), which is not paid by the participant or the University, are exempt from Social Security taxes and do not qualify for the FICA Alternative Plan.
Special Pay Plan
The Special Pay Plan is a mandatory retirement plan available to salaried (non-OPS) employees for sick and vacation payments at the time of separation. This plan is part of a two-part offering previously approved by the Faculty and Staff Benefits Committee, the President, and the Board of Trustees. The FICA Alternative Plan was the other part of the offering and is for OPS employees.