Human Resource Services
Retirement Plan Limits
Employees enrolled in retirement savings plans, such as 403(b) plans -- UF tax-deferred annuity plan (TDA), State of Florida Optional Retirement Plan (ORP), College of Medicine Academic Enrichment Fund plan (AEF), UF Roth post-tax plan -- and the State of Florida 457 Deferred Compensation Plan, should review their retirement deductions each calendar year or when changes in salary occur to ensure they do not exceed the maximum limits allowed by the IRS.
Elective contributions to the university’s 403(b) plans are available only from compensation paid through the university payroll system through payroll deductions. The Internal Revenue Code limits the amount of your annual contribution and imposes penalties for over-contributing. It is important to carefully monitor your individual and employer contributions, if applicable, throughout the year to ensure that you are within the limits established for the specific calendar year. Your contribution(s) to the 403(b) plans may be stopped at any time.
The IRS 415 limit (employer and employee contributions) is reduced dollar for dollar by any voluntary contribution you make to another 403(b), 401(k), Federal Thrift Savings, salary reduction SEP or SIMPLE plan. Contributions to a 457 (Deferred Compensation) plan or to a traditional or Roth IRA do not affect the 415 limit.
Your provider company will calculate your maximum contribution level, including catch-up contributions, based on federal guidelines for the applicable calendar year.
Calendar Year Contribution Limits
The maximum contributions that can be made by or for a participant are shown in the table below. This applies to the 403(b) and 457 plans, and is based on the calendar year period:
|
2012 |
2011 |
403(b) Elective Deferral Limit |
$17,000 |
$16,500 |
403(b) Lifetime Catch-Up Limit 1 |
+$3,000 |
+$3,000 |
415(c) Annual Addition Limits 2 |
$50,000 |
$49,000 |
457(b) Elective Deferral Limit |
$17,000 |
$16,500 |
414(v) Age 50 Catch-Up Limit 3 |
+$5,500 |
+$5,500 |
1 An employee with 15 years of full-time equivalent service with UF may be eligible to exceed the annual limit on elective deferrals. Contributions made under the 15-year rule have an annual limit of $3,000 per year and a lifetime maximum of $15,000. Please contact your investment provider for further information regarding this provision and to determine if all criteria have been met.
2 Highly compensated employees may need to contribute less than the 403(b) Elective Deferral Limit because the combined amount of the employer and employee contributions cannot exceed the annual limit of $50,000.
3 For participants age 50 (by 12/31 of the calendar year), or older
Note: Employees may defer up to the maximum limits, to both a 403(b) and a 457 plan.
Calendar Year Elective Deductions (for 12-month employees):
|
2012 |
2011 |
SUSORP & Deferred Compensation 457b Plans |
26 |
26 |
UF 403(b) TDA and Roth Plans |
24 |
24 |
Note: The number of deductions for nine- or ten-month faculty depends on the number of paychecks received in each calendar year.
Refer to http://www.hr.ufl.edu/academic/hiring.asp#appointments for a link to the Academic Year Appointment Calendar.
Printable Chart -- PDF document
Fiscal Year Compensation Limits
The maximum compensation on which employer retirement contributions can be made is shown below. This is based on the State of Florida’s plan year (7/1 – 6/30):
401(a)(17) |
Member of Florida Retirement System on or after 7/1/96 |
Member of Florida Retirement System prior to 7/1/96 |
FY2009 – 2010 |
$245,000 |
$354,140 |
|
$245,000 |
$359,260 |
FY2011 - 2012 |
$245,000 |
$363,820 |
FY2012 - 2013 |
$250,000 |
$375,800 |