Human Resource Services
Annuities
One way to meet long-term financial goals is to participate in tax-deferred programs, which serve to supplement employer-sponsored pension plans and Social Security benefits. UF currently offers 10 403(b)plans. Because these plans are designed for long-term savings and growth, employees should save for immediate needs using other method. Contributions to 403(b) plans are made by payroll deduction and are initiated by opening an account with one of the vendors listed be low, and then submitting a Salary Reduction Agreement to UF Retirement.
Salary Reduction Agreement- ORP | Salary Reduction Agreement-Non-ORP
The pre-tax deferral limits for 403(b) plans are $15,500 for 2008, and are indexed to increase by $500.00 each year thereafter. Because of the extensive changes in legislation governing these plans, employees should contact an approved 403(b) plan provider to determine the eligibility of tax-deferral limits and enrollments. Optional Retirement Program (SUSORP) participants also will need to ensure they remain within the bounds of 402(g) (employee contributions) and 415 (employer + employee contributions) limits. Highly compensated employees may need to contribute less than the 402(g) elective deferral limit because the combined amount of the employer and employee contributions cannot exceed $46,000 for calendar year 2008. Participants who will have attained the age of 50 by December 31, 2008, may be eligible to defer an additional $5000.00.
Employees enrolled in tax-deferred plans, including ORP participants, should review deductions each calendar year or when changes in salary occur to ensure they do not exceed the maximum limits allowed by the IRS, and that they receive the maximum benefit possible from participation in the plan.
The Internal Revenue Code limits the amount of contributions to your 403(b) account, 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 each specific calendar year.
ORP participants who have voluntary deductions through an approved ORP provider will have a deduction on each pay check they receive. Participants in the university-sponsored 403(b) plans will have a deduction taken on the first and second pay date of each month in which they receive a paycheck, not to exceed 24 per year.
- 403(b) Tax-Deferred Annuity Companies
- 457 State-Deferred Compensation Companies
- Maximum Limits for Calendar Year 2008
- Salary Reduction Agreement Instructions
- Deductions
403(b) Tax-Deferred Annuity Companies
1-800-892-5558 ext. 87260 A representative is on site at the HRS Building Mondays (903 West University Avenue) to answer questions. |
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800-343-0860 Jeff Juday, Fidelity Representative, is available for appointments at the HRS Building (903 West University Avenue) once a month. To schedule an appointment, call 1-800-550-4068. |
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352-372-1802 (The Gabor Agency) |
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352-372-1802 |
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352-374-1000 | 352-374-1037 |
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352-373-1927 | 352-375-7977 Not accepting any new contracts for UF supplemental plan. |
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352-376-3941 |
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352-371-7638 |
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800-342-9627 |
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877-267-4510, ext. 5109 A TIAA-CREF Representative, is available for appointments at the HRS Building (903 West University Avenue) each month. Customers wanting to schedule an appointment should visit www.tiaa-cref.org/moc. |
457 State-Deferred Compensation Companies
Another savings option is the Deferred Compensation Plan. This is the only tax deferred "employee contribution" investment program available to state employees. It is a participant directed plan pursuant to Internal Revenue Code section 457.
You can enroll with a minimum of $10 every bi-weekly pay period. The maximum amount of salary that you can defer into the Plan is the lesser of 80% of your compensation or $15,500 in 2008. If you are age 50 or older, you may participate in the “50+ Catch-up” provision. This allows a participant to contribute $5,000 over the maximum in 2008, for a total of $20,500.
To enroll, contact one of the six approved 457 providers listed at this link.
Deferred Compensation FAQs: https://www.myfloridadeferredcomp.com/SOFweb/faq.htm
Maximum Limits for Calendar Year 2008
The pre-tax deferral limits for both 403(b) and 457 plans are $15,500 for calendar year 2008. Employees may defer up to the maximum limits to both a 403(b) and 457 plan for a total savings of up to $31,000 in 2008.
Because of the extensive changes in legislation governing these plans, employees should contact approved 403(b) and 457 plan providers to determine the eligibility of tax-deferral limits and enrollments in either plan. Optional Retirement Program (ORP) participants also will need to ensure they remain within the bounds of 402(g) as well as 415 limits. The 415 limit includes both employer and employee contributions. Highly compensated employees may need to contribute less than the 402(g) maximum because the combined amount of the employer and employee contributions cannot exceed $46,000 (415 Annual Addition limit).
A participant may be able to contribute an additional $5,000 if he/she will have reached the age of 50 by 12/31/2008. Please contact your investment provider or University Retirement for more information regarding the age-based deferral.
Employees enrolled in tax-deferred plans, including ORP participants, should review deductions each calendar year or when changes in salary occur to ensure they do not exceed the maximum limits allowed by the IRS. Employees should contact their provider company for assistance.
Salary Reduction Agreement Instructions
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.
Deductions
State University System ORP participants who have voluntary deductions through the approved SUSORP provider will have deductions every pay period (26). Twelve-month faculty, TEAMS, and USPS employees enrolled in university-sponsored deferred plans will have only 24 deductions annually. Any twelve-month employee enrolled in the State Deferred Compensation Plan will have 26 deductions for the plan. The number of deductions for nine- or ten-month faculty depends on the number of months on payroll--not to exceed 24 deductions annually for university-sponsored plans or 26 for the State Deferred Compensation plan.