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 retirement plans and Social Security benefits. UF administers a 403(b) plan that currently has 5 participating investment providers.  Contributions to this plan are made by payroll deduction and are initiated by opening an account with one of the vendors listed below, and then submitting a Salary Reduction Agreement to UF Retirement.

403(b) Tax-Deferred Annuity Companies
NOTE: Comparison and selection of the Provider Company (or companies) is the responsibility of the member. Conflict of interest rules do not allow the University to provide employees with any recommendations or comparisons. Please contact your personal financial planner and/or tax consultant if you need guidance and advice.

ING (North America Insurance Corporation)

(352) 372-1802

Fidelity Investments

(888) 788-7500

MetLife Resources

(352) 371-7638 or 219-0835

TIAA-CREF

(877) 358-4221
Online enrollment with Access code UFGATDA

VALIC

(800) 892-5558 x87260

 

 

457 Deferred Compensation Plan
Another savings option is the Deferred Compensation Plan. It is a participant directed plan pursuant to Internal Revenue Code section 457 and is administered by the State of Florida Bureau of Deferred Compensation.  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 $16,500 in 2009. If you are age 50 or older, you may participate in the “50+ Catch-up” provision.  This allows a participant to contribute $5,500 over the maximum in 2009, for a total of $22,000. View 457 Deferred Compensation FAQ's.

Maximum Limits for Calendar Year 2009

The pre-tax deferral limits for both 403(b) and 457 plans are $16,500 for 2009. Employees may defer up to the maximum limits to both a 403(b) and 457 plan, for a total savings of up to $33,000 in 2009.


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) (employee contributions) as well as 415 (employer + employee contributions) limits. 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 the annual limit ($49,000 for 2009).

A participant may be able to contribute an additional $5,500 in 2009 if they will have reached the age of 50 by December 31st of the calendar year. 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.

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.

Salary Reduction Agreement Instructions

Deductions
Employees making contributions to a UF 403(b) plan will have 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.  State University System ORP participants who have voluntary deductions through an approved SUSORP provider will have deductions every pay period (26).