Human Resource Services

Voluntary Plans


403(b) and 457 plans (Tax-Deferred Annuities)
Tax-deferred programs--403(b) and 457 plans--serve to supplement employer-sponsored pension plans.  Because 403(b) and 457 plans are designed for long-term planning, employees should use another method to save for immediate and short-term expenses. Contributions to 403(b) and 457 plans are taken via payroll deduction.

Roth 403(b) Plan (Post-tax savings plan)
Unlike a traditional 403(b) plan, the Roth 403(b) enables individuals to contribute after-tax dollars to an account that will grow tax-deferred. With a Roth 403(b) plan, employees pay taxes as contributions are made and do not lower their taxable income for the contribution year. However, tax-free treatment of distributions and earnings is provided to qualified distributions. 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, he or she becomes disabled, or upon the participant’s death.

Because these plans are designed for long-term savings and growth, employees should save for immediate and short-term expenses using other methods. However, the UF 403(b) Plan does allow for loans and hardship withdrawals under very specific circumstances.   In order to determine whether you are eligible for a loan or hardship withdrawal, visit the Retirement Manager website and follow the prompts.  Your investment provider will require a Certificate of Eligibility before processing your request for a loan or hardship withdrawal.  The following documents should then be submitted to the UF Retirement Services office for final review and approval.

If you need assistance, please refer to the Distribution Eligibility Guide for Employees. 

Employees participating in a 457 Plan should contact the State of Florida Bureau of Deferred Compensation at 1-877-299-8002 to discuss withdrawal options in the event of an unforeseeable emergency.