FICA Alternative plan
Welcome to your FICA Alternative retirement plan. Click below to view the features and highlights of your employer’s retirement plan.
The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
You will automatically be enrolled in the plan and make contributions of 7.5% of your eligible pay. Under Internal Revenue Code Section 414(h), The University of Florida Board of Trustees will "pick up" the contributions and pay them to the plan on your behalf. Picked-up contributions are not included in your income until distributed.
If you have an existing qualified retirement plan (pretax) account with a prior employer, you can transfer or roll over that account into the plan on becoming a participant in the plan.
You may not stop as this election was irrevocable.
Vesting refers to your "ownership" of a benefit from the plan. You are always 100% vested in employee contributions, and rollover contributions, plus any earnings they generate.
Money can be withdrawn from the plan in these events:
Income taxes are payable upon withdrawal and federal restrictions and a 10% federal tax penalty may apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
The following mutual funds and Fixed-Interest Option are available in your retirement plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
You decide how to invest your plan account, selecting from investment choices provided under the plan, as determined by the University of Florida. You may change your investment choices once per month.
To view or print a prospectus, access “Prospectuses and Other Important Materials.” The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1-800-428-2542.