Health Science Center Academic Enrichment Fund
Welcome to your Health Science Center - AEF 403(b) 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.
Participation in the plan is open to:
There is no age or service requirement for eligible employees to participate in the plan.
You decide how to invest your plan account, selecting from investment choices provided under the plan, as determined by the University of Florida Health Science Center Academic Enrichment Fund.
The plan is intended to help you put aside money for your retirement. However, the University of Florida Health Science Center Academic Enrichment Fund has included a plan feature that enables you to access money from the plan.
Will loans be available with the mutual fund based program?
Yes. A fee of $50.00 will be charged as an initial set-up cost with a $50.00 annual fee for administration. The method of repaying your loans will be by ACH debit (automated withdrawal from your bank account), which you can establish through a financial institution of your choosing. All loan interest repaid will be credited to the participant’s account. In addition, the interest rate charged for participant loans under the mutual fund based program is different from the interest rate charged under the annuity program. Please consult with your local financial advisor for more information.
Is there a loan fee under the existing annuity program?
Yes, there is a one time set-up fee of $60 charged to new loans under the existing annuity program.
Defaulted loan amounts will be taxed as ordinary income and may incur a 10% federal early withdrawal penalty if the employee is under age 59½.
Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please see your financial advisor. Refer to the Summary plan Description for more details about this participant loan feature.
Money can be withdrawn from the plan in these events:
Income taxes are payable upon withdrawal and federal restrictions and a 10% federal early withdrawal 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 VALIC 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.