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Special Pay plan

Plan details

Welcome to your Special Pay 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.

Take advantage today

Participation in the plan is open to:

  • Employees who are not currently covered by and actively participating in a government retirement system

There is no age or service requirement for eligible employees to participate in the plan. You can join the plan after your first hour of service. 

Starting early has its advantages

How does the University of Florida Board of Trustees contribute to the plan?

The Special Pay Plan allows the University of Florida to make contributions.

  • The Special Pay Contributions shall be made with respect to 100% of a participant's accumulated and unused sick leave and/or unused vacation leave in excess of $5,000 or more.
How do I become "vested" in my plan account?

Vesting refers to your "ownership" of a benefit from the plan. Employer contributions to the plan, plus any earnings they generate, are fully and immediately vested. 
 

How are plan contributions invested?

You decide how to invest your plan account, selecting from investment choices provided under the plan, as determined by the University of Florida Board of Trustees.

  • You can change your investment choices anytime.

Accessing your money before retirement

Money can be withdrawn from the plan in these events:

  • Your retirement 
  • Death
  • Disability
  • Severance from employment
  • In-service withdrawal of the Special Pay plan is only allowed for employees participating in the DROP retirement program.

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.

An array of investment choices

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.