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University of Florida Voluntary 403(b) plan

Plan details

Welcome to your University of Florida Voluntary 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.

Take advantage today

Participation in the plan is open to:

  • All eligible employees

The plan does not allow participation by employees who are:

  • Student employees

All eligible employees can make contributions to the plan immediately.

Starting early has its advantages

Your contributions

Through payroll deduction, your plan allows you to make pretax contributions up to the maximum allowed by the Internal Revenue Service. An Internal Revenue Service (IRS) dollar limit also applies. Special catch-up provisions may also be available. Talk to your financial advisor for more information. You can also make after-tax contributions. If you have an existing qualified retirement plan (pretax) or qualified retirement plan (after-tax) account with a prior employer, you can transfer or roll over that account into the plan on becoming a participant in the plan.

Contribution limit
Vesting

You are always 100% vested in employee contributions, and rollover contributions, plus any earnings they generate.

 

Investment flexibility

You decide how to invest your plan account, selecting from investment choices provided under the plan. You can change your investment choices anytime.

Accessing your money before retirement

The plan was established to encourage long-term savings, so withdrawals prior to age 59½ are subject to federal restrictions and a 10% federal early withdrawal penalty. 
 

Money can be withdrawn from the plan in these events:

  • Attainment of age 59½
  • Death
  • Disability
  • Severance from employment
  • Financial hardship (Hardship withdrawals may be made from salary reduction contributions only, not from earnings on those contributions)

Income taxes are payable upon withdrawal. Be sure to talk with your tax advisor before withdrawing any money from your plan account.


Can I borrow money from my account?

The plan is intended to help you put aside money for your retirement. However, the University of Florida has included a plan feature that enables you to access money from the plan.

  • The amount the plan can loan to you is limited by rules under the tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000.

  • Loans must generally be repaid within five years.

  • You pay interest back to your account. The interest rate on your loan will be the Prime Rate plus 1%.

UF 403(b) Hardship Withdrawal Policy Statement

UF 403(b) Loan Policy Statement

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.

An array of investment choices

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.