Jump to Sign-In Jump to Search Skip Navigation
Sign In
Search
 

FICA Alternative plan

Plan details

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.

Take advantage today

  • All employees in eligible positions (including OPS, adjunct faculty, Postdocs and Residents) who are not covered by a State of Florida retirement plan will participate in this plan.

Starting early has its advantages

How do I contribute to the plan?

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.
 

Can I stop or change my contributions?

You may not stop as this election was irrevocable.

 

How do I become "vested" in my plan account?

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.

Accessing your money before retirement

When can money be withdrawn from my plan account?

Money can be withdrawn from the plan in these events: 

  • Your retirement
  • Death
  • Disability
  • Severance from employment
  • In-service withdrawal of the FICA Alternative Plan is only allowed for employees participating in the DROP retirement program or for those no longer eligible to participate in the FICA Alternative Plan.

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.