Health Science Center Academic Enrichment Fund

Take advantage today

Participation in the plan is open to:

• College of Medicine faculty with an academic Enrichment Fund (AEF) salary component 

There is no age or service requirement for eligible employees to participate in the plan.

Starting early has its advantages

How does the University of Florida Health Science Center Academic Enrichment Fund contribute to the plan?

• The plan provides for the University of Florida Health Science Center Academic Enrichment Fund to make a contribution in an amount to be determined by your employer on an annual basis as well as a mandatory employee contribtuion.

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 Health Science Center Academic Enrichment Fund.
 

• You can change your investment choices anytime.

Accessing your money before retirement

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.

• 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.

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 professional 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 professional. Refer to the Summary plan Description for more details about this participant loan feature.
 

When can money be withdrawn from my plan account?

Money can be withdrawn from the plan in these events:

• Your attaining age 59½
• Death
• Disability
• Severance from employment

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.

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.
 

• FOR 403(b) PLAN : View the entire list of funds and performance.

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.