Voluntary Retirement Plans
Will you be ready for retirement?
The amount of money for retirement readiness depends upon your future expenses and goals for retirement. In order to meet those goals, most people will need to save an extra 10-15% annually in addition to any employer and government benefits.
These savings are for living expenses such as healthcare, food, utilities, rent/mortgage, car payment, and any extracurricular activities after you stop working. Maximizing your contributions now will allow more time to save money for your future retirement.
The University of South Florida offers all employees (Administration, Faculty, Staff and Temporary) the opportunity to participate in two (2) tax-deferred programs: The 403(b) Savings Plan and/or 457 Deferred Compensation plans. These voluntary deferral programs give our employees the opportunity to save money for retirement while reducing their current income tax liability, while helping to maximize contributions.
Click here for IRS Contribution Limits, and review the materials available in the Resources section below to find valuable information on financial goal setting and tools available to you.
The below webinar information is offered to all employees at USF and contains informative retirement information. They are presented by the two 403(b) providers, TIAA and Fidelity. There are options for both live and recorded sessions for your convenience.
403(b) Savings Plan
A 403(b) plan is a tax-savings retirement plan available to public institutions, ministers and employees or non-profit organizations and certain hospitals. It is similar in structure to a 401(k).
USF and the Division of Human Resources have taken strides to improve the retirement options for USF’s employees; click here for the Voluntary 403(b) Savings Plan and Adoption Agreement.
All USF employees who receive compensation reportable on an IRS W-2 form are eligible, as long as they contribute at least $200 per year. You may enroll as soon as you are hired.
How to Enroll in a 403b plan
- Log in to NetBenefits.com/usf or call 1-800-343-0860 to choose your provider (Fidelity and TIAA), designate your contributions and investment elections to open your Voluntary 403(b) account.
A 403(b) plan allows eligible employees to save on a pre-tax or after-tax (Roth)
basis through salary deduction. Review the Plan Details page for a comprehensive overview of the Plan, including available investments for both provider companies (Fidelity and TIAA).
Enrollment can be completed at any time. Once you are enrolled, you may review and change your contributions at any time. A helpful User Guide is available to assist you with navigating the NetBenefits website.
Additional contributions by another employer into a qualified account should be considered in the calculation for the IRS limits for the year. It is your responsibility to ensure you do not exceed these IRS limits.
How to Change Your Contribution Amount
- Log in to NetBenefits.com/usf or call 1-800-343-0860 to update your contributions.
Changes can be made at any time and will generally take effect within 1 to 2 pay periods.
How to take a Loan or Hardship Withdrawal
USF's 403(b) Plan allows loans and hardships for specific circumstances from active providers. If you have a qualified account with one of USF's active investment companies, you may be eligible to take a loan or hardship withdrawal from your 403(b) account. Click here for more information on USF's Loan Policy.
Here are the steps to begin the process:
- For Fidelity participants: Log in to NetBenefits.com/usf or call 1-800-343-0860 to begin the process.
- For TIAA participants: Log in to TIAA or call 1-800-842-2252 to begin the process.
- Return any required paperwork to your investment provider to process your request.
- For more information, visit the Loan section of Plan Basics on the NetBenefits.com/usf website.
457 Florida Deferred Compensation Plan
Contributing to the Florida Deferred Compensation Plan is voluntary. Contributions are made through payroll deduction and forwarded to a participating investment provider. Taxes on earnings and contributions are deferred until you receive them as income.
How to Enroll
How to Change Your Contribution Amount
Changes can be made at any time. Contact the Florida Deferred Compensation office online via the Deferred Compensation's website via quick button processing, LiveChat or via email to DeferredCompensation@myfloridacfo.com. You can also contact your investment provider to initiate a change.
Phone lines are not currently actively monitored due to COVID-19. You can call them at (877) 299-8002 to leave a message and a representative will return your call.
Loan and Hardship Withdrawals
The Florida Deferred Compensation Program allows loan and hardship withdrawals under the plan. For information on eligibility contact the Florida Deferred Compensation office at (877) 299-8002.
- List of 403(B) Savings Plan Provider Contact List
- Calculator to estimate your IRS annual limit. Click here
- USF Credit Union Resource Center
- Social Security Retirement Calculator
- Setting Financial Goals (Video)
- Budgeting (Video)
- Determining a Target Retirement Saving Rate (Video)
- Debt Management (Video)