UCF Mandatory Retirement Plans
- Florida Retirement System (FRS) Pension Plan (Eligible: A&P, Faculty and USPS)
- Florida Retirement System (FRS) Investment Plan (Eligible: A&P, Faculty and USPS)
- State University System Optional Retirement Program (SUSORP) (Eligible: A&P and Faculty; Mandatory: College of Medicine Faculty)
- FICA Alternative Plan (FAPLAN)/FICA Replacement Plan (Mandatory: Post-Doctoral Associates, OPS Non-Students, Adjunct Faculty and Medical Residents)
If you are a reemployed retiree returning to work in a SUSORP eligible position, you must enroll in the SUSORP plan. If you are a reemployed retiree returning to work in a non-SUSORP eligible position, you must enroll in the FRS Investment Plan. *Note: The reemployed retiree renewed membership does not apply to retirees of the FRS Pension Plan.
Decision Making Tools
- Retirement Plan Comparison Brochure: Compares the FRS Pension Plan, FRS Investment Plan and SUSORP
- FRS New Hire Video: Compares the FRS Pension Plan and FRS Investment Plan
New Hire Resources
- How to Enroll in UCF Mandatory Retirement Plans
- Retirement Online Login Instructions: For Florida Retirement System (FRS) Members
UCF Voluntary Retirement Plans
*Please Note: All UCF employees (regardless of their classification) are eligible to participate in the voluntary UCF 403(b) and Bureau of Deferred Compensation 457 retirement plans.
- How to Enroll in a New Voluntary Retirement Plan: Instructions for enrolling in a new UCF 403(b) and Bureau of Deferred Compensation 457 plan.
- Vendor Contact Information
- Investment Menu
- Salary Reduction Agreement
- How to Make Changes to an Existing Voluntary 403(b) Retirement Plan via Employee Self Service
- Summary Plan Description
- 15-Year Service Catch-Up Agreement
- CAPTRUST Advice Desk: Free resource for all active UCF employees.
Loans & Hardships
*Note: Loans/Hardship Distributions are not permitted in the State University System Optional Retirement Program (SUSORP). They are only permitted in the voluntary 403(b) accounts, with the exception of 403(b)(7) accounts with Fidelity, T-Rowe Price & Vanguard.
457 Deferred Compensation Plan
Additional Voluntary Retirement Plan Resources
The SUSORP is a 403(b), Internal Revenue Code, qualified defined contribution plan that provides full and immediate vesting of all contributions submitted to the participating companies on behalf of the participant. Employees in eligible positions (Faculty and A&P filling line positions) are compulsory participants in the Optional Retirement Program during the first 90 days of employment. If the employee fails to execute the enrollment form ORP-Enroll, choosing SUSORP membership and a provider company during that 90-day period, the employee will be defaulted to FRS membership.
The University of Central Florida contributes on behalf of the participants an amount equal to 5.14% of the participant’s bi-weekly gross salary as required by law. In addition, effective July 1, 2011, each participant is required to contribute 3% of their gross salary. Participants may also contribute a voluntary amount up to 5.14% of their own salary, however they are not required to do so. The mandatory 3% contribution does not count toward any voluntary contributions. Please view the following state website for more information at
To Make Changes to ORP Contributions:
- Participants must submit a completed ORP-Change form.
As a participant of the SUS ORP, you have several options available to you regarding the distribution of your employer-funded benefits. Keep in mind that in order to receive these benefits, you must be terminated from all employment with all Florida Retirement System employers.
Currently, the following options are available:
- A lump-sum distribution to the participant;
- A lump-sum direct rollover distribution to an eligible retirement plan, as defined in s. 402(c)(8)(B) of the Internal Revenue Code.
- Periodic distributions.
- A partial lump-sum payment.
- Such other distribution options as are provided for in the participant’s optional retirement program contract.
For more information regarding these options, as well as survivor and death benefit options, contact your ORP provider.
Note: These options, as well as all of the regulations governing the administration of the SUSORP, can be found in 121.35, F.S.
The five approved participating companies (and local representatives) with which participants must invest their ORP funds are:
- AXA Equitable
- MetLife Insurance Company USA
- VALIC Retirement
The Omnibus Reconciliation Act of 1990 (OBRA 90) introduced into the law IRS Section 3121(b) (7) (f). As a result, temporary employees of a government entity may deposit money into a private retirement plan instead of Social Security. Under the UCF 401(a) FICA Alternative Plan participants contribute 7.5% of their compensation to an account in their name. Enrollment in the plan is mandatory and automatic for all OPS non-students, Medical Residents, Post-Doctoral Associates and Adjunct Faculty. Full-time student employees, Graduate Assistants, Graduate Teaching Assistants, Graduate Research Assistants, and employees holding dual compensation positions do not currently pay Social Security taxes and will not be enrolled in the plan.
Please be advised that the FICA Alternative Plan is considered to be a “tax qualified plan” for purposes of determining your ability to make before-tax contributions to an individual retirement account (“IRA”). If your total income (or, if married and filing a joint return, the total income of you and your spouse) exceeds certain levels you may not be eligible to make before-tax contributions to an IRA due to your participation in the FICA Alternative Plan. Accordingly, you may want to seek the advice of your individual tax advisor before making IRA contributions.
Contributions to the plan are made on a pre-tax basis. This is the least expensive way to save for retirement, and allows participants to accumulate a higher retirement benefit. Participants pay no taxes on their earnings or contributions in their accounts until retirement. Both UCF and participating employees permanently save the 6.2% Social Security tax. Any benefits which the participant has earned under Social Security or any other retirement plan will not be reduced by participating in this plan.
Participation in the plan is mandatory. Eligible employees will be automatically enrolled in the plan as of their first paycheck. Once a contribution has been made to the plan, the employee will receive an Enrollment/Designation of Beneficiary form and an introduction letter from TIAA CREF, the plan Administrator. The plan is funded with TIAA CREF’s Life Cycle fund. However, employees can opt to diversify their funds among other investment options with TIAA CREF.
Withdrawals from the plan may be made at the following times:
- Termination of employment (including retirement)
- Participant’s total disability
- Participant’s death
Withdrawals from your account may be made in a lump-sum cash payment (IRS 10% penalty on early withdrawals may apply) or plan balances may be rolled over to an IRA or other eligible retirement plan. No IRS penalty applies to these transfers.
TIAA CREF (Teachers Insurance and Annuity Association, College Retirement Equities Fund) is the recordkeeping and administrative firm that specializes in qualified retirement plans. They offer a wide range of investment products and services designed to meet specific financial needs. For more information, participants can contact TIAA CREF at 1-800-842-2776 or by accessing their website at http://www1.tiaa-cref.org/tcm/ucf/.
Bencor was the recordkeeping and administrative firm prior to April 13, 2007. These duties have been transferred to VALIC. For account information and distribution requests prior to this date, please contact VALIC at 1-800-448-2542 or visit their website at www.valic.com
One way to meet long-term financial goals is to participate in tax-deferred programs that serve to supplement employer-sponsored retirement plans. The IRS defines the 403(b) and 457 plans that are available to all UCF employees as retirement plans. This designation brings with it specific rules regarding but not limited to loans, hardship distributions, rollovers, in-service distributions, and plan-to-plan transfers.
Given that 403(b) and 457 plans are designed for long-term planning, employees should consider alternative options to save for immediate needs.
*ROTH option available through all participating 403(b) companies.
The 457 plan is administered by the State Office of Deferred Compensation; employees interested in more information may call 1-877-299-8002 or visit their web site at www.myfloridadeferredcomp.com.