The University of South Florida offers all employees (Administration, Faculty, Staff and Temporary) the opportunity to participate in tax-deferred programs through 403(b) Tax Sheltered Annuities and 457 Deferred Compensation plans. These programs offer employees the opportunity to save money for retirement while reducing their current income tax liability. Taxes on earnings and contributions are deferred until you receive them as income. Contributing to a tax-deferred program is voluntary. Contributions are made through payroll deduction and forwarded to a participating investment company.
How to Enroll
- Enrollment can be completed at any time.
- Contact the 403 b providers to complete a contract
- Complete a Salary Reduction Agreement form (found in the HR Forms).
- Submit the Salary Reduction Agreement to the USFSP HR Office.
USF’s 403(b) Plan allows loan or hardship withdrawal for specific circumstances. If you have an account with one of the 403 b provider companies, you may be eligible to take a loan or hardship withdrawal from your 403(b) account.
IRS Contribution Limits 403(b) voluntary plan include:
- The elective deferral (contribution) limit for employees, who participate in 403(b) and most 457 plans, increases to $17,500 from $17,000
- The catch-up contribution limit for those age 50 and older remains unchanged at $5,500. The catch-up contribution may be made beginning Jan. 1, 2013, by participants who will reach age 50 at any time during the year.
- The overall limit for defined contribution plan deferrals from all sources (employer and employee combined) increases to $51,000 per participant from $50,000.
- The amount of employee compensation limit that can be considered in calculating contributions to defined contribution plans increases to $255,000 from $250,000.