FICA Alternative Plan » Benefits and Rewards » UFHR » University of Florida

FICA Alternative Plan

The FICA Alternative Plan is a defined contribution plan authorized under Section 401(a) of the Internal Revenue Code. Employees in certain temporary positions are mandated to participate in lieu of earning credit for Social Security. Participants contribute 7.50% of their wages and decide how to allocate the money in their account among the available investment funds. The benefit depends on the amount of money contributed and its growth over time.

Participation

Who participates?

  • Adjunct Faculty
  • Post Docs
  • Housestaff
  • OPS Employees (Both Exempt and Non-Exempt)

Who does not participate?

  • Faculty
  • TEAMS
  • USPS
  • Students
  • Grad Assistants
  • Fellows
  • Phased Retirees
  • Rehired Retirees

Enrollment

Enrollment is automatic.

Contribution Rates

  • Mandatory Employee: 7.50% of biweekly earnings
  • Voluntary Employee contributions are not permitted to this plan

Forms

Publications

Resources

Loans/Hardships

Loans and hardship withdrawals are not permitted.

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