Special Pay Plan

Special Pay Plan Overview

The Special Pay Plan is a defined contribution plan authorized under Section 401(a) of the Internal Revenue Code. It is available to Faculty and TEAMS employees who receive vacation and/or sick leave cash-outs of $5,000 or more. The cash-out funds, not subject to Social Security taxes, are used to set up a tax-deferred account in the participant’s name. Participants have control over how to allocate the money among available investment funds.

How the Process Works

To participate, employees work with their department to initiate a leave cash-out. The process usually takes six to eight weeks from initiation to account establishment.

IRS Contribution Limits

The plan’s contribution limit is based on our fiscal year. To find the maximum allowable contribution, please visit the Retirement Plan Contribution Limits page. The eligible amount for this plan is fifty percent of the employee’s total fiscal year earnings (regular wages plus the leave cash-out).

Publications

• Plan Document
• SPP Info Letter

Resources

• Fidelity NetBenefits Portal
• Schedule an In-Person or Virtual Appointment
• Representatives
  • JT Carpenter
    • 352-547-6600
    • jt.carpenter@fmr.com
  • Gene Varela
    • 407-335-0834
    • gene.varela@fmr.com

Loans/Hardship Withdrawals

Loans and hardship withdrawals are not permitted.

Update My Beneficiary

Log in to your Fidelity account to update your beneficiary information.