403(b) Plan Universal Availability Notice
2014
Florida Atlantic University ("FAU") sponsors Florida Atlantic University 403(b) Plan (the "Plan").
Eligible employees of the University can voluntarily elect to defer a portion of their compensation to the
Plan to supplement their retirement savings.
The Plan is in addition to the plans offered to eligible employees through the State of Florida Retirement
System Pension or Investment Plan and the Optional Retirement System (ORP). Participation in the Plan
does not reduce any FAU benefits based on salary, such as Pension, Life Insurance, Disability, or
survivor benefits.
Eligibility
Generally, all employees of FAU who receive compensation reportable on a Form W-2 are eligible to
participate in the Plan. This includes all SP, AMP, Faculty (including Adjunct Professors) and temporary
(OPS) employees. Student workers are the only excluded group.
Contributions
An employee can elect to defer a portion of his or her compensation to the Plan on a pre-tax basis so that
Federal Income Tax is deferred on the contributions and any earnings thereon until distributed from the
Plan. Distributions are taxed as ordinary income for Federal tax purposes. Employees can invest their
contributions to the Plan among the investment options offered by an approved vendor under the Plan.
Employees are 100% vested in their accounts under the Plan at all times.
Contribution Limits
Annual contributions to the Plan, except for the employee mandatory 3% contribution, are limited per
IRS regulations. The contribution limits for the 2014 calendar year are: $17,500 for Basic Elective
Contributions, or $23,000 if over age 50.
Important Note: If you are an OPS classified employee or Adjunct Professor, you were
automatically enrolled in the FICA Alternative Plan. This could affect the amount of your Social
Security benefits when you retire. You may also enroll in the FAU 403(b) Plan.
Please see: FICA Alternative Plan for more information regarding the FICA Alternative Plan.
To Enroll
Eligible employees may begin participating in the Plan at any time. To enroll in the Plan, an employee
must complete both (i) an approved vendor's application to open an account and (ii) a Salary Reduction
Agreement (SRA) to elect the contribution amount. Please note: Optional Retirement Plan participants
(ORP) must first contribute the ORP maximum of 5.14% into the ORP, before opening and contributing
to a separate 403(b) account. ORP participants changing their ORP contribution percentage also need to
complete ORP form 16-A .
Non-ORP accounts are designated as a flat dollar amount. The SRA will apply only to amounts earned
after enrolling in the Plan, and an employee's election under the SRA will continue until the SRA is
modified or revoked by the employee. The SRA is available online by accessing: SalaryReductionForm
To Modify a Deferral Election
Employees may increase, decrease or stop their contributions, or change the approved vendor to the Plan
at any time. Access the Salary Reduction Agreement Form on the FAU website to make these changes.
Approved Vendors
The current approved vendors under the Plan are:
VALIC
561-995-0302
www.valic.com
JEFFERSON NATIONAL 800-330-6115
www.gaboragency.com
ING
800-330-6115
www.gaboragency.com
SYMETRA
800-330-6115
www.gaboragency.com
MetLife Resources
561-756-2627
www.metliferesources.com
TIAA/CREF
866- 842-3357 ext. 7458 www.tiaa-creg.org
Fidelity Investments
800-343-0860
www.403b.com
T. Rowe Price
800-492-7670
www.troweprice.com
Employees should contact each vendor for information about the Plan investment options and
services it offers.
More Information
Contact Benefits & Retirement or one of the approved vendors directly with questions or for help
enrolling in the Plan. A paper copy of this notice is also available at the FAU Human Resources
Department, Administration Bldg, on the Boca Raton campus or email benefits@fau.edu.
This notice is provided as a source of information and does not constitute legal, tax, or other professional advice. If legal
advice, tax advice, or other professional assistance is required, the services of a professional advisor should be sought. Every
effort has been made to make this notice as thorough and accurate as possible. However, there are other legal documents,
laws, and regulations that govern the operation of the Plan. It is understood that in the event of any conflict, the terms of the
Plan document, applicable laws, and regulations will govern.
UNIVERSAL AVAILABILITY NOTICE
FLORIDA DEFERRED COMPENSATION (457) PLAN
2014
Participation in the Deferred Compensation Plan allows you to "defer", or delay, receiving a portion of
your income until a later date; generally when you retire. The primary purpose of the Deferred
Compensation Plan is to help you save and invest a sum of money, helping to supplement your
retirement income. This income will be in addition to the benefits you are expecting to receive from the
Florida Retirement System (FRS) and the Social Security Administration (SSA).
All employees paid through FAU payroll, including OPS and Adjunct, may participate in the Plan.
Student workers are the only excluded group
Your eligibility for FRS and SSA benefits are not affected in any way. You continue to earn creditable
service towards benefits from the FRS. You continue to pay into the Social Security System each time
you are paid your salary.
The primary benefit of the Plan is that you may contribute the maximum amount allowed into the 457
Deferred Compensation Plan at the same time you contribute the maximum to other retirement plans.
You can enroll with a minimum of $10 every pay period. The maximum amount of salary that you can
defer into the Plan is the lesser of 80% of your compensation or $17,500 (in 2014). This amount is set in
accordance with IRS regulations. If you are age 50 or older, you may participate in the “50+ Catch-up”
provision. This allows a participant to contribute $23,000 in 2014.
You have the opportunity to choose from five (5) investment provider companies and one (1) on-line
brokerage firm. You may stop, decrease, increase, or restart your deductions at any time.
You have the opportunity to choose from five (5) investment provider companies and one (1) on-line
brokerage firm. Provider information can be found on our website at
www.MyFloridaDeferredComp.com or by calling the Bureau of Deferred Compensation at 1-877-2998002. Employees may enroll online at the website of the investment provider(s) that you have chosen.
If the employee ends employment you can leave your assets in the plan or begin taking a distribution
after 31 days of separation from employment. Upon termination, you may also be allowed to invest any
payment for accrued leave compensation into the Plan, as it can temporarily shelter a large portion of
their accrued leave payment from federal taxes.
You can choose to invest a portion of your accrued leave payment into the Plan, provided that you
remain within your normal maximum annual limit. If an OPS employee is hired into a full time line
position, you can continue contributing to the plan. There is not a 10% additional tax on early
distributions. You may begin receiving distributions no matter your age, 31 days after your last day of
employment with FAU or the State of Florida. Normal Federal taxes will apply to any distribution.
More information and to enroll, go to www.MyFloridaDeferredComp.com.
ACKNOWLEDGEMENT
I, _____________________________, acknowledge that I have received:
Please print your name
a).
The Summary provisions of the FICA Alternative Plan, advising me of mandatory
participation, and
b).
The Notice of Universal Availability of the Florida Atlantic University 403(b) Plan.
c).
The Notice of Universal Availability of the Florida Atlantic University 457 Plan.
_______________________________________
Employee Signature
___________________
Date
Received by Processing & Records :
________________________________________
Processing & Records Representative
_____________________
Date