FAU Retirement Plans



[pic] 403(b) Plan Universal Availability Notice

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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

JEFFERSON NATIONAL 800-330-6115 ING 800-330-6115

SYMETRA 800-330-6115

MetLife Resources 561-756-2627 TIAA/CREF 866- 842-3357 ext. 7458 tiaa-

Fidelity Investments 800-343-0860

T. Rowe Price 800-492-7670

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

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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 or by calling the Bureau of Deferred Compensation at 1-877-299-8002.  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 .

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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

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