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Voluntary Contributions

Tax-Sheltered Contributions to your SUSORP Account

In addition to the employer contributions being made to the ORP on your behalf, you may also choose to set aside additional money for your ultimate retirement. You may voluntarily elect to contribute a percentage of your earnings (up to 10.42 percent), subject to federal limits established under Secs. 403(b)2, 415(c), and 402(g) of the Internal Revenue Code. You have the option of directing these contributions to be invested among any of the approved products that are part of the ORP.

Tax-Sheltered Contributions to Other Plans

As an SUSORP participant, you are also permitted to make voluntary contributions to investments authorized under Sec. 403(b)(7) of the Internal Revenue Code - also known as "custodial accounts" - without first contributing the maximum amount to the SUSORP, if such an option is made available to you by your University or by the United Faculty of Florida.
If you are participating in the State's Deferred Compensation Plan (offered under Sec. 457 of the Internal Revenue Code), there is a maximum amount of income you are allowed to defer under that plan. Contributions that are made to the ORP, either by your employer or through your own voluntary elections, may be counted as part of that maximum deferral. You may wish to consult a financial advisor or your ORP provider company regarding these maximums.
It is your responsibility to ensure that your aggregated contributions to all 457 and 403(b) plans do not exceed IRS limitations, regardless of whether such limits apply to 457 contributions or 403(b) contributions.
For more on this subject, please see Contributions and Tax Considerations.
E-mail your SUSORP comments or questions to us. Please include your name, mailing address, e-mail address, the last four digits of your social security number (SSN), and your phone number if you require an answer from us.