Summary
Florida State University offers all employees (A&P, Faculty, USPS and OPS) the opportunity to participate in a 403(b) Tax-Sheltered Annuity plan and/or a Roth 403(b).
A Tax-Sheltered Annuity 403(b) Savings Plan account allows participants to save money for retirement while reducing their income tax liability. Taxes on earnings and contributions are deferred until received as income, preferably at retirement. A Roth 403(b) account allows participants to pay taxes on contributions now but receive qualified withdrawals (including earnings) tax-free at retirement. Contributing to either plan is voluntary. Contributions are payroll deducted on a pre-tax basis for Tax-Sheltered Annuity 403(b) participants and/or on a post-tax basis for Roth 403(b) participants and are forwarded to a participating investment company where they are invested per the participating employee's instructions.
| Tax Sheltered Annuity and Roth (403b) Companies: |
How do I enroll in a Tax-Sheltered Annuity 403(b) and/or a Roth 403(b) plan, or make changes to my contribution amount?
New or existing contributions can be started, stopped, or changed at any time in the Retirement@Work portal, which employees can access using their existing FSUID and password. Once logged in, the portal provides eligible participants a convenient place to set-up new contributions and open an investment account with their chosen provider(s). In addition, returning users have the option to update their existing contributions, change their investment providers, set up an automatic increase and/or monitor the progress of their investments. Please reference the Retirement@Work Quick Start Guide for additional information.
Note: If you enroll in payroll deductions but do not open an account with your chosen investment provider(s), the contributions will be directed to an age-appropriate Target Date Fund. However, once an account has been established, you can change your investment selections at any time.
Is there a minimum/maximum contribution amount in the 403(b) Savings Plans?
Participants are permitted to make voluntary contributions of $10 bi-weekly, up to the annual IRS limits (based on the age of the participant) to 403(b) plans. For the 2024 calendar year, the limits are as follows:
- Under age 50: $23,000
- Age 50 or above at any point in 2024: $30,500
