Florida State University offers all eligible employees the opportunity to participate in voluntary retirement plans. These retirement plans offer salaried and OPS employees the opportunity to save pre-tax and post-tax money for retirement, up to the IRS limit for each plan type.
Participation is voluntary and deposits are made through payroll deduction. Employees may enroll and make changes to contributions at any time.
| Executive Service | Faculty | A&P | USPS | OPS | |
|---|---|---|---|---|---|
| Voluntary Retirement Plans | X | X | X | X | X |
| Age | Contribution Limit |
|---|---|
| < 50 | $23,500 |
| 50 > at any point in 2025 | $31,000 |
403(b) Savings Plans
All FSU employees can participate in a voluntary 403(b) Savings Plan, including a pre-tax 403(b) and/or a Roth 403(b). Both are excellent options for employees when retirement planning and are only available to FSU employees.
A pre-tax 403(b) Savings Plan account allows participants to save money for retirement while reducing their income tax liability.
A Roth 403(b) account allows participants to pay taxes on contributions now but will receive qualified withdrawals (including earnings) tax-free at retirement.
Contributions are payroll deducted on a pre-tax basis for pre-tax 403(b) participants and/or on a post-tax basis for Roth 403(b) participants. These contributions are forwarded to the participant's selected investment company.
Participating Companies
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 can update their existing contributions, change their investment providers, set up an automatic increase, and/or monitor their account balance.. Please reference the Retirement@Work Quick Start Guide for additional information.
Participants must elect and make any investment fund changes through their investment provider company’s website, which will be linked in the Retirement@Work portal.
Florida Deferred Compensation Plan (457)
All FSU employees are eligible to participate in the Florida Deferred Compensation Plan with a pre-tax and Roth option available. Enrollment is completed through their website.
The Florida Deferred Compensation Plan is an excellent resource for FSU employees to increase their retirement savings. Participants work directly with their chosen provider company to invest their funds, diversify their investment portfolio, and manage their accounts.
A pre-tax 457 account allows participants to save money for retirement while reducing their income tax liability.
A Roth 457 account allows participants to pay taxes on contributions now but will receive qualified withdrawals (including earnings) tax-free at retirement.
The Florida Deferred Compensation Plan is available to all FSU employees and is portable to other participating State of Florida employers.
Contributions are payroll deducted on a pre-tax basis for pre-tax 457 participants and/or on a post-tax basis for Roth 457 participants. These contributions are forwarded to the participant's selected investment company.
Participating Companies
Charles Schwab is also available for self-directed brokerage accounts through Corebridge Financial and Nationwide. Contact your investment provider to enroll.
If an employee is coming to FSU from another state agency, they are encouraged to contact the Florida Deferred Compensation Plan to ensure their employing agency is updated.
If you would like to use your 403(b) or 457 accounts to tax shelter your leave payout, please use the Leave Payout 403(b) Deferral Authorization Form.
Frequently Asked Questions
FSU employees are encouraged to enroll with either or both plans, depending on which will help you reach your retirement goals. Participation in these plans is voluntary, and there is no open enrollment period so you can move at your own pace.
Key benefits of these plans include:
Deferred Compensation (457):
- Easy to understand fee structure
- Helps reduce taxable income (pre-tax)
- Investments grow tax-free (Roth 457)
- Penalty-free withdrawals after separation from employment
- Competitive investment options through multiple provider companies
- The ability to roll over other pre-tax or Roth retirement accounts into the Florida Deferred Compensation Plan
- Portability to other State of Florida or participating employers if you separate from FSU employment – the enrollment follows you (be sure to notify the Florida Deferred Compensation Plan of any employer changes)
- The same contribution limit as the 403(b) plans but does not complete! (you can contribute annual IRS maximum to both account types)
403(b):
- Helps reduce taxable income (pre-tax 403(b))
- Investments grow tax-free (Roth 403(b))
- Competitive investment options through multiple provider companies
- Fund options are actively monitored quarterly by a 3rd party investment firm.
- The ability to roll over other qualified funds into your 403(b) accounts
- Only available through your employment at FSU
- Easy enrollment, changes, or stops to your contributions using Retirement@Work
Reminder: You can participate in both the 403(b) and the 457 and the contributions you make do not compete. If you want to maximize your tax sheltering contributions, participating in both plans is a great way. Voluntary Optional Retirement Program (ORP) contributions do compete with voluntary 403(b) contributions.
The Retirement@Work Quick Start Guide is a step-by-step guide that employees can reference when using the Retirement@Work Portal.
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 anytime.
You can find that information below:
There are a few options available to you. If you participate in one of the Florida Retirement System plans and are looking at participating in the Florida Deferred Compensation Plan (457), the MyFRS Financial Guidance Line may be the best fit for you! Contracted through the State of Florida and available at no cost to active FRS members, the MyFRS Financial Guidance Line is a great resource if you would like to speak with a qualified financial planner at no cost! The planners can also discuss the voluntary 403(b)s, but you must provide them with your 403(b) information. More information is available on the MyFRS website.
If you currently participate in a voluntary 403(b) or the ORP and would like to discuss either the 403(b) or the 457, you can always speak with a representative of the company you currently contribute to. These companies usually have assigned representatives available to discuss your investment options and retirement goals. Please use the answer above to reach a representative who can assist you!
We do, several times a year! Large events like the annual Benefits and Wellness Fair and New Faculty Orientation are always staffed by provider companies and state agencies. There are also periodic opportunities for webinars for both the 403(b) and 457, which are advertised on the main FSU HR page and by the providers. If you have any questions or want to inquire about the next opportunity to participate in something like this, please contact the HR-Benefits team at retirement@fsu.edu.
Participants are permitted to make voluntary contributions of $10 bi-weekly, up to the annual IRS limits (based on the age of the participant) for both voluntary plans. Contributions made to the 403(b) and 457 plans are subject to the same limit amounts, but do not compete.
For the 2025 calendar year, the limits are as follows:
Under age 50: $23,500
Age 50 or above at any point in 2025: $31,000
