Voluntary Retirement options – 403(b) and Roth 403(b)
Traditional Pre-Tax 403(b)
For employees wishing to better prepare for retirement by setting aside additional funds, one option is the pre-tax 403(b) plan. These plans allow employees to defer money prior to taxes being withheld. UWF partners with six companies that offer 403(B) Tax Deferred Annuity Plans to employees including OPS (but not student employees). Participants may start, stop, increase, or decrease contributions at any time of the year.
Funds placed in Tax Deferred Annuity plans are not tied to State Retirement Plans. Under very limited conditions funds may be withdrawn prior to retirement for loans or qualifying hardships, but in most cases a penalty may have to be paid, and in all cases the money withdrawn would be subject to current federal income taxes (see below for more information on these types of distributions).
Employees interested in information regarding the University of West Florida's Tax Deferred Annuity programs may contact the agents on our dedicated representative Contact list for information on the available plans. Forms used to change contribution amounts must be submitted to the Human Resources Benefits Team, who can also assist with questions regarding IRS maximums and amounts contributed so far for the year.
Roth 403(b) Plans
UWF employees (including non-student OPS) may elect to participate in Roth (403B) After-Tax Annuity Plans. These plans allow employees to make after-tax contributions to annuities that allow for tax-exempt growth.
Funds placed in Roth 403(b) After-Tax Annuity plans are not tied to State Retirement Plans. The combined total 403(b) contributions made to both a Tax Deferred Annuity and the Roth After-Tax Annuity are currently limited to $23,500.00 annually with provisions for 50+ additional deferrals. You may start new Roth accounts, change providers, change deferral amounts, or start/stop contributions at any time.
Employees interested in information regarding the University of West Florida’s Roth 403(b) programs may contact the agents shown below for brochures outlining the available plans. Forms used to change contribution amounts must be submitted to the Human Resources Benefits Team, who can also assist with questions regarding IRS maximums and amounts contributed so far for the year.
| Company | Representative | Phone Number | Email Address |
|---|---|---|---|
| Voya | Samantha Wells Karla McFarland |
850.291.5379 850.203.0901 |
swells@gaborfs.com kmcfarland@gaborfs.com |
| MetLife | Joseph Peterson | 850.478.7955 | josephrpeterson@financialguide.com |
| Corebridge (formerly AIG/VALIC) | Jesse Wickham Dexter Leger |
850.418.3686 850.477.0063 |
jesse.wickham@corebridgefinancial.com dexter.leger@corebridgefinancial.com |
Certificates for 403(b) Loans and Hardship Withdrawals
Employees wishing to learn more about 403(b) Loans and/or Hardship Withdrawals are encouraged to speak with their company agent as listed on our representative Contact list for further information. In order to request one of these types of distributions, a certificate from Retirement Manager is required.
The Retirement Manager website also provides aggregate balance information across investment providers and educational tools that employees may wish to use on their path to retirement. For further assistance with the website, the Retirement Manager support line, 866.294.7950, is available for UWF employees regardless of their provider company selection. The participant support line is available Monday through Friday (excluding holidays) from 7:00 AM to 6:00 PM Central time.
If any additional information or assistance is needed, please contact the Human Resources Benefits Team at 850.474.2694 or hr@uwf.edu.