State University System Optional Retirement Plan (ORP)
The ORP is an employer sponsored retirement savings plan available to eligible employees through payroll deduction. A defined contribution plan, the ORP provides full and immediate vesting of all tax-deferred contributions submitted to state approved participating companies on behalf of the employee. ORP-approved employees have 90 days to choose ORP membership or be defaulted to membership in the Florida Retirement System (FRS).

The Gabor Agency offers variable annuity products through participating companies in the ORP Program, allowing you to control your investment portfolio. Gabor representatives are on campus daily to advise you on which options will best meet your retirement needs.

403(b) Retirement Savings Plan
A 403(b) is an employer sponsored retirement savings plan. The Traditional and Roth 403(b) plans differ mainly as to when contributions, earnings and withdrawals are taxed.

Traditional 403(b) Retirement Savings Plan
Similar to a 401(k), a Traditional 403(b) is an employer sponsored retirement savings plan. Contributions are deducted directly from your paycheck, before taxes are applied, thereby lowering your taxable income. Lower taxes means you keep more of your money. Your contributions grow on a tax-deferred basis allowing your plan to compound at a greater rate than a taxable account.

Once you become eligible to withdraw these contributions and their earnings, the withdrawal will be taxable. Normal IRS rules regarding withdrawals and plan eligibility apply.

Roth 403(b)
A Roth 403(b) is an employer sponsored retirement savings plan. Contributions are deducted directly from your paycheck, after taxes, meaning you'll never have to pay federal income taxes on your contributions or earnings, even when you withdraw the money. Normal IRS rules regarding withdrawals and plan eligibility apply.

457 Deferred Compensation Plan
Higher education employees may participate in a 403(b) Tax-Deferred Plan and 457(b) Deferred Compensation Plan at the same time, allowing for additional tax-deferred retirement savings.

A 457 Deferred Compensation plan is a State of Florida sponsored retirement savings plan which allows employees to make pre-tax contributions through payroll deduction. Once you become eligible to withdraw these contributions and their earnings, the withdrawal will be taxable. You are subject to the normal IRS rules regarding withdrawals and plan eligibility.

Deferred Retirement Option Plan (DROP) and FRS Planning
Our specialists are available to help DROP and FRS partipants manage their funds and investments to maximize income generation, investment growth and to plan properly for wealth transfer and expenses after retirement.

Non-Employer Sponsored Financial Plans

Individual Retirement Accounts (IRA'S)
An Individual Retirement Account (IRA) is a program you set up to prepare for retirement. Gabor offers two types of IRAs: Traditional IRAs and Roth IRAs.

Traditional IRA
A Traditional IRA allows you to save pre-tax dollars for retirement. Your contributions are made before taxes are calculated on your income and you don't pay taxes until you withdraw money. Normal IRS rules regarding withdrawals and plan eligibility apply.

Roth IRA
A Roth IRA allows you to contribute after-tax dollars into an individual retirement savings plan. Contributions are made after taxes, meaning you'll never have to pay federal income taxes on your contributions or earnings, even when you withdraw the money. Normal IRS rules regarding withdrawals and plan eligibility apply.

College Savings Plan
A college savings plan is a tax-advantaged investment vehicle designed to encourage saving for future higher education expenses of a designated beneficiary. There are two types of College Savings plans: prepaid and savings.

Prepaid plans
Tuition credits may be purchased at present value for use in the future when tuition may be higher. Performance is based upon tuition inflation.

Savings plans
Growth is based upon market performance of the underlying investments.

Mutual Funds
Gabor offers a wide range of mutual funds to employees who wish to contribute either to their 403(b) account, IRA, or non-qualified investment portfolio.

As always, your Gabor representative is on campus daily and available to answer any questions you may have about your retirement benefits. Click here to have a Gabor representative contact you.