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Retirement Income Planning and Strategies

There are a number of valuable retirement investment services and products to choose from: employer-sponsored retirement savings plans, SUSORP, 403(b) and Roth 403(b) (may not yet be available at your university), 457 retirement savings plans, FRS, Traditional and Roth IRAs, Mutual Funds, fixed and variable annuities, 529 college savings plans and more. Our advisors are here to guide you through this collection of choices.

How Our Advisors Can Provide Everyday Guidance

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

403(b) Retirement Savings Plan
Like a 401(k), a Traditional 403(b) Retirement Savings Plan is an employer-sponsored retirement savings plan where contributions are deducted directly from your paycheck before taxes are applied thereby lowering your taxable income. 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 withdrawing money (if certain conditions are met). Normal IRS rules regarding withdrawals and plan eligibility apply (may not yet be available at your university).

457 Deferred Compensation Plan
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.

*Note: higher education employees may participate in a 403(b) Tax-Deferred Plan and a 457 Deferred Compensation Plan at the same time which allows for additional tax-deferred retirement savings.

Deferred Retirement Option Plan (DROP) and FRS Planning
DROP and FRS planning can feel overwhelming and cumbersome at first. See our in-depth description of what these plans can offer you here.

Traditional IRA
A Traditional IRA allows you to save pre-tax dollars for retirement.  Normal IRS rules regarding withdrawals and plan eligibility apply.

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

College Savings Plans
In terms of 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. As for Savings Plans , growth is based upon market performance of the underlying investments.

Mutual Funds
There is a wide range of mutual funds available to employees who wish to contribute either to their 403(b) account, IRA, or a non-qualified investment portfolio. Want more information? Click here to contact Gabor!

Note: Withdrawals are taxed as ordinay income in the year received. Tax penalties for early withdrawal may apply if funds are withdrawn prior to age 59 1/2. Contributions to the Traditional IRA may be tax-deductible depending on the taxpayers' income, tax-filing status and other factors. Taxes must be paid upon withdrawal of any deducted contributions plus earnings and on the earnings from your non-deducted contributions. Prior to age 59 1/2, distributions may be taken for certain reasons without incurring a 10 percent penalty on earnings. Contributions to a Roth IRA are not tax deductible and there is no mandatory distribution age. All earnings and principal are tax free if rules and regulations are followed.

Participation in a 529 College Savings Plan (529 Plan) does not guarantee that contributions, if any, will be adequate to cover future tuition and other higher education expenses or that a beneficiary will be admitted to or permitted to continue to attend an institution of higher education. Contributors to the program assume all investment risk, including potential loss of principal and liability for penalties such as those levied for non-educational withdrawals. Depending upon the laws of the home state of the customer or designated beneficiary, favorable tax treatment or other benefits offered by such home state for investing in 529 college savings plans may be available only if the customer invests in the home state's 529 college savings plan. Consult with your financial, tax or other adviser to learn more about how state-based benefits (including any limitations) would apply to your specific circumstances. You may also wish to contact your home state or any other 529 college savings plan to learn more about the features, benefits and limitations of that state's 529 college savings plan. For more complete information, including a description of fees, expenses and risks, see the offering statement or program description.