All newly hired College of Medicine faculty are placed into the ORP (Optional Retirement Program) as a means to save for retirement. This is a Defined Contribution plan with immediate vesting of both the employer and employee contributions.
The university’s contribution towards your ORP account is 7.42% of your annual salary (up to $245,000). This contribution is made in addition to a mandatory 3.00% employee contribution. You are also allowed to contribute up to $16,500 ($22,000 if age 50 or older in 2011) annually on a pre- or post-tax basis to this account as well.
In addition to the ORP plan, you may also elect to make contributions a 457 Deferred Compensation Plan. Like the ORP, you are allowed to contribute up to $16,500 ($22,000 if age 50 or older in 2011) annually. This may only be done on a pre-tax basis. There are no employer contributions for the 457 plan.
More information about the University of Florida retirement programs may be found at the Human Resources retirement webpage – www.hr.ufl.edu/retirement/