Florida Optional Retirement Program

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Retirement plans

Your employees deserve a plan that fits their needs, preferences and situations



VALIC is a leading plan provider for K-12, higher education, healthcare, government and other not-for-profit institutions. Our expertise can help make plan administration simple and precise.

Explore the Different Types of Retirement Plans by VALIC
A plan type for any organization. The descriptions below detail which type of plan is available to what kind of organization. Rest assured that VALIC will help you identify the plans that may be right for your organization.
403(b) plan
Open to public educational employers and private not-for-profit 501(c)(3) organizations. Funded by the employee through elective, tax-deferred contributions and by the employer on a basic, matching or discretionary basis. Employee and employer contributions are tax deferred, but total contributions are limited. Income tax is due upon withdrawal and a 10% federal penalty may apply to early withdrawals.

Roth accounts can be added to a 403(b) plan that allows employees to make after-tax contributions in which earnings will not be taxed if received as a "qualified distribution."
401(k) plan
Open to all nongovernmental employers. This is a profit-sharing plan with the added feature of employee salary-reduction contributions. Employee and employer contributions are tax deferred, but total contributions are limited. Income tax is due upon withdrawal and a 10% federal penalty may apply to early withdrawals.

Roth accounts can be added to a 401(k) plan that allows employees to invest after-tax contributions in which earnings will not be taxed if received as a "qualified distribution."
401(a) plan
Open to all types of employers. These plans allow you to offer extra retirement savings to your employees, and contributions grow tax deferred until distribution.

457(b) deferred compensation plan
Open to state and local governmental employers, and to certain church-affiliated tax-exempt employers sponsoring non-ERISA plans. Basically, these plans allow employees to defer some portion of current income until retirement, providing a current tax advantage and tax-deferred growth. Contributions are limited. Income tax is due upon withdrawal and a 10% federal penalty may apply to early withdrawals.
Executive Deferred Compensation (EDC) –457(b) and 457(f)
An EDC plan offers benefits to both employer and employees and is used to attract and retain highly skilled executive talent. Generally tailored to benefit a select group of management or highly paid employees. These nonqualified plans are used to augment tax-qualified retirement plans and may allow additional contributions. VALIC offers EDC 457(b) plans for private tax-exempt organizations, 457(f) for private tax-exempt and governmental organizations, and EDC plans for for-profit employers.
415(m) plan
These plans can permit public employers to make contributions in excess of the limitations that apply to their 403(b) or 401(a) plans. The rules governing 415(m) plans are also different from those governing 403(b) and 401(a) plans.

Retirement Plan Options
  • 401(k)
    403(b)
    Roth Accounts
    457(b)
    Side-by-Side Plans
    401(a)
    403(a)
    Top Hat Plans (Executive Deferred Compensation)
    - 457(b)
    - 457(f)
Specialty and Small Business Plans
  • Alternative Plans
       - Special Pay
       - Deferred Compensation Alternative
       - FICA Alternative

    Health Reimbursement Arrangement (HRA)

    Small Business Plans
       - Simplified Employee Pension (SEP) IRAs
       - Savings Incentive Match Plan for Employees (SIMPLE) IRA

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