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Alternative Plan to Social Security

 

While employed in a temporary position we are pleased to offer you a retirement plan called the Alternative Plan to Social Security (ALTSS).

What is the Alternative Plan to Social Security?

The ALTSS Plan is:

  • Mandatory for all employees in eligible positions (including adjuncts and temporary staff) who are not covered by one of the State of Florida retirement plans
  • A private retirement plan instead of participating in Social Security
  • A tax-qualified plan for purposes of determining your ability to make before-tax contributions to a 403b
  • Administered by TIAA

How much is contributed?

  • You contribute 7.5% of pre-tax wages to your investment account. These contributions are in lieu of Social Security (FICA) taxes.

What are the provisions of the ALTSS Plan?

Plan highlights:

  • Contributions are deposited into an account in your name.
  • You are immediately vested.
  • Contributions are pre-tax meaning your taxable income is reduced.
  • Your contributions will be invested in the TIAA Traditional Account, which is the default investment option chosen by the College plan, unless you select a different investment. You may select or change investment options once your account is established.
  • You are not subject to Social Security taxes while covered by this plan and you do not earn Social Security credit.
  • Benefits you have earned under any other retirement plan, as well as Social Security benefits, will not be reduced.
  • Your funds are portable if you terminate employment.

Are Loans and Hardships Withdrawals Permitted?

  • No loans or hardship withdrawals are permitted on the Florida State College at Jacksonville Alternate Plan to Social Security.

How can I access my account?

  • Contributions are placed in an account at TIAA. Once the initial contribution is made, access your account online at https://www.tiaa.org/public/tcm/fscjacksonville/home. Click on Alternative Plan to Social Security, then select the Log In box and follow the prompts. The website offers many useful services, including managing your account and designating a beneficiary.

I still have questions, where can I learn more?

Contact TIAA: