Preguntas Frecuentes
The Plan is not limited by the Open Enrollment Period, and eligible employees may enroll in the Plan at any time of the year*.
- Use el Inscribirse Ahora button on MyFloridaDeferredComp.com to fill out and submit the online EZ Enrollment Form.
- Print and complete the EZ Enrollment Form, located at MyFloridaDeferredComp.com, under Publications, Administrative Documents, and Forms. Either fax (850-488-7186) or mail (200 East Gaines Street, Tallahassee, FL 32399) the completed form to the Bureau of Deferred Compensation.
- Contact an Investment Provider to set up enrollment.
- Set up enrollment using an Investment Provider’s online enrollment procedure, via the Provider’s website.
*Processing of paperwork and IRS limitations will determine the exact date deferrals will start after enrollment has been initiated.
- Easy to understand fee structure
- Penalty-free withdrawals after separation from employment
- Lower current taxable income through automatic pre-tax payroll contribution
- Excellent investment options, including Fixed Accounts, Target Date Funds, and numerous Mutual Funds
- Penalty-free account modification, such as contribution change, investment reallocation, and Investment Provider addition/replacement
- Rollover other pre-tax retirement accounts into the Florida Deferred Compensation Plan
- Dedicated customer service and professional investment performance oversight from the Bureau of Deferred Compensation and the Plan’s Investment Providers
- Immediate vesting
The Florida Deferred Compensation Plan is offered to all State of Florida employees. This includes OPS employees, and employees of the State University System, the State Board of Administration, and other Government Employers, including Counties*, Cities*, State Colleges*, Special Districts*, Water Management Districts*, and more*.
*Subject to employer participation.
The Florida Deferred Compensation Plan has three Investment Providers and a self-directed brokerage option. The Plan offers three types of investments: Fixed Accounts, Target Date Funds, and Mutual Funds. The Bureau of Deferred Compensation publishes the “Informe de Rendimiento Trimestral” that presents the historical rates of return and expense ratios for all investment products available in the Plan. This report compares the performance and fees and should be reviewed before enrollment in the Plan. The “Informe de Rendimiento Trimestral” is in the Plan Watch Booklet* and the booklet is updated after each report has been created. The Plan Watch Booklet está disponible en MyFloridaDeferredComp.com según las Publications, Administrative Documents, and Forms.
*If you would like to receive this booklet by mail, please contact the Bureau of Deferred Compensation.
The minimum contribution is $20 per monthly pay period or $10 per bi-weekly pay period. Contributions cannot exceed 80% of a Participant’s paycheck. The maximum contribution limits for 457b retirement plans are determined by the Internal Revenue Service and are updated yearly. For the most up-to-date maximum limits, see Internal Revenue Code (IRC) Section 457b at IRS.gov, or view the current contribution limits and suggested bi-weekly and monthly deferral amounts at MyFloridaDeferredComp.com under Publications, Administrative Documents, and Forms.
View the Current Contribution Limits and Suggested Bi-Weekly and Monthly Deferral Amounts
Yes, Participants may stop*, restart, decrease, or increase contributions at any time. There are deadlines for making changes to contribution amounts, which are based on payroll warrant date deadlines. Please consult the Bureau of Deferred Compensation for more information about warrant date deadlines.
*Stopping a contribution to the Plan does not cancel or close the account and balances must remain in the Plan until separation from service.
- Periodic Distribution (on a schedule)
- Partial Distribution (taken when needed)
- Full Distribution (liquidate the account)
- Roll Out (move out of the Plan)
The Investment Provider will withhold the mandatory 20% for Federal Income Taxes for lump sum distributions, partial distributions, and those with less than a 10-year payout. Additional taxes can be withheld if necessary. Please contact your Investment Provider if you wish to increase the amount of your withholding.
There may also be a 10% penalty if you are taking a distribution from your DROP 401a assets that have been rolled into the Deferred Compensation Plan if you are under the age of 59 ½. Exceptions to this 10% penalty are for:
1) Separation from service in or after the year you turn 55 (or age 50 for eligible public safety employees).
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2) Distributions that are made at any age as part of substantially equal periodic payments (made at least annually) until you reach 59 ½, at which time you may change distribution methods. Please contact a tax advisor or call the FRS Guidance Line at 1-866-446-9377 (Option 2) for additional information.
A Participant is required to receive distributions on April 1st of the calendar year following the year of reaching age 70½*, then every year thereafter. However, if a Participant is still employed by the State of Florida when they turn 70½, they are not required to begin a distribution and can continue to make contributions into the Plan. Please see your tax advisor for additional information.
*The SECURE Act may impact certain employees. Please contact your Investment Provider for more information.
The Department of Financial Services analyzes the financial condition of the investments on a quarterly basis. All assets of the Plan are held in trust for the exclusive benefit of Participants and their beneficiaries. The State of Florida owns such assets and the Chief Financial Officer of Florida acts as Trustee, while the Participants and their beneficiaries hold the equitable interest. This trust fund is, by definition, not subject to the claims against and the creditors of the State of Florida.
Participants have the option to designate both Primary and Contingent beneficiaries* to receive the account balance upon death. If any Primary Beneficiaries predecease the Participant, that portion will go to any Contingent Beneficiaries. If both Primary and Contingent Beneficiaries predecease the Participant, or in the absence of any selected beneficiaries, the account becomes part of the deceased Participant’s estate. Beneficiaries may elect to receive a one-time lump sum distribution, partial distribution, or receive payments for the remainder of their life or another specified period.
*Participants can make or update beneficiary designations at any time; however, it is recommended to designate them as soon as possible, preferably at enrollment.
Consulte las Informational Videos on the Florida Deferred Compensation Plan website. The Bureau of Deferred Compensation will, periodically, update the website with new videos, designed to inform employees about the Deferred Compensation Plan. Learn how to enroll in the Plan, what types of investments are in the Plan, and more.
This website is intended to provide information about the State of Florida's Government Employees Deferred Compensation Plan. It is not intended as investment, legal, or accounting advice. If investment advice or other expert assistance is required, the services of a competent professional should be sought. For changes to your account, go to your Investment Provider's website and log in using the ID and password you created for that Investment Provider.