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Below are the important features of the Florida Deferred Compensation Plan. This website is intended to be a summary of the plan provisions. In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail.
The Florida Deferred Compensation Plan is available to all State of Florida employees, including OPS employees and employees of the State University System, the State Board of Administration, the Division of Rehab and Liquidation, Special Districts*, and Water Management Districts.*
If you need assistance to determine your Plan eligibility, please contact the Deferred Compensation Office at (850) 413-3162 or toll-free at (877) 299-8002.
*Subject to employer participation
Contributing to the Deferred Compensation Plan can help you save at a comfortable pace to create a greater benefit for you in retirement. Pre-tax contributions to the Plan are made automatically through payroll deduction, which can help to lower your current taxable income. The minimum contribution is $20 per monthly pay or $10 per bi-weekly pay, but contributions cannot exceed 80% of your paycheck. When you contribute a percentage of your pay instead of a flat dollar amount, though, your retirement savings get a raise every time your salary does. The maximum annual contribution amount to the Plan is set by Internal Revenue Service (IRS) guidelines on a yearly basis. You may view the current limits here.
You have the flexibility to choose how to invest your savings in the Florida Deferred Compensation Plan.
- Make elections for your future contributions and your existing balance.
- Transfer between funds on a dollar amount or percentage basis.
- Reallocate your total balance to different funds.
- Automatically rebalance to the investment elections you have on file at a frequency of your choice.
You can choose an investment style based on your level of investment experience and how “hands-on” you want to be in managing your investments. Visit the Investments section for more information about the investment options and their performance.
Consolidate Former Employer Retirement Plans
Many qualified pre-tax retirement accounts can be transferred into your Deferred Compensation Plan account through a plan “rollover.” This may allow you to have better overall and more consistent management of all of your retirement savings, including what you pay in fees and how your savings are invested. Please carefully consider the benefits of existing and potentially new retirement accounts and any differences in features. Please note that assets rolled over from other non-457 plans (such as 401(a)/401(k), 403(b), a traditional IRA) may remain subject to the IRS 10% premature distribution penalty tax.
To learn more about your rollover options after you've enrolled in the Plan, please call us at (800) 282-6295.
Loans are available in the Plan. Please note: loans will reduce your account balance, may impact your withdrawal value and limit participation in future growth potential. Other restrictions may apply.
Distributions are allowed only upon separation from service, attainment of age 70½ or death, which are considered to be triggering events. Distribution of amounts held in rollover accounts may not be made without a triggering event. The Plan also includes a diminimus withdrawal provision allowing the in-service distribution of accounts that do not exceed $5,000, if certain conditions are met.
- You have not made any contributions to the Plan during the prior two years; and
- You have not received this type of in-service distribution in the past; and
- Your total account value with all approved Plan providers is less than $5,000.
The IRS requires that distributions under a 457(b) plan begin no later than the April 1 of the calendar year following the calendar year in which you attain age 73 or separate from service, whichever occurs later. If you fail to receive the minimum required distribution for any tax year, a 25% excise tax is imposed on the required amount that was not timely distributed. These rules are referred to as Internal Revenue Code (IRC) required minimum distribution (RMD) requirements.
Why Voya Financial®?
Voya Financial is a retirement company that services the financial needs of millions of individual and institutional customers throughout the United States. Voya provides you with Plan information, saving and investing education, transaction processing and more. Our financial professionals are here to help you through a clear, thoughtful and ongoing financial planning process so you feel more confident and prepared for retirement.
Not FDIC/NCUA/NCUSIF Insured I Not a Deposit of a Bank/Credit Union I May Lose Value I Not Bank/Credit Union Guaranteed I Not Insured by Any Federal Government Agency
You should consider the investment objectives, risks, and charges and expenses of the variable investment options offered through a retirement plan, carefully before investing. The informational booklet and fund prospectuses containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.
Group annuities are intended as long-term investments designed for retirement purposes. Money taken from the annuity will be taxed as ordinary income in the year the money is distributed. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than its original amount invested. An annuity does not provide any additional tax deferral benefit, as tax deferral is provided by the plan. Annuities may be subject to additional fees and expenses to which other tax-qualified funding vehicles may not be subject. However, an annuity does provide other features and benefits, such as lifetime income payments and death benefits, which may be valuable to you.
Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners LLC (member SIPC). All companies are members of the Voya ® family of companies. Securities may also be distributed through other broker-dealers with which Voya has selling agreements. Insurance obligations are the responsibility of each individual company. Products and services may not be available in all states.