Plan Overview

Submitted by Matthew Wetmore on

Below are the important features about your 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.

Eligibility

All state employees who receive a regular monthly or bi-weekly paycheck from the Bureau of State Payroll may become a participant and defer payment of part of his or her compensation.  If you are not paid on one of these payrolls or require assistance in determining Plan eligibility, please contact the Deferred Compensation Office for additional eligibility qualifications. State of Florida Deferred Compensation Office Local: (850) 413-3162 Toll Free: (877) 299-8002

Contributions

Contributions under the Plan are made by participants through a reduction in salary. Under the Plan, the maximum annual contribution amount is set by Internal Revenue Service (IRS) guidelines on a yearly basis. You may view the current limits here.

Loans

Loans are available in the plan.

Distributions

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.
  1. You have not made any contributions to the 457 Plan during the prior two years; and
  2. You have not received this type of in-service distribution in the past; and
  3. 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 72 or separate from service, whichever occurs later. If you fail to receive the minimum required distribution for any tax year, a 50% 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.

Insurance products, annuities and funding agreements are issued by Voya Retirement Insurance and Annuity Company ("VRIAC"), Windsor, CT. VRIAC is solely responsible for its own financial condition and contractual obligations. Plan administrative services provided by VRIAC or Voya Institutional Plan Services LLC ("VIPS"). VIPS does not engage in the sale or solicitation of securities. All companies are members of the Voya® family of companies. Securities distributed by Voya Financial Partners LLC (member SIPC) or third parties with which it has a selling agreement. All products and services may not be available in all states.