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.
Eligibility
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 (877) 299-8002.
*Subject to employer participation
Contributions
Automatic contributions to the Florida Deferred Compensation Plan through payroll deduction can help you save at a comfortable pace to create a greater benefit for you in retirement. Pre-tax contributions 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 IRS guidelines on a yearly basis. See an overview of the current limits.
Investment Flexibility
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 Florida Deferred Compensation Plan with Voya, please call (800) 282-6295.
Loans
Loans are available in the Plan. Loans, though, will reduce your account balance, may impact your withdrawal value, and limit participation in future growth potential. Other restrictions may apply.
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 de minimis 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 you to withdraw a minimum amount of money each year from your account once you hit a specific age based on your date of birth. The amount, also known as your Required Minimum Distribution (RMD), changes each year based on your age and account balance. If you fail to receive the minimum required distribution for any tax year, an excise tax is imposed on the required amount that was not timely distributed.
Why Voya?
Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company offering products, solutions and technologies that help millions of individual, workplace and institutional clients become well planned, well invested and well protected. Voya also is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as one of the World’s Most Ethical Companies® by Ethisphere, a member of the Bloomberg Gender-Equality Index, and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index.
Voya provides you with Florida Deferred Compensation 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.