Department of Management Services

Deferred Compensation Plan

The Deferred Compensation Plan (also called a “457” plan) allows for tax-deferred savings to supplement Florida Retirement System and Social Security benefits. Participants have the opportunity to determine an investment strategy based on their pre-taxed contributions. The State does not match the participant's contribution. The Plan offers you:

  • A pre-tax savings advantage. No current federal income taxation on contributions to the Plan and earnings on savings accumulate tax-deferred until distribution.
  • Convenient payroll deductions. Contributions come only from paychecks throughout the year.
  • Flexibility. Personally decide how much to save (up to the annual IRS contribution limits) and how to invest with the six Investment Providers and their broad array of investments. Change contributions or investment selection any time.
  • Portability. Once you leave employment stay in the Plan and take a distribution at any time without an IRS penalty. When leaving State employment, take your 457 Plan account with you - in cash, or as a rollover to an Individual Retirement Account (IRA) or another employer's qualified retirement plan that accepts rollover contributions. The opportunity to roll other pretax savings into the plan. Roll-overs from qualified DROP, 401(k), 403(b) or traditional IRA accounts are permitted.
  • Learn more about the advantages the Plan can offer by visiting the Deferred Compensation Plan Web site

 

Enroll Now (Adobe PDF Document)

Increase Contributions

For More Information

Call the Deferred Compensation Office for additional information at 1-850-413-3162 or 1-877-299-8002.