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G. Ben HensarlingFinancial Specialist

Bureau of Deferred Compensation

Sources of Retirement Income• FRS Pension or Investment Plan

• Social Security

• Pre Tax Retirement Savings

• 401k, 403b, Traditional IRA, 457b

• Supplemental Post Tax Savings

• Roth IRA, investments, bank

savings or certificates

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• Section 457(b) of the IRS tax code

• Pre-tax

• available to all State of Florida and State

University System employees

• Voluntarily contribute income before taxes!

• Supplements FRS and Social Security

• Consolidate other retirement accounts

• Penalty free taxed-withdrawals at any age

• No administrative or commission fees

• Start, stop, increase, or decrease anytime

• Many investment options

“Florida Deferred Compensation Plan”

• Nationwide

• Empower (Great – West)

• VALIC

• Voya (ING)

• T. Rowe Price

• Charles Schwab (Self Directed Brokerage Account)Enrollment Available through Nationwide

Investment Providers

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Deferral Limits for 2018

Minimum contribution is only $20/monthly or $10/biweekly or contribute a percentage of pay.

Catch-up Contributions

50+ Catch-Up

Participants age 50 and over may contribute $24,500 annually to help save even more as they near retirement.

Standard Catch-Up

The three years prior to normal retirement age a Participant can contribute $37,000 annually if under deferral during employment.

*Participant must qualify for benefits from the FRS.

Participants cannot use both features during the same year.

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Consolidate with the Deferred Compensation Plan

Rollover outside pre-tax retirement plans into the Deferred Compensation Plan

- 403b, 457b, 401k, Traditional IRA• Keep money within a single retirement program• Minimal fee structure

• NO commission/sales, maintenance, or administrative fees

• Multiple investment options• Quarterly Performance Report

• Competitive guaranteed annual returns• Easily transfer between Investment Providers and/or

investments without fee or penalty

• Contribute accrued and sick leave payouts

• Roll in DROP accumulation within 60 days

• Defer current taxes

• Continue financial growth

• Distributions are taxed in the year taken

DROP and Accrued Leave

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Distribution Options

Leave money in the Deferred Compensation Plan•Money will remain invested• Same benefits as during employment• No required distribution until you reach age

70 ½• Periodic • Partial• Full• Roll-out

Online Website

www.myfloridadeferredcomp.com

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