Deferred Compensation Plan
Employees may choose to participate in the deferred compensation plan provided for in Internal Revenue Code Section 457. This is similar to a 401(k) plan in private sector employment. The four companies available are Empower Retirement, MissionSquare Retirement, Nationwide, and VALIC.
What You Need to Know
- You may enroll, increase, decrease or stop your contributions at any time throughout the year.
- This is an employee funded plan. The County does not contribute to your deferred compensation plan.
- You may participate in one or more plans up to the dollar limit allowed by law (see Contributions).
- You may select from a wide variety of investment options.
- Ready to enroll? Contact the provider of your choice (see below).
Deferred Compensation Plan Providers
To enroll or request information, contact a deferred compensation plan representative (listed in alphabetical order):
|Provider Name & Website||Representative Name & Email||Phone||Fax||Appointment|
David R. Diaz
|Contact Kyle or David|
|Schedule an appointment|
|Schedule an appointment (second Wednesday)|
|Schedule an appointment|
Need help? Get assistance with deferred compensation planning from the following resources:
- Benefits: Contact Benefits by email or phone at (727) 464-3367, option 1, to request general information. Our staff cannot recommend a provider.
- Deferred compensation providers: Contact the plan representatives (see above) for individualized retirement planning and investment strategies. Access resources on their websites such as live webinars, on-demand learning and calculators.
- MyFRS Financial Guidance: Contact the MyFRS Financial Guidance line at (866) 446-9377 or use the online form for expert, unbiased financial advice from Ernst & Young Certified Financial Planners at no cost to you.
- Guided Choice: The Florida Retirement Service (FRS) offers free expert investment advice for FRS plan members from Guided Choice, an independent financial advisory service. See Simplify Your Retirement Planning.
Contribution amounts are set by the IRS as shown below. Contact your deferred compensation plan representative for more information.
Deferred Compensation Contributions
|Item||2022 Contribution||2023 Contribution|
|Minimum||$10 per pay period||$10 per pay period|
|Age 50+ Catch-Up Provision||$6,500||$7,500|
|3-Year Catch-Up Provision*||up to $41,000||up to $45,000|
You may participate if you are within 3 years of the year you are eligible to retire under the FRS rules of normal retirement age. You may not participate in the same year as your retirement. There is a maximum 3-year participation period for those who qualify. Participation must be used in consecutive years once begun. Contact Employee Benefits for more information.
Change your deferred compensation contribution amounts at any time throughout the year using the Change Form for Deferred Compensation Contribution (submit by the 25th of the prior month).
You may only withdraw deferred compensation contributions in the event of:
- Separation of service from the County
- Proven “severe” financial hardship withdrawal
Some providers offer an opportunity for you to apply for a loan from your deferred compensation account. For requirements and application, please contact your plan representative.