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):
| Name | Links | Representative | Contact Information |
|---|---|---|---|
| Empower Retirement (previously MassMutual) | www.massmutual.com/serve Account Management | Christina Constantine | – (727) 282-7048 direct – email: christina.constantine@empower.com – Schedule an appointment – (800) 528-9009 Customer Service |
| MissionSquare Retirement (previously ICMA-RC) | www.icmarc.org ICMA Plan | Sharyn Hyla | – (202) 759-7219 direct – (877) 725-3469 fax – email: shyla@missionsq.org – Schedule an appointment for second Wednesdays – (800) 669-7400 Customer Service |
| Nationwide | www.nrsforu.com | Denny Davis | – (813) 973-8382 direct – email: davd314@nationwide.com – Schedule an appointment – (877) 677-3678 Customer Service |
| VALIC (subsidiary of AIG) | www.aigrs.com | Kyle Blair David R. Diaz | – (813) 727-1918 cell – (813) 269-3380 fax – email: kyle.blair@valic.com – (813) 599-8137 cell – (813) 414-5384 fax – email: david.diaz@valic.com – (813) 269-3362 Customer Service |
Investment Resources
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 Limits
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 |
| Maximum | $20,500 | $22,500 |
| 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.
Contribution Changes
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).
Withdrawal
You may only withdraw deferred compensation contributions in the event of:
- Separation of service from the County
- Proven “severe” financial hardship withdrawal
Loan
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.
11/7/22