Employer FAQ

The Florida Deferred Compensation Plan is a supplemental retirement plan for Government employees in the State of Florida, established under Internal Revenue Code (IRC) Section 457b. The Plan supplements any retirement benefits offered by the Florida Retirement System (FRS) and the Social Security Administration (SSA). Participants may contribute a portion of their income through payroll deduction each pay period.

Agency representatives are encouraged to direct employees to the Florida Deferred Compensation Plan website (MyFloridaDeferredComp.com) for additional information and to show employees the online EZ Enrollment Form. Copies of publications are available and can be distributed during the onboarding process. Educational Workshops can be scheduled, periodically, with the Bureau of Deferred Compensation and Investment Provider representatives.

Payroll contributions can be 457b Pre-Tax or 457b Roth. 457b Pre-Tax contributions are tax-deferred, meaning Participants will pay withholding when they take a distribution. 457b Roth contributions are subject to all applicable wage-withholding requirements at the time they are contributed. Qualified distributions from 457b Roth contributions (and the interest they earned) are tax-free.

The minimum contribution is $20 per monthly pay period or $10 per bi-weekly pay period. Contributions as a percentage cannot exceed 80% of a Participant’s paycheck. The maximum contribution limits for 457b retirement plans are determined by the Internal Revenue Service (IRS) and are updated yearly. Both 457b Pre-Tax and 457b Roth payroll contributions are combined and subject to Internal Revenue Code (IRC) Section 457b limits.

For the most up-to-date maximum limits, see Internal Revenue Code (IRC) Section 457b at IRS.gov, or view the current contribution limits and suggested bi-weekly and monthly deferral amounts at MyFloridaDeferredComp.com under Publications, Administrative Documents, and Forms.

View the Current Contribution Limits and Suggested Bi-Weekly and Monthly Deferral Amounts

All Investment Providers offer similar investment options and excellent customer service and are monitored by the Bureau of Deferred Compensation on a quarterly basis. The Deferred Compensation Plan provides an updated “Quarterly Performance Report”, which presents historical rates or return, expense ratios and compares all investment products offered by the Investment Providers. The “Quarterly Performance Report” is inside the Plan Watch Booklet and can be reviewed at MyFloridaDeferredComp.com, under “Publications, Administrative Documents, and Forms”. Click on Plan Watch Booklet. Contact information for the designated Investment Provider representatives can be found at MyFloridaDeferredComp.com/IPRepRegions.

The Investment Providers of the Florida Deferred Compensation Plan have dedicated area representatives to provide Plan education and assist current Participants with their Deferred Compensation Plan accounts. You can find a list of the representatives at MyFloridaDeferredComp.com/IPRepRegions.

Also, representatives can provide your agency with an annual Letter of Authorization from the Bureau of Deferred Compensation. As representatives are held accountable by the Bureau, please share any feedback about your experiences to the Plan Administrator, Rosemary Isham, at Rosemary.Isham@MyFloridaCFO.com.

Employers are encouraged to permit approved designated Investment Provider representatives and/ or the Bureau of Deferred Compensation to schedule onsite visits to discuss the Plan with employees.

The Bureau of Deferred Compensation and Investment Provider representatives are available to assist employees with their questions and accounts. Employees that have questions about the Plan should contact the Bureau of Deferred Compensation at 877-299-8002, visit MyFloridaDeferredComp.com, or contact their Investment Provider representatives.

Yes. Customized investment advice is available to employees for a nominal fee through their Investment Provider(s). Participating employees should contact their Investment Provider for more information about this service.

The Florida Deferred Compensation Plan website (MyFloridaDeferredComp.com) has many resources for employees, including Publications, Informational Videos, Scheduled Events, Investment Provider pages, and more. The Bureau of Deferred Compensation has also provided Learning Management System (LMS) training that can be found on the LMS by searching the key phrase “Deferred Compensation Plan” or the Course ID (DFS_TR_DeferredCompensation). In addition to Bureau resources, the Investment Providers (IPs) have educational resources available on the Bureau’s website and the IP websites.

Yes. Agencies can ask for educational workshops or speaker engagements by submitting an Educational Workshop Request Form, located at MyFloridaDeferredComp.com/EmployerResources.

Agencies can ask for printed publications by submitting a Printed Publications Request Form, located at MyFloridaDeferredComp.com/EmployerResources.

The Bureau of Deferred Compensation can provide promotional items for State of Florida employee-sponsored events. You must submit an email to DefCompMarketing@MyFloridaCFO.com within three weeks of an event date. In the email, include contact information and details of the event. All promotional item requests are subject to Bureau approval.

No. Participants are not required to take or move an account balance once leaving employment*. Funds can remain in the Florida Deferred Compensation Plan and continue benefiting from lower fees and oversight by the State of Florida. Participants will continue to have the ability to change asset allocations or Investment Providers.

* Contact your Investment Provider for information about the IRS Required Minimum Distribution (RMD).

Family members of deceased employees should contact the Bureau of Deferred Compensation at 877-299-8002.

Employees wishing to find more information in an FAQ format can refer to MyFloridaDeferredComp.com/FAQ.

Employers interested in learning more about the benefits of joining the Plan contact the Plan Administrator, Rosemary Isham.

• The Deferred Retirement Option Plan (DROP) Accumulation Roll In
• Eligible Accrued Leave Payouts
• Account Modifications
• Beneficiary Designations
• Roth Conversions
• Unforeseeable Emergency Withdrawals
• Obtaining a Loan
• Distributions
• Rollovers/Consolidate Outside Retirement Accounts