Section 112.215(2), Florida Statutes (2024), refers to Government Employers as "the state or any governmental unit of the state, including, but not limited to, any state agency; any county, municipality, or other political subdivision of the state; any special district or water management district, as the terms are defined in s. 189.012; any state university or Florida College System institution, as the terms are defined in s. 1000.21(9) and (5), respectively; or any constitutional county officer under s. 1(d), Art. VIII of the State Constitution".

Commissioned in 1982, the Florida Deferred Compensation Plan helps more than 90,000 current and former employees, to save for retirement and invest in the future. The Plan was initiated as an opportunity to allow State of Florida employees to invest and save more towards retirement, as a supplement to the required Florida Retirement System (FRS). Now, all of Florida’s Government Employers are eligible to join, including State, County, City, Special Districts, Water Management Districts, and more!

The Deferred Compensation Plan is separate from the FRS and is completely voluntary. The Plan is designed so each Participant can save at a comfortable pace while benefitting from tax sheltered investing, with both 457b Pre-Tax and 457b Roth payroll contributions.

This graph shows the 30-year growth of a $100 monthly contribution in the T. Rowe Price Growth Fund available in the Florida Deferred Compensation Plan (with a 0.0825% administrative fee) versus the same fund offered to a other employer sponsored programs (with a 1.5% administrative fee). This graph uses actual 10-year average returns (as of 9/30/2022) to estimate growth of account value over time.

1. Add the State of Florida Deferred Compensation Plan: If you have one, you may choose to keep your current supplemental retirement plan active and offer the State of Florida Deferred Compensation Plan as the or an additional option to your employees.

2. Transition to the State of Florida Deferred Compensation Plan: You may choose to close your current supplemental retirement plan and roll existing assets into the State of Florida Deferred Compensation Plan.

3. Close Current Plan to Future Contributions: Another option is to close your existing supplemental retirement plan to future contributions, allowing employees to retain their existing assets while offering new contributions through the State of Florida Deferred Compensation Plan.

    

Employer Consultation & Plan Comparison 

The Florida Bureau of Deferred Compensation can assist by providing an Employer Consultation. This consultation can be used to learn more about the Florida's 457b Plan and gives Employers the opportunity to invite decision makers to the conversation and ask questions about the Plan.

If requested, an Employer Consultation may include a comparison of Florida’s 457b Plan to the current employer sponsored retirement plan(s) offered to any Government Employer’s employees. For a Plan Comparison, it is most helpful for you to provide enrollment information, service disclosures, and performance reports detailing historical returns and expense ratios.

Email the Bureau Chief, Rosemary Isham, at Rosemary.Isham@MyFloridaCFO.com for more information about a Employer Consultation and/or Plan Comparison.