Congratulations! The Bureau of Deferred Compensation is here to help you take full advantage of the Florida Deferred Compensation Plan's benefits as you embark on this very important journey. For more information, click here.
As a Deferred Retirement Option Program (DROP) member, the most important decision is what to do with your DROP accumulation. If considering a lump-sum payout, please be aware, there is a mandatory income tax withholding and other tax implications. Unless you have an immediate financial need, another option is to receive a partial payout—or even no payout at all—and invest your DROP accumulation with the Florida Deferred Compensation Plan.
The IRS Required Minimum Distributions (RMD) is the minimum amount that a retirement plan account owner must withdraw annually starting with the year that he or she reaches the age of the established RMD or if later, the year in which he or she retires. Currently the RMD is age 72 or 70 ½ if you reach 70 ½ before January 1, 2020. For more information, click here. Use this calculator to determine your RMD.
Consider the cost of healthcare as you approach retirement. As we live longer, factors such as rising healthcare costs may impact your retirement needs. For a short video about how healthcare effects your retirement savings goals, click here.
This website is intended to provide information about the State of Florida's Government Employees Deferred Compensation Plan. It is not intended as investment, legal, or accounting advice. If investment advice or other expert assistance is required, the services of a competent professional should be sought. For changes to your account, go to your investment provider('s) website and log in using the ID and password you created for that investment company.