TALLAHASSEE, Fla. – Today, Chief Financial Officer (CFO) Jimmy Patronis announced that the Florida Deferred Compensation Plan will allow 457b Pre-Tax and 457b Roth (post-tax) payroll contributions starting in July 2024. 457b Roth payroll contributions are made on a post-tax basis and give eligible State of Florida Employees more flexibility in meeting retirement income goals and securing their financial future.

CFO Jimmy Patronis said, “Florida’s state employees serve our communities with the utmost dedication and the Florida Deferred Compensation Plan has made it our mission to ensure you have as many tools as possible to help you along your retirement path. With the launch of this new payroll contribution option, you can contribute to both 457b Pre-Tax and 457b Roth in the same year in any proportion you choose and continue to utilize the same excellent investment options for your contributions. As someone who’s spent most of my life in the restaurant industry, I want to ensure we are running our state like a business and providing great benefits to attract top talent to Florida. To learn more, visit MyFloridaDeferredComp.com today and start planning for your future.”

The Bureau of Deferred Compensation invites State of Florida Employees to register for an upcoming virtual online workshop that will cover the Plan to include both the 457b Pre-Tax and the 457b Roth payroll options.

Who would benefit from these workshops?

• New Hires/Established Employees
• Full-Time/Part-Time/OPS Employees
• Current Plan Participants
• Employees Not Currently Participating in the Plan
• Employees Getting Ready to Retire
• Employees Entering/Exiting DROP

Workshops will cover:

• What is the Florida Deferred Compensation Plan?
• What Does it Mean to Bridge the Savings Gap?
• Key Benefits
• Payroll Contributions including a Comparison of Pre-Tax vs. Roth
• Florida Deferred Compensation Plan Investment Options
• Overview of Pre-Tax/Roth Investing
• Available Plan Resources
• Distributions

For more information visit, MyFloridaDeferredComp.com or call 1-877-299-8002.

###

About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).