Get Florida Deferred Compensation Plan

You don't have to wait until 59 1/2 to start taking withdrawals. Nor are there mandatory minimum withdrawals when you hit 70 1/2. You can take the distribution in a lump sum or regular installments, paying tax when you receive the income.

Planning retirement distributions For example, the Internal Revenue Code (IRC) allows for 401(k) withdrawals to begin penalty-free after age 59½—but the IRC also requires that you start taking distributions at age 73. By contrast, there are no IRC age restrictions on distributions from a deferred compensation plan.

Simply print, sign, and send a completed Participant Action Form (PAF) to the Bureau of Deferred Compensation via email (DeferredCompensation@MyFloridaCFO.com), fax (850-488-7186), or mail (200 East Gaines Street, Tallahassee FL, 32399-0343).

Your 457(b) deferred compensation plan (if applicable) allows you to defer your salary into a tax-deferred retirement account, up to $20,500 in 2022 if you're under age 50. If over age 50, you may defer an additional $6,500 annually.

The Florida Deferred Compensation Plan has three Investment Providers: Nationwide, AIG Retirement Services, and Voya.

The earliest that you are eligible for standard catch- up contributions is the three calendar years prior to your normal retirement age. The maximum amount you may defer in standard catch-up is twice the regular maximum for that calendar year or $37,000.

The Florida Deferred Compensation Plan is a supplemental retirement plan for employees of the State of Florida, including OPS employees and employees of the State University System, State Board of Administration, Division of Rehab and Liquidation, Special Districts*, and Water Management Districts* [established under ...