Deferred Compensation Form For Executives In Miami-Dade
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FAQ
The Florida Deferred Compensation Plan is an excellent way to increase retirement security. Contributions can be 457b Pre-Tax and/or 457b Roth (post-tax), and Participants benefit from exceptional investment options. The Florida Deferred Compensation Plan is offered to all State of Florida Government Employees.
A 457(f) plan is a Deferred Compensation Plan that allows non-profit employers, such as Credit Unions, Educational Institutions and Hospitals, to contribute an unlimited and often refundable amount of income to investment, for the future benefit of key executives.
To enroll, your employer must participate in the CalPERS 457 Plan. Visit the CalPERS 457 Plan Participating Agencies webpage to access a list of agencies and schools that offer our plan.
Throughout the year, Google provides its employees and executives with updates about their benefits ranging from health insurance and health savings plans to retirement plans like a 401(k), deferred compensation plans, and stock options.
If you anticipate needing access to your retirement funds before reaching the age of 59 ½, a 401(k) plan may offer more flexibility. A deferred compensation plan may be a better fit if you can contribute a larger portion of your income and prefer the potential for higher tax-deferred growth.
Miami-Dade County provides retirement benefits for eligible employees through the Florida Retirement System (FRS). The FRS is qualified under Section 401(a) of the Internal Revenue Code and provides a defined benefit (FRS Pension Plan) and a defined contribution plan (FRS Investment Plan) option.
Under the defined benefit plan, an employee's annual benefit will be determined by multiplying the years of service by a percentage value and by the average of the five highest years of creditable salary.
How many state and local pension plans are there? State and local governments sponsored more than 4,000 pension plans in 2022. Over 34 million members participate in these plans, including active public employees, former public employees who have earned benefits that they are not yet collecting, and current retirees.
Miami-Dade teachers may choose the FRS Pension Plan, a traditional defined benefit plan, rather than the FRS Investment Plan. There is also a Hybrid Option for the Investment Plan.