Deferred Compensation Form For 2023 In Miami-Dade
Description
Form popularity
FAQ
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.
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.
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.
Standard Catch-Up is an IRS provision that provides an increased annual contribution limit as retirement approaches. Participants may become eligible for Standard Catch-Up three years before their normal retirement age and may participate in Standard Catch-Up for a period of up to three consecutive years.
Elective deferral limit The amount you can defer (including pre-tax and Roth contributions) to all your plans (not including 457(b) plans) is $23,000 in 2024 ($22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and 2021; $19,000 in 2021).
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.