Voluntary retirement savings plans are designed to supplement retirement income from a state plan or to act as a stand-alone plan. These plans are open to all employees and have no employer contribution. Employees may select tax-deferred or post-tax Roth options.
Watch a video highlighting the differences between voluntary savings plans and how to effectively save for retirement.
To start saving on a tax-deferred or post-tax Roth basis, open an account by submitting the Florida Deferred Compensation Plan EZ Enrollment Form online or by directly contacting one of the approved investment providers. Contributions are made by payroll deduction.
Contributions may be modified throughout the year by visiting the Florida Bureau of Deferred Compensation website. It may take several weeks to implement requested changes.
The limits for this plan are based on the calendar year and separate from the limit for the voluntary 403(b) plans. Visit the Retirement Plan Contribution Limits page for the current year’s maximums.
Loans and hardship withdrawals are allowed from a tax-deferred account. Contact the Bureau of Deferred Compensation’s office at (877) 299-8002 to discuss your situation and request the necessary form.
Contact your investment provider company to update your beneficiary.