Deferred Compensation Plan
Employees may choose to participate in the Deferred Compensation Plan provided for in Internal Revenue Code Section 457. This is similar to a 401(k) plan in private sector employment. The four companies available are ICMA, Mass Mutual, Nationwide, and VALIC. At any time throughout the year, you may contact Benefits at (727) 464-4570 for general information, enrollment forms or plan description booklets.
- You may participate in one or more plans up to the dollar limit allowed by law.
- You may enroll, increase, decrease or stop your contributions at any time throughout the year.
- You may select from a wide variety of investment options
- This is an employee funded plan. The County does not contribute to your Deferred Compensation Plan.
- Watch a brief video: It's Never too Early to Prepare for Retirement
All documents are in PDF format.
Deferred Compensation Plan Providers
Individualized retirement planning and investment strategies are available from the deferred compensation representatives. To enroll, contact the provider:
- Minimum contribution $10.00 per pay period
- Maximum contribution: $19,000
- Contribution Change Form (submit by the 25th of the prior month)
Individuals who are close to retirement may contribute more to their Deferred Compensation Plan with special provisions:
- Age 50+ Catch-Up Provision: Individuals age 50+ may contribute additional amounts every year until retirement. The Age 50+ Catch-Up limit is $6,000. You cannot do both the 3-year Catch-Up and 50+ Catch-Up in the same year.
- 3-Year Catch-Up Provision: You may participate in the 3-year Catch-Up Provision if you are within the 3 year period prior to the year you are eligible to retire under the Normal Retirement Age rules of the FRS to catch up for years in which you were not able to fully contribute.
- Once you begin the 3-year catch-up you must participate for 3 consecutive years. Once the provision is being used, you may lower or stop your contributions at any time; however, you are still utilizing your 3 year time frame.
- The 3-year catch-up can only be used once in your career and cannot be used in the same year as the 50+ catch-up.
- In 2019, the maximum contribution for the 3-year Catch-Up is $38,000.
your deferred compensation plan representative for more information.
You may only withdraw deferred compensation contributions in the event of:
- Separation of service from the County
- Proven "severe" financial hardship withdrawal
- You have less than $5,000 in the Plan, have not made any contributions in the prior 24 months, and there has been no prior distribution under the Plan
Some providers offer an opportunity for you to apply for a loan from your deferred compensation account. For requirements and application, please contact your plan representative.
For more information about deferred compensation, contact the plan representatives listed above or contact Employee Benefits by email or phone at (727) 464-4570.
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