457(b) plan

Take advantage today

As a state employee, you are immediately eligible to participate in the Florida Deferred Compensation Plan. 

Starting early has its advantages

Generally, you may contribute on a pre-tax basis, Roth after-tax basis, or a combination up to 80% of your annual includible compensation up to the annual contribution limits set by the Internal Revenue Service. You can increase or decrease your contribution amount at any time.

Catch-up contributions

You may also be eligible to contribute additional catch-up contributions if you meet the following conditions. 

Accessing your money before retirement

Withdrawals

In general, the money in your account may be distributed under any of the following circumstances:

• Unforeseeable emergencies
• Separation from service
• Your death 
  
  Note: Federal laws may impose restrictions on certain early withdrawals. The specific withdrawal options available to you, as well as the implications of the tax laws, will depend upon your individual circumstances, including legal and pension plan restrictions. Your financial professional can explain in more detail the specific withdrawal privileges available to you.

Qualified distributions from a Roth account are tax-free. Generally, a qualified Roth distribution is a distribution that (1) is withdrawn after the end of the five-year period beginning with the first year in which a Roth contribution was made to the plan, and (2) is after reaching age 59½, death or disability. Consult your financial professional for more specific information.

Unforeseeable emergency withdrawals

Your plan provides for withdrawals due to an unforeseeable emergency, which is defined as a severe financial hardship resulting from a sudden and unexpected illness or accident (involving the participant or a dependent), a loss of property due to casualty, or other similar extraordinary and unforeseeable circumstances due to events beyond your control. For more information regarding specific unforeseeable emergency hardship withdrawal provisions, call the automated information line at 1.888.467.3726.