Retirement Plans With Highest Contribution Limits In Broward
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You contribute 3% of your salary each month regardless of which plan you are participating in. Additional contribution rate information is available here.
Pensions have much stricter rules and while the payouts and returns are generally a lower than a well-invested 401k, the guaranteed payout rates tend to be more livable and reliable (especially when your life expectancy exceeds what you plan for).
Contribution rates are set by Florida law. Neither the employee nor the employer can change contribution rates. Based on Florida law, employees contribute 3% of their pretax salary, beginning with their first paycheck, regardless of which FRS retirement plan they choose.
Both the discount rate and the long-term expected rate of return used for FRS Pension Plan investments is 6.70%.
The annual contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government's Thrift Savings Plan is increased to $23,500, up from $23,000. The limit on annual contributions to an IRA remains $7,000.
The employer's 401(k) maximum contribution limit is much more liberal. Altogether, the most that can be contributed to your 401(k) plan between both you and your employer is $70,000 in 2025, up from $69,000 in 2024.
The 401(k) contribution limit for 2024 is $23,000 for employee salary deferrals, and $69,000 for the combined employee and employer contributions. If you're age 50 or older, you're eligible for an additional $7,500 in catch-up contributions, raising your employee deferral limit to $30,500.