Retirement Plans For Nonprofits In Miami-Dade
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FAQ
The Bureau of Local Retirement Systems in the Department of Management Services' Division of Retirement is responsible for monitoring Florida's local government defined benefit pension plans for compliance with Florida law and Florida Administrative Code provisions.
Many people have a misconception that nonprofits don't provide their employees benefits and instead rely on volunteers. This isn't the case for many nonprofits. Nonprofit employers offer benefits to their employees much like any business would.
Though 401(k)s are primarily offered by larger for-profit companies, many nonprofit entities also offer 401(k) plans to their employees. In fact, many nonprofit organizations may choose to offer both a 401(k) and a 403(b).
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.
Nonprofits have a wide array of retirement plan options to support their employees' financial futures, from 403(b) and 457(b) plans to SEP IRAs and SIMPLE IRAs. These plans offer various benefits, from pre-tax savings and employer contributions to simplified administration tailored for smaller organizations.
Popular choices include 403(b) plans, similar to 401(k) plans but tailored for nonprofit organizations, and 401(a) plans, which offer higher contribution limits. Additionally, SIMPLE IRAs and SEP IRAs cater to smaller nonprofits with simpler administrative requirements.
403(b) 403(b) plans are similar to 401(k)s in the respect that they are both qualified tax-advantaged retirement vehicles offered by employers. However, 403(b) plans differ in that they are only available to certain government employees (schools and hospitals) and non-profit organizations.
Who is eligible to participate in the DROP? To participate in the DROP, you must be vested and eligible for normal retirement (based on your years of service or age) as an active member of one of the following: The FRS Pension Plan; or • The Teachers' Retirement System (TRS).
What are some disadvantages of DROP? One disadvantage of participating in a DROP plan is that the monthly pension an employee receives will be substantially lower than the amount the employee would receive had the employee retired under a normal retirement calculation performed at the end of the DROP period.