Retirement Plans With Highest Contribution Limits In Miami-Dade
Description
Form popularity
FAQ
Two annual limits apply to contributions: 401(k) plans. 403(b) plans. SARSEP IRA plans (Salary Reduction Simplified Employee Pension Plans) SIMPLE IRA plans (Savings Incentive Match Plans for Employees)
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 FRS Investment Plan is similar to a 401(k) plan. Members own all employer contributions and earnings in their Investment Plan account after completing 1 year of service. Employee contributions are immediately vested.
The Full Retirement Sum (FRS) is an ideal point of reference of how much one needs in retirement. The Enhanced Retirement Sum (ERS) provides a higher monthly payout, making it suitable for those who might require more retirement income.
Contribution limits between the two accounts vary. A 403(b) allows employee contributions up to $23,500 in 2025 ($31,000 for those age 50 or older), while IRAs only allow up to $7,000 ($8,000 if you're age 50 or older).
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.
The FRS Pension Plan Years of Service x 1.6% of Average annual compensation for highest 5 years of salary during tenure = Annual benefit amount.
Normal retirement age is 62 for Regular Class members and 55 for Special Risk or after 30 years of service at any age or 25 years of Special Risk service.
Your Retirement Plan Options FRS Pension Plan What do I contribute? 3% of your gross salary. When can I collect benefits? When you retire, if you are vested and are within 20 years of your normal retirement age. How do I receive benefits? You choose among the plan's benefit options. You receive monthly payments.2 more rows