Deferred Compensation Plan Login In Houston
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The Deferred Retirement Option Plan (DROP) is an optional retirement method for HMEPS members who have reached their normal retirement eligibility (age and years of credited service) but do not want to retire. It is an alternative method of accumulating and receiving a pension benefit from HMEPS.
The DROP allows you to effectively retire while delaying your termination. As a participant of the DROP, you begin accumulating your retirement benefits while delaying your employment termination for up to 96 calendar months from the date your DROP participation begins.
Deferred retirement is typically for FERS employees who leave federal service before they reach the minimum retirement age (MRA). You can apply for deferred retirement if you have at least five years of creditable civilian service. However, bear in mind that you can't withdraw your contributions to the retirement fund.
Under this program, you stop earning service credit toward a future benefit and your retirement benefit is calculated at the time your DROP participation begins. While you are in the DROP, your monthly retirement benefits accumulate in the FRS Trust Fund earning interest while you continue to work for an FRS employer.
Houston Municipal Employees Pension System. HMEPS was created in 1943 by an act of the 48th Legislature, and codified under Article 6243g, Vernon's Texas Civil Statutes. The System was recodified by the 77th Texas Legislature in 2001 under Article 6243h, Vernon's Texas Civil Statutes.
The two plans are also different in that 401(k) plans do not offer a three-year Pre-Retirement Catch-Up; and 457(b) plans do. Another difference is that a 401(k) distribution prior to age 59½ may be subject to a 10% early withdrawal penalty and 457(b) plans generally do not have the same early withdrawal penalty.
The Wisconsin Deferred Compensation Program (WDC) 457 Program is a supplemental retirement savings plan regulated by Section 457 of the Internal Revenue Code. Through the WDC program employees can invest a portion of their income for retirement either on a pre-tax or post-tax (Roth) basis or a combination of both.
The Florida Deferred Compensation Plan is an excellent way to increase retirement security. Contributions can be 457b Pre-Tax and/or 457b Roth (post-tax), and Participants benefit from exceptional investment options. The Florida Deferred Compensation Plan is offered to all State of Florida Government Employees.
