Deferred Compensation Plan For Self Employed In Miami-Dade
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FAQ
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 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.
Miami-Dade teachers may choose the FRS Pension Plan, a traditional defined benefit plan, rather than the FRS Investment Plan. There is also a Hybrid Option for the Investment Plan.
How many state and local pension plans are there? State and local governments sponsored more than 4,000 pension plans in 2022. Over 34 million members participate in these plans, including active public employees, former public employees who have earned benefits that they are not yet collecting, and current retirees.
Under the defined benefit plan, an employee's annual benefit will be determined by multiplying the years of service by a percentage value and by the average of the five highest years of creditable salary.
100% of the participant's includible compensation, or. the elective deferral limit ($23,000 in 2024; $22,500 in 2023; $20,500 in 2022; $19,500 in 2020 and in 2021).
The Deferred Retirement Option Program (DROP) provides you with an alternative method for payment of your retirement benefits for a specified and limited period if you are an eligible Florida Retirement System (FRS) Pension Plan member.
Financial Future Contacts ContactTelephone Deferred Compensation Plan Investment Providers Corebridge Financial 888-467-3726 Voya Financial 800-282-6295 Nationwide Retirement Solutions 800-949-4457 Schwab (Self-Directed Brokerage Account) 888-393-72726 more rows
