The Florida Deferred Compensation Investment Account Plan, commonly known as the Florida DC plan, is a retirement savings program designed to help employees of the State of Florida and participating agencies save for their future. The plan allows employees to defer a portion of their salary on a pre-tax basis towards investments that can grow over time, providing them with additional income during retirement. The Florida DC plan offers a variety of investment options to suit different risk preferences and financial goals. Participants can choose from various investment funds managed by reputable financial institutions, including mutual funds, target-date funds, and index funds. These investment options give employees the opportunity to build a diversified portfolio tailored to their individual needs. One notable aspect of the Florida DC plan is the ability for employees to contribute to the plan on a pre-tax basis. By deferring a portion of their salary, participants can reduce their taxable income, potentially lowering their current tax liability. This feature allows employees to maximize their savings potential and make the most of their contributions. Another key benefit of the Florida DC plan is portability. Participants who change employers or leave the public service sector can roll over their account balance into another eligible retirement plan, such as an Individual Retirement Account (IRA) or a new employer-sponsored plan. This portability feature ensures that employees can maintain and continue to grow their retirement savings even if they move on to different career opportunities. It is important to note that there are no specific different types of Florida Deferred Compensation Investment Account Plans. However, within the plan, employees have the flexibility to choose from a range of investment options offered by the selected financial institutions. This allows participants to select funds that align with their risk tolerance and investment preferences, ensuring a personalized approach to retirement savings. In conclusion, the Florida Deferred Compensation Investment Account Plan provides employees of the State of Florida and participating agencies with a valuable opportunity to save for retirement. With a diverse selection of investment options and the ability to contribute on a pre-tax basis, participants can efficiently build their nest egg. The plan's portability feature further enhances its appeal, allowing employees to maintain their savings regardless of career changes. Whether employees are just starting their careers or approaching retirement, the Florida DC plan offers a viable means to secure a financially stable future.
Florida Deferred Compensation Investment Account Plan
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You have a one-time (once in your active FRS career) opportunity after your Choice period ends, or you make your plan election, if earlier, to switch from the Investment Plan to the Pension Plan, or from the Pension Plan to the Investment Plan.
When you work for the state, the Florida Retirement System (FRS) offers two retirement options: The FRS Pension Plan provides a monthly benefit to you when you retire. The FRS Investment Plan lets you choose how your money is invested and how you want to receive payments.
The FRS Investment Plan offers: Flexibility - You choose how to invest the money among 19 investment funds, including 9 funds spread across five asset classes, and 10 retirement date funds that are mixtures of various asset classes.
A pension plan is a retirement plan that requires an employer to make contributions to a pool of funds set aside for a worker's future benefit. The pool of funds is invested on the employee's behalf, and the earnings on the investments generate income to the worker upon retirement.
In the FRS Investment Plan, you and your employer make a monthly contribution for your retirement based on your salary and membership class. You decide how to invest your account balance in various investment funds the plan offers.
A pension plan may stick with your employer, so if you leave the company, you may not have a plan. Potential for higher returns: A 401(k) or 403(b) may offer the potential for much higher returns because it can be invested in higher-return assets such as stocks.
Investing your deferred compensation Your plan might offer you several options for the benchmark?often, major stock and bond indexes, the 10-year US Treasury note, the company's stock price, or the mutual fund choices in the company 401(k) plan.
The Florida Deferred Compensation Plan is a supplemental retirement plan for employees of the State of Florida, including OPS employees and employees of the State University System, State Board of Administration, Division of Rehab and Liquidation, Special Districts*, and Water Management Districts* [established under ...