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Deferred Compensation

When you retire, you'll want to maintain the lifestyle you currently have. Social Security and the Florida Retirement System are not intended to replace all of your income at retirement. It is wise to start a savings plan now. The Deferred Compensation Plan is a tax deferred savings plan that can be used at retirement to supplement your Florida Retirement System and Social Security benefits.

Plan Features:

  • Contributions are taken from your gross salary before Federal Withholding taxes are calculated.
  • Your contributions are invested in the products of your choice.
  • You don't pay Federal Withholding Income taxes on your investment contributions or earnings until you receive the money.
  • Social Security taxes on contribution amounts continue to be deducted from your gross salary.
  • Governed by Section 457 Internal Revenue Code.
  • Minimum Contribution: $10 per pay period
  • Maximum Contribution:  100% of your gross taxable salary or $18,000 (whichever is less) as of January 1, 2015.
  • You might contribute into ICMA-RC or Nationwide investments accounts. 

All Miami-Dade County employees are eligible to participate in this plan. There is no waiting period or minimum number of hours you must work bi-weekly.

Contribution and Withdrawal

The County offers two providers ICMA-RC and Nationwide with a number of investment and withdrawal options.

Loans

The deferred compensation plan allows loans for all purposes.

Loans Topics

Frequently asked questions and answers to the most commonly asked questions pertaining to general loans - Nationwide Retirement Solutions and ICMA-RC 457(b) Deferred Compensation Plans.

Back to Top Page Last Edited: Wed Nov 5, 2014 11:15:02 AM
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