Ready to Retire?
Congratulations! The Bureau of Deferred Compensation is here to help you take full advantage of the Florida Deferred Compensation Plan's benefits as you embark on this very important journey. For more information, click here.
DROP and the Florida Deferred Compensation Plan
As a Deferred Retirement Option Program (DROP) member, the most important decision is what to do with your DROP accumulation. If considering a lump-sum payout, please be aware, there is a mandatory income tax withholding and other tax implications. Unless you have an immediate financial need, another option is to receive a partial payout—or even no payout at all—and invest your DROP accumulation with the Florida Deferred Compensation Plan.
Deferred Compensation Plan and DROP (Video)
Continue to Benefit From the Florida Deferred Compensation Plan
- Continued tax-deferred retirement saving
- No change in fees for those separated from State of Florida Employment
- Customer service and oversight from the Bureau of Deferred Compensation
- Rollover outside pre-tax investments into the Plan
- Continue to make investment reallocations
- No required minimum distribution until IRS mandated required minimum distribution
Required Minimum Distribution (RMD) Calculator
The IRS Required Minimum Distributions (RMD) is the minimum amount that a retirement plan account owner must withdraw annually starting with the year that he or she reaches the age of the established RMD or if later, the year in which he or she retires. Currently the RMD is age 72 or 70 ½ if you reach 70 ½ before January 1, 2020. For more information, click here. Use this calculator to determine your RMD.
The Basics of Social Security
When and how you take your Social Security benefit is a very important decision to make, and it pays to get it right. For a short video about the basics of the program and how it can affect your income in retirement, click here.
Healthcare Costs In Retirement
Consider the cost of healthcare as you approach retirement. As we live longer, factors such as rising healthcare costs may impact your retirement needs. For a short video about how healthcare effects your retirement savings goals, click here.
This website is intended to provide information about the State of Florida's Government Employees Deferred Compensation Plan. It is not intended as investment, legal, or accounting advice. If investment advice or other expert assistance is required, the services of a competent professional should be sought. For changes to your account, go to your Investment Provider's website and log in using the ID and password you created for that Investment Provider.