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. Use the tools below to help navigate through retirement.
Continue to Benefit From the Florida Deferred Compensation Plan
- Continued tax-sheltered 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 eligible retirement investments into the Plan
- Continue to make investment reallocations
- No required minimum distribution until IRS mandated Required Minimum Distribution
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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.
Boost Retirement Savings with Leave Payouts
Deferrals from Special Supplemental Pay (DSSPs)*, such as Accrued Sick and Annual Leave, are a great way to boost your retirement savings and continue to benefit from tax deferment. Consider contributing all or part of your leave payout to the Plan.
*Contact your Investment Provider to start the DSSP process and obtain any necessary forms.
Required Minimum Distribution (RMD) Calculators
IRS Required Minimum Distribution (RMD)** is the minimum amount a retirement plan account owner must withdraw annually starting with the year 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 73 or 70 ½ if you reached 70 ½ before January 1, 2020. Corebridge Financial and Voya have calculators to determine your RMD.
**Contact your Investment Provider to discuss your RMD and obtain any necessary forms.
About to Retire Resources
Our Investment Providers are ready to help you navigate to and through retirement. These tools focus on today's financial needs, planning for retirement, living in retirement, protecting assets, and more.
Social Security Resources
When and how you take your Social Security benefit is a very important decision to make, and it pays to get it right.
Healthcare in Retirement Resources
Consider healthcare costs as you approach retirement. As we live longer, rising healthcare costs may impact your retirement needs.
The following resources are provided by the Department of Management Services, Division of State Group Insurance (DMS, DSGI).
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.