A 457b Deferred Compensation plan is a tax-favored supplemental retirement savings program that allows public employees to contribute a portion of their salary, before Federal taxes, to a retirement account. Any permanent employee who is interested in paying themselves first through a supplemental retirement program can participate. Board of County Commissioner employees can set up an account through Voya Financial. Other employees see your employer's Insurance Coordinator.
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When you visualize retirement, what do you see? Are you spending your days traveling and exploring the world? Relaxing on your back patio with your grandkids? Whatever your retirement looks like, find out if you’re on track to be able to fund your needs, wants and wishes in retirement with the myOrangeMoney® interactive educational experience.
A 457b plan provides you with the ability to pay yourself first and save for retirement.
A 457b plan works like a 401(k) or other employee-sponsored retirement plans. This is an optional deferred compensation plan designed to supplement your Florida Retirement System (FRS) pension plan to help you achieve the retirement you envision for yourself.
- Reduce your taxable income. You choose how much you want to contribute to your 457b plan, up to $19,000 in 2019. Your contributions will be pre-tax, reducing your current taxable compensation.
- Your investment earnings grow tax-deferred. The earnings in your account are reinvested where they grow tax deferred. Amounts are subject to income tax when withdrawn from the plan.
- Choose from a menu of investment funds. Select from a variety of top-rated investment funds and diversify your investments for the mix of growth and safety you feel most comfortable with. Voya’s built in tool and education resources can help you determine the best mix for you
- Personalized support. Participants have access to a Voya advisor for one-on-one on-site consultations at no cost. You can contact your Voya Financial Advisor at:
Diane E. Petitta, Financial Adviser
Voya Financial Advisors, Inc.
Or, contact Customer Support at 800-584-6001 for questions about how to use website tools or for help accessing your account.
- Portability. If you leave your job, you may roll your 457b account into another employer’s eligible retirement plan, traditional IRA or Roth IRA. You also have the option leave your money in your Plan or cash out. If you cash out, the distribution will be subject to income tax. Please note that the 10% premature withdrawal penalty applicable to IRAs and other qualified plans will continue to apply to these amounts when rolled into a governmental 457 plan. Similarly, the withholding rules applicable to qualified plans will apply to governmental 457 plans. Therefore, 20% mandatory withholding applies to eligible rollover distributions paid directly to individuals.
- Catch-up contributions. If you are age 50 or older, you can take advantage of the Age 50+ Catch-up contribution which allows an additional $6,000 in contributions, making the maximum contribution $25,000 for 2019. Another catch-up contribution is provided to those within 3 years of normal retirement age. This Special Catch-Up provision is available to those age 62 or older who had underutilized the contribution limits during the prior 3 years. This allows participants to contribute the annual limit plus underutilized contributions up to a maximum of $38,000.
- Make changes at any time. Log on to your Voya account at any time to make changes to your contributions or investments. Or, check out myOrangeMoney to see if you’re on track with your retirement goals. Contact Customer Support at 800-584-6001 for questions about how to use website tools or for help accessing your account.