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457(b) plan

Welcome to the website Corebridge Retirement Services has created especially for you, as an eligible employee of the State of Florida 457(b) Deferred Compensation Savings Plan. 

The State of Florida Deferred Compensation Plan is an excellent way to help accumulate money for your retirement. Income from this plan, when combined with other sources of retirement income, can help provide you with what you'll need during retirement. 

The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.

Take advantage today

As a state employee, you are immediately eligible to participate in the Florida Deferred Compensation Plan. 

Starting early has its advantages

Generally, you may contribute on a pre-tax basis, Roth after-tax basis, or a combination up to 80% of your annual includible compensation up to the annual contribution limits set by the Internal Revenue Service. You can increase or decrease your contribution amount at any time.

2025 contribution limit

Your contribution limit for 2025 is $23,500.

Catch-up contributions

You may also be eligible to contribute additional catch-up contributions if you meet the following conditions. 

2025 catch-up contributions

> $23,500 if you have undercontributed in prior years and are within the last three taxable years before ending the year before the year you attain normal retirement age as specified under the plan, or

> $7,500 if you are age 50 or older

If you are eligible for both, you cannot combine the two catch-up amounts, but may contribute up to the higher amount. Please consult a tax professional to determine which catch-up contribution option would work best for your financial situation.

Accessing your money before retirement

Withdrawals

In general, the money in your account may be distributed under any of the following circumstances:

  • Unforeseeable emergencies
  • Separation from service
  • Your death 

    Note: Federal laws may impose restrictions on certain early withdrawals. The specific withdrawal options available to you, as well as the implications of the tax laws, will depend upon your individual circumstances, including legal and pension plan restrictions. Your financial professional can explain in more detail the specific withdrawal privileges available to you.

Qualified distributions from a Roth account are tax-free. Generally, a qualified Roth distribution is a distribution that (1) is withdrawn after the end of the five-year period beginning with the first year in which a Roth contribution was made to the plan, and (2) is after reaching age 59½, death or disability. Consult your financial professional for more specific information.

Unforeseeable emergency withdrawals

Your plan provides for withdrawals due to an unforeseeable emergency, which is defined as a severe financial hardship resulting from a sudden and unexpected illness or accident (involving the participant or a dependent), a loss of property due to casualty, or other similar extraordinary and unforeseeable circumstances due to events beyond your control. For more information regarding specific unforeseeable emergency hardship withdrawal provisions, call the automated information line at 1.888.467.3726.

In addition, the Internal Revenue Service (IRS) requires you to take Required Minimum Distribution (RMD) withdrawals from your retirement account(s) annually beginning the year you reach the RMD eligible age. RMD eligible age is:

  • Age 73 if you were born January 1, 1951, or later (The RMD eligible age will increase to age 75 after December 31, 2032)
  • Age 72 if you were born after June 30, 1949, and before January 1, 1951 (For individuals turning age 72 in 2023, no RMD payment is required in 2023)
  • Age 70 ½ if you were born before July 1, 1949.

Important considerations before deciding to move funds either into or out of a Corebridge Retirement Services account
There are many things to consider. For starters, you will want to carefully review and compare your existing account and the new account, including: fees and charges; guarantees and benefits; and, any limitations under either of the accounts. Also, you will want to know whether a surrender of your current account could result in charges. Your financial professional can help you review these and other important considerations. Consult a tax professional before making a decision to move funds either into or out of a Corebridge account.

An array of investment choices

The mutual funds available in your retirement plan will provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences. 

Click here to view the entire list of funds -- and their historical performance -- available to State of Florida plan participants.

To view or print a prospectus, access “Prospectuses and Other Important Materials”. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1.800.428.2542. 

RO 3663997 (7/2024)