Bureau Of Deferred Compensation TAYLOR CORRY Marketing Director Bureau Of Deferred Compensation

Keys to Prepare for Retirement Retirement lifestyle maintenance requires 75%-100% of working income Save at least 15% of your pay BUDGET! Make a plan to save from each paycheck The important thing is to just start!

Sources of Retirement Income FRS Pension or Investment Social Security Income Deferred Compensation: 457(b), 403(b), 401(k), Traditional IRA Supplemental post-tax saving: Roth IRA, bank savings, CDs

“Deferred Compensation” Flat amount or percentage of pay is not subject to immediate income tax withholding Income taxes are then assessed in the tax year of distribution

Section 457(b) of the IRS tax code Pre-tax retirement plan available to all State of Florida and State University System employees Voluntarily contribute income before current taxes! Supplements FRS and Social Security Consolidate other retirement accounts Penalty free taxed-withdrawals at any age* Many investment options

$3,587,084,938 as of 2/28/15

Investment Providers Nationwide Empower (Great – West) VALIC Voya (ING) T. Rowe Price Charles Schwab (Self Directed Brokerage Account) Enrollment Available through Nationwide

New Deferral Limits for 2015 Minimum contribution is only $20/monthly or $10/biweekly or defer as a percentage of your pay.

Catch-up Contributions 50+ Catch-Up Participants age 50 and over may contribute $24,000 annually to help save even more as they near retirement. Standard Catch-Up The three years prior to normal retirement age* a Participant can contribute $36,000 annually. * Participant must qualify for unreduced benefits from the FRS. Participants cannot use both features during the same year.

DROP and Accrued Leave Contribute accrued and sick leave payouts Roll in DROP accumulation within 60 days Defer current taxes Continued financial growth Taxed distributions as needed

Deferred Compensation Plan DROP and the Deferred Compensation Plan Sent to 5186 DROP members

Consolidate with the Deferred Compensation Plan Rollover outside pre-tax retirement plans [403(b), 457(b), 401(k), Traditional IRA] into the Deferred Compensation Plan Keep money within a single retirement program Minimal fee structure NO commission/sales, maintenance or administrative fees Multiple investment options Quarterly Performance Report Competitive return rates Easily transfer between Investment Providers and/or investments without fee or penalty

Distribution Options Leave money in the Deferred Compensation Plan Money will remain invested Same benefits as during employment No required distribution until you reach age 70 ½ Periodic Partial Full Roll-out

Online Enrollment and Contribution Increase www.myfloridadeferredcomp.com

Bureau of Deferred Compensation Department of Financial Services 200 East Gaines Street Tallahassee, Florida 32399 Phone: 850-413-3162 Fax: 850-488-7186 Email: DeferredCompensation@fldfs.com Web: www.MyFloridaDeferredComp.com