Section 112.215, Florida Statutes - Government employees; deferred compensation program, recently provided the authority for special districts to join Florida's Deferred Compensation Plan - a retirement savings plan that can help employees supplement their pension and Social Security benefits.

Participation lowers an employee's current taxable income because contributions are not taxed until the employee receives distributions from the plan. Employees decide how much they want to save each pay date and where they would like their money invested. The program offers default investment options, as well as mutual funds and investments that guarantee up to a 3.5 percent return. Contributions are made through payroll deduction.

At any time individual employees can sign up online at or through any one of five investment provider companies. Employees can also make account changes, such as investment providers, contribution amounts, and investment allocations at any time.

To participate, a special district's governing body must approve the special district's participation in the program. Special district employees and appointed or elected officials who provide a service for which compensation or statutory fees are paid by the special district are eligible. The Bureau of Deferred Compensation within the Florida Department of Financial Services will help the special district get started, including helping the special district connect to the plan's record keeping system. Reporting requirements to the state are not applicable.

Contact Someone Who Can Answer Questions About the State of Florida Deferred Compensation Plan

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