A 457(b) Deferred Compensation plan is a tax-favored supplemental retirement savings program that allows public employees to contribute a portion of their salary 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 at any time. Other employees see your employer's Insurance Coordinator.
A 457(b) 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. Your contributions will be pre-tax, reducing your current taxable compensation.
- If you are under 50, you can contribute a maximum of $22, 500.
- If you are over 50, you can contribute a maximum of $30, 000.
- 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 Amounts are subject to income tax when withdrawn from the plan.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.
Or, contact Voya 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 $7,500 in contributions, making the maximum contribution $30,000 for 2023.
- 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 Voya Customer Support at 800-584-6001 for questions about how to use website tools or for help accessing your account.
In 2022 Manatee County introduced a Roth 457(b) option for BCC employees.
How does a Roth 457(b) differ from a traditional 457(b) Plan?
- Gives you more control over when your contributions-and retirement income-will be subject to federal income tax.
- Contributions to a Roth 457(b) are made after-tax. Your Roth 457(b) contributions are subject to tax before they are invested in your account.
- You may be able to witdraw your contributions tax-free when you retire. Qualifying factors apply.
Questions?
Voya Customer Service: 800-584-6001
Diane E. Petitta, Financial Adviser
Voya Financial Advisors, Inc.
813-281-3751
diane.petitta@voyafa.com
Ready to change your elections?
- Sign in to your VOYA account
- Select “go to my account”
- Select "contributions/savings"
- Select "update my contributions". Remember you will see the change in your second paycheck of the following month.
Not currently enrolled?
You can sign up at any time to start paying yourself first and building the retirement you've always hoped for.
- Go to https://enroll.voya.com
- Enter Plan number: 664385
- Enter verification number: 025697
- Enter location code: 0001
myOrangeMoney®: Are you ready to retire?
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.
Schedule a Consultation
Diane E. Petitta, Financial Adviser
Voya Financial Advisors, Inc.
813-281-3751
diane.petitta@voyafa.com