Skip to Primary Content

Deferred Compensation

Miami-Dade County employees can elect to contribute a portion of their pay to a personal investment plan. Everyone is eligible; there is no waiting period or minimum number of hours to qualify.

The 457 Individual Retirement Account reduces the amount you pay for Federal Withholding taxes out of your paycheck. Taxes are deferred until withdrawals are made. You can contribute up to $18,500. The minimum is $10 per pay period.

You can choose between two providers:

  • International City Management Association Retirement Corporation (ICMA-RC), or
  • National Association of Counties (NACo), administered by Nationwide Retirement Solutions (NRS).

You can also choose to contribute to both providers, as long as you do not exceed the total maximum annual contribution.

Each provider offers many investment options, including fixed funds, stocks, bonds, and mutual funds.

You may rollover funds from another eligible retirement plan, your FRS DROP account, or IRA into the 457 plan. You may also rollover your 457 funds into another eligible retirement plan or to an IRA.

  • Setting up your payroll deduction

    You can enroll online directly with our providers:

    Participants can go online or call their providers to change their payroll contribution amount.

  • Retirement Planning

    Social Security and the Florida Retirement System are not intended to replace all of your current income when you retire. The sooner you start a savings plan, the more time your money has to grow. The Deferred Compensation Plan can be used to supplement your Florida Retirement System and Social Security benefits.

    Seek the advice of an accountant or other professional for investment assistance.

  • Payouts

    You can schedule withdrawals from your account once you retire or leave County employment. There is no minimum age requirement or waiting period for you to begin receiving payments. Contact your plan provider to start receiving your payout.

    Payment options include:

    • Lump sum.
    • Installment payments.
    • Irregular payments.
    • Guaranteed monthly payments for life.
  • "Catch-up" Provision

    At age 50 you can contribute an extra $6,000 per year to help “catch-up” the funding of your retirement account.

    When you are within three years of your normal retirement age, a special “catch-up” provision allows you to contribute up to $36,000.

    Both provisions can’t be used at the same time.

  • Loans

    You can apply for a loan using funds from your IRA. This will reduce the earnings potential for your account.

    You must repay the loan with after-tax dollars. If you decrease contributions to your IRA in order to repay the loan, this will further reduce your potential earnings. If you do not repay the loan, the balance becomes taxable income.

    There are no restrictions on the use of the loan. The maximum loan amount is half of your account balances, up to $50,000. The maximum term for loans is 15 years for the purchase a primary residence. The repayment may be up to 5 years for general loans.

    Loan interest cannot be deducted on federal income tax returns.

    It takes up to three business days to process a loan request and a week before receiving payment.

    Only one loan is allowed per calendar year. There is no early payoff penalty. Only one loan can be outstanding at a time.

    Repaying the loan through payroll deductions is not an option. Loans must be repaid from your bank account using electronic fund transfers.

    The interest rate for NRS loans is prime + 1percent. For NRS accounts, contact the plan administrator to be screened for eligibility and request a loan package.

    The interest rate for ICMA-RC loans is the prime rate + 0.5percent.  For ICMA-RC accounts, request the loan package by calling the plan administrator or online using their website.

  • Emergency Withdrawal

    You may be able to withdraw money from your account while you are still working. The funds can’t be withdrawn easily or quickly.

    A sudden and unexpected emergency may create a severe financial hardship. Accidents, medical expenses or property loss not covered by insurance could create hardships.

    The amount you can withdraw is limited to what will relieve the hardship.

    Contact your provider directly to request an emergency withdrawal packet.

Human Resources

The Human Resources Department provides centralized personnel services for all County departments.

We work with departments to identify and assist with workforce issues including a renewed emphasis on performance management and standardized discipline policies, employee development and knowledge transfer, ongoing evaluation of workplace rules, and implementation of workforce metrics to measure and analyze overtime utilization, absenteeism, appeals, payroll issues, and employee development needs.

We coordinate negotiation of collective bargaining agreements and develop viable and sustainable healthcare options. Employee programs include training, wellness and diversity.

We provide residents and employees with a means to have discrimination cases heard and resolved through investigation, mediation, and appeals.

You are now leaving the official website of Miami-Dade County government. Please be aware that when you exit this site, you are no longer protected by our privacy or security policies. Miami-Dade County is not responsible for the content provided on linked sites. The provision of links to these external sites does not constitute an endorsement.

Please click 'OK' to be sent to the new site, or Click 'Cancel' to go back.