Jumpline magazine April 2024 - Flipbook - Page 8
1403 Of昀椀cers
8
Chris Fink
Secretary
Morning Brie昀椀ng
In today’s article I will cover educational pay incentives for State of
Florida certi昀椀cations, reimbursement for those certi昀椀cations and
a brief overview of the 457(b) Deferred Compensation Plan.
Article 17 – Educational Incentives:
•
Provides for the following pay incentives once a member
receives their State of Florida certi昀椀cation:
•
State of Florida Pump Operator Certi昀椀cation (PFL) - $50
(FF)
•
Fire Safety Inspector (FSI) - $25 (FF)
•
Fire Of昀椀cer I (FOI*) - $50 (Lt, Capt, CFO)
•
Fire Of昀椀cer II (FOII*) - $100 (Lt, Capt, CFO)
•
Fire Of昀椀cer III (FOIII*) - $150 (Lt, Capt, CFO)
You can choose between two providers:
•
MissionSquare Retirement (formerly ICMA-RC)
•
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 昀椀xed
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.
*The pay incentives for FOI, FOII, and FOIII are not cumulative.
•
$23,000. Employees 50 years of age or older may contribute
up to an additional $7,500 for a total of $30,500 starting in
2024. The minimum is $10 per pay period.
Additionally, under Article 17.10, the department will
provide tuition reimbursement up to 100% of the Miami-Dade College non-state resident course rate to
those employees in 昀椀re昀椀ghting personnel classi昀椀cations
who voluntarily attend paramedic training classes in an
off-duty status and who successfully complete department protocols and State Certi昀椀ed Paramedic requirements.
Article 16.16 – Reimbursements:
•
The department will reimburse up to 100% of the Miami-Dade College course rate, regardless of the institution attended for the following courses:
•
State of Florida Pump Operator Certi昀椀cation (PFL)
•
Fire Of昀椀cer I (FOI)
•
Fire Of昀椀cer II (FOII)
•
Fire Of昀椀cer III (FOIII)
•
Fire Instructor I (FII)
•
Fire Safety Inspector (FSI)
•
457 Plan Info:
2024 Contribution limits:
•
$23,000 ($884.61 per paycheck)
•
Over 50 - $30,500 (includes $7,500 catch up provision)
Websites:
•
Miami-Dade: Deferred Compensation (miamidade.gov)
•
Nationwide: Miami Dade 457(b) Deferred Compensation
•
MissionSquare: Miami-Dade County | MissionSquare
Retirement
Closing
Thoughts:
From Miami-Dade County’s website:
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 $22,500 for 2023. For 2024, you can contribute up to
If you are not receiving the Local’s e-mails
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and ask to be added to our distribution list.
If you have any questions or concerns that
you would like to have answered in a future
edition of the Jumpline, please contact me.
Thanks for the time and until next time – Stay
Safe, Stay Informed and Stay Classy 1403!
April 2024 | JUMPLINE Magazine
