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The Florida Retirement System, or FRS, offers two retirement plans for state and county workers: the FRS Pension and FRS Investment plan. Both offer terrific benefits; which one is right for you?


“Money only speaks one language: If you save me today, I will save you tomorrow.” - Unknown

403(b) and 457 Plans

The 403b plan is an employer-sponsored supplemental retirement savings plan that, similar to a 401k plan, allows employees to contribute on a pre-tax or Roth after-tax basis. A 403b plan can only be sponsored by a public school or a 501(c)(3) tax-exempt organization.

If your employer is a governmental entity, state or local law? A 457 plan may be a good option for you.

  • Albert Einstein said “Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.” The earnings in your 403b and 457 are compounded (re-invested) and have the potential to grow tax-deferred. These tax-deferred earnings may grow faster than a similar taxed account because taxes are not due until withdrawn. 
  • Lower your taxable liability. You determine the amount of your contributions (up to IRS-defined limits) through a salary reduction agreement with your employer. Your contributions will be pre-tax, reducing your current taxable compensation. 
  • Catch-up contributions. If you are a longer service employee or are at least age 50, you may be able to contribute beyond the general IRS limits.
  • Ability to have earnings withdrawn tax-free. Your 403b plan may permit you to make Roth contributions, which are made on an after-tax basis. The earnings on Roth 403b accounts may be free from federal income tax if you meet certain IRS criteria when you are eligible for a distribution under the 403b plan.   
  • Options. Typically, a 403b plan lets you choose among various provider that offer accounts with no market risk to the more growth oriented, market driven options. Work with an Independent Advisor and Authorized Representative to pair you with the most appropriate option.
  • Employees can access their accounts when they have a distributable event under the Plan. Amounts typically are subject to income tax when withdrawn from the Plan and you may also be subject to the IRS 10% premature distribution penalty tax unless you meet one of the IRS exemptions. Special rules apply to withdrawals of Roth 403b amounts.
  • It is your money to keep. If you leave your job, you can leave your money in plan, roll your 403b/457 account to into another employer’s eligible retirement plan, or to a traditional IRA or (if rolled directly) a Roth IRA. You also have the option of cashing out. The distribution will be subject to income tax and the 10% premature distribution penalty tax unless you meet one of the IRS exemptions. 
  • Want to retire young, no problem. With a 457 you can make withdrawals from your account when you leave employment. You have the ability to take payments as needed or request scheduled automatic payments. Withdrawals are generally taxable but, unlike other retirement accounts, the 10% penalty tax does not apply to distributions prior to age 59½ (the penalty tax may apply to distributions of assets that were transferred to the 457 plan from other types of retirement accounts). 

Strategies for Financial Independence

To schedule a time to discuss your financial future and the possible role of insurance or investments in your financial strategy, contact us at info@voyageretirement.com or call us at 407-284-4911 today!

We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.

Securities offered through GWN Securities, Inc. Member FINRA/SIPC. 11440 N Jog Road, Palm Beach Gardens, FL 33418. (561)472-2700. Voyage Retirement Solutions, LLC and GWN Securities, Inc. are non-affiliated companies. Voyage Retirement Solutions does not represent, nor are they affiliated with the Florida Retirement System. (FRS)


It can be difficult to make financial decisions without access to information. If you have questions or concerns about your current retirement strategy, feel free to contact us using the form below.

Get access to our helpful retirement kit which includes two guides that address topics you should consider when planning your retirement.

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Securities and Advisory Services offered through GWN Securities, Inc. Member FINRA/SIPC. a Registered Investment Advisor. 11440 N Jog Road, Palm Beach Gardens, FL 33418. (561)472-2700. Voyage Retirement Solutions, LLC and GWN Securities, Inc.are non-affiliated companies.

Voyage Retirement Solutions and its representatives do not represent, nor are they affiliated with the Florida Retirement System (FRS).

*Guarantees provided by insurance products are backed by the claims-paying ability of the issuing carrier.

The retirement kit is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report you may be provided with information regarding the purchase of insurance and investment products in the future.