The 457(b) retirement Savings Plan lets you set aside pre-tax dollars to save for your retirement. If you are already saving under the FCPS 403(b) Tax-Sheltered Accounts Program, you may save under one or both plans. Full-time and part-time salaried employees of FCPS are eligible to enroll in the plan on their date of hire or any subsequent date during employment with FCPS.
- You enroll on the Great-West website or with a local representative (see contact information in sidebar).
- You contribute a percent of your pay – ensuring that as your salary increases, your savings rate keeps pace.
- There are seven investment options to choose from – five of which you can track in the newspaper.
- You can move money from one investment to another with no restrictions or charges.
- No sales charges, commissions, annual administrative fee, or mortality and expense fees - ensuring that more of your money is at work for you.
- The 10% early distribution penalty does not apply to 457(b) plan withdrawals.