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457(b) Deferred Compensation Plan

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.

It’s simple!

• 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.

 

What's New in Benefits

• Approved Budget Includes Changes to Retirement and Life Contributions

  The FY13 Approved Budget adopted by the School Board on May 24 adjusts the VRS employee contribution rates as required by recent State legislation.

• Legislative Changes to VRS

Legislation passed during the 2012 Session of the VA General Assembly session regarding the Virginia Retirement System (VRS) will affect your defined benefit plan. 

• Thrive Across America Fitness Challenge

  This 8-week online fitness challenge runs April 9 to June 3.

• More Benefits News