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.
Retirement income typically comes from three sources: Social Security, your employer’s retirement plan, and personal savings. The 457(b) Plan can be part of your personal savings program. Two advantages the Plan offers are:
Up to $17,500 for 2014 or $23,000 if you turn 50 in 2014 or have already passed the half century mark. This is in addition to the maximum contribution allowed under the 403(b) program. This maximum may increase each year according to the following current IRS schedule.
|Under 50||50 or older|
Your election will be a percent of your pay each pay period so as you receive annual salary increases your savings rate will also grow. You can change how much you contribute monthly. You can stop contributing and restart at a later date.
You may enroll at any time. Payroll deductions start the first of the month after you enroll.
There are two ways to enroll or to get more information:
You may change your deferral percentage at any time by logging into your account at Great-West Retirement's site. You may also contact one of the local investment representatives directly (contact information can be found in the sidebar). The change will be effective the first of the month after you have made the deferral percentage change.
You may also suspend your contributions and later resume contributions at any time by logging into your account at Great-West's site. Resumed contributions will be effective the first of the month after you make the change.
There are nine investment options—seven mutual funds, one collective fund and a fixed annuity—for you to choose from. You can monitor the performance of the mutual funds in the newspaper each morning. You can transfer money from one investment option to another daily with no restrictions or charges.
You can withdraw money when you leave FCPS or have an unforeseeable emergency. You can also borrow from your account and pay yourself back.
If you die, the value of your account is paid to your beneficiary.
There are no annual administrative fees. However, there are fees associated with taking a loan.
There are NO sales charges or agent commissions, mortality and expense fees, or transfer fees or surrender charges. More of your money is working for you.
You may contribute
If you elect to contribute 100 percent of your check to the 457(b) plan, you may do so. However, given the standard ‘priorities’ assigned to various deductions by the payroll system, the following deductions will NOT be taken: charitable contributions, dues, and any secondary deposits to savings accounts at other banking institutions such as Apple Federal Credit Union.
Great-West Retirement Services is the 457(b) plan provider. You can find more information in the plan description and by contacting Great West customer service at 877-449-FCPS (3277).
571-423-3000 or 1-800-831-4331
November 26, 2013