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457(b) Deferred Compensation Plan FAQ

Who is eligible to participate?

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.

Why participate?

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:

• Tax savings—You contribute pre-tax dollars thus reducing today’s tax bill.
• Tax-free growth—Your contributions and earnings grow tax-free until you withdraw them.

How much can I contribute?

Up to $17,500 for 2013 or $23,000 if you turn 50 in 2013 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
2013	$17,500	$23,000
2012	$17,000	$22,500

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.

How do I enroll?

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:

• On the web: Go to www.gwrs.com/fcps Click the “Enroll Now" tab. Enter your Social Security number and the following "Plan Number" - 350224-01. The password is fcps457. You will then create your own personalized account information including a secure PIN number.
• By local representative: Call Great-West Retirement Services toll free at 877-449-FCPS (3277) and select option 2 to schedule a meeting with your local representative.

How do I change my contribution? 

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.   

What are the investment options?

There are seven investment options—five 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.

When can I withdraw money from my account?

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.

Are there any administrative fees with the plan?

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.

Can I contribute to the 457(b) and to a 403(b)?

You may contribute

• just to the 457(b) plan,
• just to a 403(b), or
• to both, up to the IRS limits for each.

What happens if I elect to contribute 100 percent of my pay to the 457(b) Plan?

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, summer fund withholding if you are paid on a less-than-12-month basis and receive summer checks, and any secondary deposits to savings accounts at other banking institutions such as Apple Federal Credit Union.

What if I have other questions?

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).

What's New in Benefits

• Express-Scripts.com has made some upgrades to online services. Notice of changes. Visit the Express Scripts summary page.
• Will your family be growing soon? See the Maternity/Paternity checklist to make sure your benefits and leaves forms and requests are submitted in time!
• Thrive! is back. If you are participating remember to log your minutes daily!