403(b) Retirement Savings Plan
403(b) Tax-Deferred Retirement Savings Plan
FCPS provides a 403(b) Tax-Deferred Retirement Savings Plan which lets employees set aside voluntary pre-tax dollars through convenient payroll deductions to save for retirement. All employees of FCPS are eligible to enroll in the Plan on their date of hire or any subsequent date during employment with FCPS. Even if you are already saving under the 457(b) Deferred Compensation Plan, you may also save under a 403(b) Tax-Deferred Retirement Savings Plan.
Enrollment is easy!
EMPOWER Retirement, TIAA, and VALIC are the approved 403(b) plan providers.
- You can enroll online through the approved vendors’ FCPS customized 403(b) plan websites (Empower Retirement, TIAA, and VALIC) or with a local representative. See the Approved 403(b) Providers list.
- You contribute a percentage of your pay - ensuring that as your salary increases, your savings rate keeps pace.
- Enroll in a plan and/or change your contribution percentage by the 20th of the month to ensure that your changes are effective on the 1st of the following month. Enrollment and/or changes made on or after the 21st of the month will be effective on the 1st of the second month that follows.
- You can move money from one investment to another
- Each 403(b) provider has an administrative fee per participant associated with their plan. The maximum quarterly account fees are as follows: Empower Retirement - $20.63; TIAA - $22.75; and, VALIC - $15.00.