457(b) Deferred Compensation Plan
Eligibility and Enrollment Information for the 457(b) Plan
VRS Hybrid Members
If you are a VRS Hybrid Plan member, you have the additional opportunity to contribute to the Hybrid 457 Deferred Compensation Plan. With this plan, you can receive partial matching contributions from FCPS to your defined contribution account. The more you contribute, the more FCPS will contribute!457(b) Deferred Compensation Plan
The 457(b) Deferred Compensation 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-Deferred Retirement Savings Plan, 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.
Enrollment is simple!
- To enroll, you will need the group ID/plan number and plan enrollment code available here.
- From the Empower website, select "About your plan". From there, select "Enroll now" and then "Register".
- Select "I have a Plan Enrollment Code" and follow the prompts using the information provided.
- The website will guide you through the enrollment process.
- You may also contact your local EMPOWER representative to obtain this information and assist with your enrollment. See the Approved 457(b) Providers Contact list.
Other key aspects of the 457(b) plan:
- You contribute a percentage of your pay – ensuring that as your salary increases, your savings rate keeps pace.
- You can move money from one investment to another with no restrictions or charges.
- You can enroll in a plan and/or change your contribution percentage any day of the month, and your changes will be effective on the 1st of the following month.
- The 457(b) plan has an administrative fee per participant associated with the plan. The maximum quarterly account fee for EMPOWER is $13.75.
- The 10% early distribution penalty does not apply to 457(b) plan withdrawals.