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 403(b)/457(b) Providers webpage.

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.