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Fairfax County Public Schools (FCPS)
Reply to "FCPS employee retirement plan question"
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[quote=Anonymous][quote=Anonymous]I'm a newly-hired FCPS administrative employee and I'm a bit overwhelmed with the information about the retirement plans. I see several options such as 403(b), 457(b) and VRS Hybrid 457. However I see FCPS only matches contributions to VRS and does not match any contribution to 403(b) or 457(b). Is this true? And if yes, why would I pick 403(b) over VRS Hybrid 457?[/quote] You want to do the match with the VRS 457 hybrid as FCPS pays a parrtial match for you. No reason to leave that money on the table. In adittion, you can set up 403B and/or 457b plans on your own with a monthly payroll deduction. The benefit there is the money you put in is pre-tax so it will cost less in your net than what you contribute. Best to get advice from a real financialplanner, but if you can afford to put in even a little early, the money willl grow tax free until retirement; when you retire you will then be taxed on what you withdraw as you withdraw. The earlier you start the more it will grow. I know teacher salaries arent huge, but if you could put in $50 or $100 bucks a month when you are just starting (assuming you are young) the growth will be significant. If you start at 22 putting in money and stop contributing 10 years later, in the end you will likely have a lot more in the account than if you wait until 32 and then pay that amount for the rest of your career. The compounding of earnings early will payoff in the end. [/quote]
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