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403 Retirement and 457 (b) Deferred Compensation
- All HCPS employees are eligible to participate in the program to enhance their future VRS retirement benefits or for part time and temporary employees to investment for their future.
- The program’s sole provider is VALIC.
- Participation can be into the 403(b) program, into the 457 program or in both:
- Deductions to these two programs are done through payroll deduction on a pretax basis.
- Deductions can also be made on an after-tax basis into a Roth 403(b).
- Deductions can be set up as a fixed dollar amount for each pay period or on a percentage basis for each pay period.
- Semi-monthly employees can choose to have their VALIC deductions set up for either 24 or 26 pay periods.
- 2022 calendar year maximum for the 403(b) is $20,500 with a catch-up provision for employees age 50 or older of an additional $6,500.
- 2022 calendar year maximum for the 457 is $20,500 with a catch up provision for employees age 50 or older of an additional $6,500.
- More information is available at: