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.
