• 457 Deferred Compensation Plan
     
    The 457 Deferred Compensation Plan is a voluntary supplemental retirement savings program and the amount contributed accumulates tax-deferred until the Plan amounts are distributed (generally after retirement). LCPS offers to all employees the Commonwealth of Virginia 457 plan through the Virginia Retirement System with MissionSquare Retirement (formerly ICMA-RC) as the record keeper. 
     
    Individual consultations are available with our MissionSquare Retirement 457 Defined Contribution Plan Manager, Steven Scott.  Whether you're a Hybrid Plan Member wanting to take advantage of the 457 investment component or a VRS Plan 1 or 2 Member who wishes to contribute to a stand-alone 457, Steven can assist you to understand your investment options, manage contributions, and develop a strategy for your retirement plans.  Click here to register for a virtual appointment.  
     
    Detailed information regarding available funds, fund histories, investment strategy education and forms is available on the VRS website
      

     
    Your Account
     
    You can view your account or learn more about the VRS 457 plan online at www.varetire.org/457.  From there you can: 
    • Enroll in the Commonwealth 457 plan
    • Update/change your contribution amount
    • View your account information
    • Manage your investments
    • View fund prices
    • View investment performance
    • Review the FAQ's
       
    FAQs
     
    How do I enroll?
    Enrollment is online for the 457 plan. Visit www.varetire.org/457 to set up an account.
     
    What is the minimum amount I can contribute? 
    $10 per paycheck. 
     
    What is the maximum amount I can contribute? 
    For 2024, $23,000 per calendar year or $30,500 per calendar year if you are 50 years or older in 2024.  
     
    How do I access my 457 plan account?
    Go online to www.varetire.org/457, select Defined Contribution Plan, then Commonwealth of Virginia Deferred Compensation Plan or call 877-327-5261
     
     
     
Last Modified on February 8, 2024