Supplemental Retirement Plans
Prince William County Public Schools (PWCS) offers employees several supplemental retirement plan options, in addition to the Virginia Retirement System.
Eligible employees have the option of saving for retirement through three plan options:
- A 403(b) plan that allows you to defer compensation for your long-term savings – allowing employees to save for retirement and pay less in taxes.
- A Roth 403(b) plan that allows you to make after-tax contributions with earnings that aren’t taxed at retirement.
- A 457(b) plan that allows you to defer compensation for your long-term savings – allowing employees to save for retirement and pay less in taxes.
Contributions to PWCS’ 403(b) and Roth 403(b) plan are eligible for contribution matching to boost your savings.
The contributions are deducted from payroll and sent to PWCS’ approved retirement investment company, Lincoln Financial Group, every pay period. Lincoln offers investment products that combine the consistent returns of a stable value investment option and the benefits of mutual funds.
Matching Contributions
PWCS matches up to 2% of your salary contributed to our 403(b) and Roth 403(b) plans for permanent full-time and part-time employees.
Employees can receive matching contributions after one year of service.
| Years of Service | Matching Percentage |
|---|---|
| Less than 1 | 0% |
| 1 but less than 3 | 15% |
| 3 but less than 5 | 25% |
| 5 but less than 10 | 50% |
| 10 but less than 15 | 75% |
| 15 years or more | 100% |
The match percentage and dollar amount are determined annually.
Who is eligible to participate?
Employees can participate in the supplemental retirement plan immediately upon employment or anytime thereafter. The plan is open to all employees – full-time, part-time, substitute, temp, and ROP participants. The plans are not open to Participate staff.
How much can I contribute?
Employees choose how much they’d like to contribute when they enroll in the supplemental retirement plans.
The 403(b) and Roth 403(b) plans require you to select a specific percentage of your salary, and the 457(b) allows you to pick either a specific percentage of your salary or dollar amount per period.
Employees are encouraged to contribute at least 2% of their salary to the 403(b) and/or Roth 403(b) plan to receive the maximum matching contribution.
Employees can change their contribution rate/amount at any time on the Lincoln Financial Group website.
Automatic annual acceleration option for 403(b) contributions
Are you saving enough for retirement? To help you prepare now for future financial security, Lincoln Financial Group offers the option to automatically increase your 403(b) contribution rate each year.
If you elect this option, your deferral election will increase by 1% each July until you reach a 15% deferral rate. You can opt out or change your deferral percentage at any time.
Contribution Limits
Internal Revenue Service rules limit how many employees can contribute to the 403(b)/Roth 403(b) and 457(b) plans each year.
| Tax Year | 2024 | 2025 |
|---|---|---|
| Age 49 and Under | $23,000 | $23,500 |
| Age 50+ | Additional $7,500 (total $30,500) | Additional $7,500 (total $31,000) |
What else should I know?
PWCS employees can enroll in a supplemental retirement plan, manage contribution rates, update beneficiary elections, and select investment options online on the PWCS Lincoln Financial Group Portal or by phone at 1-800-234-3500.
Lincoln Financial Group’s no-cost retirement consultants can also help you with the process.
Don’t delay, get started saving for your future today!
Have questions?
Find out which plan is right for you
View our supplemental retirement plan comparison chart (PDF) to help you select the plan right for you, or schedule a no-cost consultation with a Lincoln Financial Group retirement consultant.
Get help from a Lincoln Financial Group retirement consultant
Lincoln Financial Group offers PWCS employees access to no-cost retirement consultants.
These consultants can help you enroll in a supplemental retirement plan, set a retirement savings goal, help you select investment options, and more.
Learn more about working with a Lincoln Financial Group retirement consultant.
Resources
- Supplemental Retirement Plan Comparison - Pre-Tax or Roth? (PDF)
- Lincoln Financial 403(b) Enrollment Information Booklet (PDF)
- Lincoln Financial 457 Enrollment Information Booklet (PDF)
- Understanding the Lincoln 457 Option (PDF)
- PWCS Lincoln Financial Portal
For the Lincoln Financial Group plan document, please visit the PWCS Launchpad Benefits webpage.