403(b) & 457 Plans through VALIC
In addition to the PERA 401(k), DPS offers employees tax-deferred 403(b) plans, which are designed for employees of public schools, colleges and universities, and churches. Employees of certain tax-exempt, non-profit organizations, such as charities and some hospitals, also may participate in a 403(b) retirement plan – which is also known as a tax-sheltered annuity or tax-deferred annuity.
One of the main differences between the 403(b)/401(k) and the 457(b) is that the 457(b) has no early withdrawal penalty of 10% if an employee takes a distribution before age 59. Distributions are subject to ordinary income tax.
Visit the Valic website to learn more about their 457(b) plan.
If you would like to learn more about the difference between 403(b) and 457(b) accounts, click here to view a comparison chart.
Enrollment in 403(b) and 457(b) plans is easy!
- If you haven’t registered yet, select this link to enroll in a Valic Traditional (pre-tax) account or this link to enroll in a Valic ROTH (post tax) account and scroll to the bottom and click “Sign Up”. You will then enter your social security number, last name, date of birth, and zip code. For additional support with enrollment, please contact the Valic helpline at 1-800-448-2542 which is available Mon-Fri 7:30am to 7:00pm CT.
Want to view your legacy account(s) in Retirement Manager?
- Go to My Retirement Manager in order to make withdrawals (age 59 1/2 or are no longer a current employee), see your current balance(s), or rollover your accounts to Valic. (**No loans or hardship withdrawals allowed on legacy vendor accounts.)
- You may also contact a client service professional from 7 a.m. to 6 p.m. Monday through Friday, excluding holidays for help with the log-in process and answer your general navigation questions. Call 1-866-294-7950 and mention that you are a DPS employee.
Remember to read all of the available materials about your retirement options before you decide whether or not to participate. It’s always a good idea to consult a tax professional or a financial advisor to get the best advice about your personal financial situation.