403(b) and 457 Deferred Compensation (Retirement)

Lynchburg City Schools offers a 403(b) and 457 Deferred Compensation Program to eligible employees to help them voluntarily save for their retirement. The Lynchburg City Schools program is administered by various vendors. Contributions are deducted on a pre-tax basis. Click here to learn more about the program.

Eligibility
403b All employees are eligible to participate in this Plan, if you are eligible for the 457(b) program you may participate in both plans.

457b  is a retirement Savings Plan that allows employees to set aside pre-tax dollars to save for your retirement. All employees are eligible to participate in this Plan. If you are already saving under the 403(b) Program, you may save under one or both plans.

How Can I Enroll?

1. You may enroll at anytime. Call the Benefits Department at (434) 515-5008 or send an email to kingkc@lcsedu.net to request information on the 403(b) and 457 Deferred Compensation Plans.

2. Review the information and contact the vendor of your choice.

3. Complete the enrollment form, but before submitting it for processing the agent must sign and date the form.

4. Submit your completed enrollment form to the Benefits Department.

5. The amount indicated on your enrollment form will be deducted from your next paycheck unless you specify otherwise. Payroll deductions start the first of the month after you enroll.

How Can I Make Changes?
You must complete an enrollment form to increase, decrease or stop the amount being deducted from your paycheck. If you need to change your name, you must complete the Employee Name/Phone/Address Change Form and submit it to the Personnel Department. Also, you will need to contact the agent to change your name on your beneficiary.

Questions?
Please contact your agent. Employees, click here to see our list of vendors.