After you have read through the 457(b) information and FAQs, the Investment Reference section, and run through a variety of scenarios with the Calculators, you need to open an account with a vendor that provides the investment options and services you desire at a cost you understand. Note that a new account application must be sent to your selected 457(b) carrier in advance of the first investment. This is particularly important when investing with Fidelity, T. Rowe Price, and TIAA-CREF, as there are no sales representatives involved to assist you. The new account form contains your name, address, social security number, age, investment selections, designation of beneficiaries, and identifies your investment elections.

Next, complete a Salary Deferral Agreement (PDF) where you determine how much you plan to invest each pay period. This agreement may be sent through the PONY or mailed to the Employee and Retiree Service Center, Attn.: Transation Unit, 45 W Gude Drive, Suite 1200, Rockville, MD 20850. Employee becomes eligible on the first day of the next month following the date on which he/she enrolls in the plan by completing a Salary Deferral Agreement (PDF) and submitting it to MCPS.

Permanent employees may indicate their salary deferral amount in dollars per pay period or as a percentage of salary. Substitute teachers and temporary employees must indicate a percentage of earnings, not a dollar amount.