About Your Plan

The Valdosta City School District Retirement Plan offers a variety of funding options, including an annuity and mutual funds.

Available Funding Options

MetLife Financial Freedom Select®

MetLife Financial Freedom Select (MFFS) is a variable annuity¹ issued by Metropolitan Life Insurance Company to provide a retirement product for employees participating in the Valdosta City School District 403(b) Retirement Plan.

MFFS Brochure >

MFFS Facts at a Glance >

MFFS Prospectus >

MFFS B Class Performance Summary >

MFFS L Class Performance Summary >

Frequently Asked Questions

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You are eligible to participate in your plan effective immediately.

The Internal Revenue Service (IRS) limits the amount you can contribute in salary reduction dollars each calendar year based on the type of plan you have.² View current annual IRS contribution limits.

If you have an existing retirement plan account with a prior employer or a traditional IRA, you may be able to roll over all or some of that account into this plan once you enroll. Or, if you have a retirement plan account with your current employer that you are no longer contributing to and your plan permits, you may consolidate those assets into this new plan as well.

Loans are permitted. The amount you may borrow is limited by rules under the Internal Revenue Code, your employer's plan, and must be repaid within five years unless used for the purchase of a primary residence. All loans will be based on your account balance.

Under Internal Revenue Code limitations, the maximum allowable outstanding loan balance is the lesser of 50% of your vested plan account balance or $50,000. Your remaining account balance secures your loan. Please note, these loan limits apply on a combined basis to the highest loan balance in the past year under all retirement plan accounts with the same employer. Your employer's plan may have additional restrictions. If you have any questions, please contact your employer.

Since your plan is designed primarily to help you save for retirement, the Internal Revenue Code (IRC) has placed restrictions on when money may be withdrawn from your plan account before you retire. Money may be withdrawn from your plan account under the following circumstances, in accordance with your employer's plan document:

• Termination of Employment
• Disability (Subject to IRC requirements)
• Death
• In-Service Withdrawals (As defined by your plan)
• Hardship (Subject to IRC requirements)

Always consult your tax advisor or investment professional about the income tax consequences of any withdrawals. Ordinary federal income taxes generally apply (unless distributed from Roth accounts qualifying for tax-free distributions). State income taxes may also apply. Distributions before age 59½ may be subject to an additional 10 percent tax penalty, unless an exception applies.

For more details regarding fees and charges, please refer to the MFFS brochure and prospectus (the links to these documents are above).

For MetLife Financial Freedom Select:

A $30 annual contract/certificate fee is deducted on a pro rata basis. This fee will be waived if: (1) Account balance exceeds $25,000, or (2) purchase payments exceed $2,000 within the last 12 months (fee not deducted from the Fixed Interest Account).

There is an annual Separate Account charge: • B Class: 1.15% • L Class: 1.30%
Annual Separate Account charges for American Funds funding options are an additional 0.25%. Additional investment-related fees and expenses will apply to the selected funding options and optional death benefit.

Withdrawal charges³The following withdrawal charges apply to the amount withdrawn from the account balance based on the age of the contract/certificate issue date.

B Class: 12-year withdrawal charge schedule: 9%, 9%, 9%, 9%, 8%, 7%, 6%, 5%, 4%, 3%, 2%, 1%, 0%

L Class: 7-year withdrawal charge schedule: 9%, 8%, 7%, 6%, 5%, 4%, 2%, 0%

The fees and charges mentioned above do not include investment management fees and other expenses of the funding options under the contract/certificate. Withdrawal charge schedule may vary by state.

For more details regarding fees and charges, please refer to the MFFS brochure and prospectus (the links to these documents are above).

¹ There is no additional federal income tax benefit in funding your retirement plan account with an annuity contract. Non-tax reasons for using an annuity may include lifetime payment choices, death benefits, and similar characteristics.

² Distributions of [401(a) 401(k), 403(b) or 457(b)] salary reduction contributions allocated to an account, and any earnings on such contributions, are generally not permitted prior to attaining normal retirement age under the retirement plan except under certain circumstances, such as an individual’s severance from employment with the employer sponsoring the plan or the individual’s death, disability or hardship (or 457(b) unforeseeable emergency) as permitted by the plan. Distributions of contributions and any earnings may also be restricted as defined in the plan documents. Contact the plan administrator to determine when and under what circumstances the individual may request a distribution from the plan. Where permitted, distributions of taxable amounts are generally subject to ordinary income tax and, if made before age 59½, may be subject to a 10% federal income tax penalty.

³Ordinary income taxes apply to withdrawals. Withdrawal charges may also apply. Federal income tax rules, with certain exceptions, prohibit withdrawals before age 59½ from a TSA annuity. Some exceptions apply. Where pre-59½ withdrawals are allowed, a 10% federal income tax penalty may apply in addition to ordinary income tax. Consult with a tax advisor to determine whether an exception to these tax rules may apply.

MetLife Financial Freedom Select variable annuity products are offered by prospectus which is available from your registered representative or by contacting MetLife at the service center number reflected on your enrollment materials. Please carefully read the product prospectus and consider the product’s features, risks, charges and expenses, and the investment objectives, risks and policies of the underlying portfolios, as well as other information about the underlying funding options. This and other information is available in the prospectus. Product availability and features may vary by state. All product guarantees, including optional benefits, are subject to the financial strength and claims-paying ability of Metropolitan Life Insurance Company.

The amounts allocated to the variable funding options are subject to market fluctuations so that, when withdrawn, they may be worth more or less than their original value. There is no guarantee that any of the variable funding options will meet their stated goals or objectives.

Annuities are issued by Metropolitan Life Insurance Company, New York, NY 10166. MetLife Investors Distribution Company (Member FINRA) makes available participation in variable annuities, as well as participation in mutual fund options through its Mutual Fund Select Portfolios, for certain retirement plans. Both are MetLife companies.

Like most annuity contracts/certificates, MetLife’s contracts/certificates contain charges, limitations, exclusions, holding periods, termination provisions and terms for keeping them in force. You may enroll in a variable annuity and participate in the Mutual Fund Select Portfolios though your retirement plan.

If you are buying a variable annuity to fund a qualified retirement plan or IRA, you should do so for the variable annuity’s features and benefits other than tax deferral. In such cases, tax deferral is not an additional benefit of the variable annuity. References throughout this material to tax advantages, such as tax deferral and tax-free transfers, are subject to this consideration.

Any discussion of taxes is for general informational purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting advisors as appropriate.

MetLife is not an ERISA investment fiduciary and is not providing investment advice to the plan, its fiduciaries or its participants, and does not exercise discretionary authority and control over plan assets.

MetLife and/or its affiliates ("MetLife") receive fees for providing administrative and recordkeeping services. The fees may be deducted directly from the Participant's account, be paid for by the Employer, be paid from the Plan assets and/or paid from the fees deducted from Participant account values allocated to the mutual funds available under the Plan. The fees can vary based upon the mutual funds that are available in the Plan and Plan Participants’ asset allocations. Because different mutual funds pay different rates of compensation and rates of mutual fund compensation are subject to change from time to time, compensation received by MetLife varies based on the rates of compensation in effect from time to time. MetLife may receive a finder’s fee from certain fund companies, which is additional compensation to MetLife. MetLife may also impose separate transactional fees for certain Participant elected transactions that will be charged directly to Plan Participants unless paid by the Employer or the Plan. MetLife may increase the annual administrative service fee charged to Participants’ accounts. MetLife may also pay a portion of the fees it collects to an entity that is designated as a directed trustee or directed custodian of the Plan; or to a third party administrator, or third party investment advisor. MetLife may receive payments for administrative services provided under the third party investment advisory services. MetLife also receives compensation for administrative services on annuities that are issued by unaffiliated insurance companies. MetLife also receives fees with respect to annuities it issues, according to the terms of the annuity contracts and prospectuses, if applicable. If you would like more information on the compensation that MetLife receives, contact your Employer. MetLife may realize a profit from any of the fees described above.

Ordinary income taxes generally apply at withdrawal. Withdrawal charges may also apply. Withdrawals will reduce the living benefit, death benefit and account value. Withdrawals prior to age 59½ from a TSA (before separation of service) are generally prohibited. Where allowed, a 10% federal income tax penalty generally applies, in addition to ordinary income taxes. Consult with your tax advisor to determine whether an exception to these tax rules may apply.

MetLife refers to Metropolitan Life Insurance Company (MLIC), 200 Park Avenue, New York, NY 10166. MetLife Financial Freedom Select variable annuity is issued by Metropolitan Life Insurance Company, 200 Park Avenue, New York, NY 10166. Securities, including variable annuity products, are distributed through MetLife Investors Distribution Company (member FINRA). Both are MetLife companies. Policy Form numbers G.FFS(08/02) and G-MFFS-1(8/04).

The plan document governs the terms of the plan and is available from your employer. In general, if any conflicts occur between this material and the plan documents provided by your employer that define the plan, the plan documents will govern.

About Your Plan

Available Funding Options

MetLife Financial Freedom Select®

Frequently Asked Questions

When am I eligible to participate in the plan?

How much can I contribute?

Am I able to rollover an existing retirement account into my new plan?

Does my plan allow loans?

When may money be withdrawn from my account?

What is the cost to participate?