Retirement Benefits & Savings OptionsPension BenefitsState Teacher's Retirement System (STRS) for certificated staffPublic Employee's Retirement System (PERS) for classified, confidential and classified management staff. Employees working 20 hours or more per week belong to CalPERS and also contribute to Social Security. Some exceptions may apply. Employees working less than 20 hours per week are only eligible for Social Security.Voluntary Retirement Savings Options
Employee participation in the current 403(b) and/or the 457(b) plans is on a voluntary basis and is employee-contributed. All eligible employees may participate in the plan(s). We strongly recommend that you seek the input of a financial professional to select the proper investments to meet your retirement planning goals.
Click on this link to see how these plans differ: 403(b) vs. 457(b): Which is better for you?
A 403(b) plan is a tax sheltered retirement savings plan. Eligible employees can contribute pre-tax dollars to their plan, which are invested in either an annuity contract or custodial account (mutual fund). Contributions will be allowed to grow tax free until the funds in question are withdrawn (usually at retirement, although it may be possible to access your funds prior to retirement in certain circumstances). The district’s 403(b) plans are administered by The OMNI Group. Contributions flow through OMNI to a chosen service provider, of which the district offers over 35 to choose from. Click here to visit our plan’s homepage https://www.omni403b.com/plandetail/5202
A 457(b) is similar to a 403(b) plan, as both allow you to contribute pre-tax dollars. Employees can actually contribute the maximum dollar amount to both 403(b) and 457(b) plans in the same year, effectively doubling their voluntary retirement contributions. Our 457(b) plans are managed by the District and contributions are made directly to each provider. We offer two providers currently, VALIC and CalSTRS Pension 2. To find out more information on these plans, please contact the provider directly.
VALIC’s 457(b) Salary Reduction Agreement
Investment Adviser Representative
2901 Douglas Blvd., Suite 150
Roseville, CA 95661
Phone: 1-800-892-5558 Ext. 89094
CalSTRS Pension 2 (VOYA) 457(b)
CalSTRS’s 457(b) Salary Reduction Agreement
Plan number 401847
How does the Pension 2 plan work? http://p2updates.com/
To enroll online: https://calstrspension2.voya.com/eportal/welcome.do
ROTH Option: If you are looking to reduce your taxable income during retirement, ROTH contributions may be an attractive option for you. These plans permit you to contribute after-tax dollars and take the distributions tax-free. Both the 403(b) and 457(b) plans offer ROTH options. We have a select group of 403(b) providers, and both 457(b) providers offer a ROTH option.