Mt. SAC Important Message

Beginning Summer Intersession, Covid-19 vaccinations are encouraged, but not required. Learn more about our safety guidelines at www.mtsac.edu/covid19

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Retirement Plans

 

The California State Teachers' Retirement System (CalSTRS) provides retirement, disability and survivor benefits for California's 868,493 prekindergarten through community college educators and their families. CalSTRS was established by law in 1913 and is part of the State of California's Government Operations Agency. For more information please visit: www.calstrs.com

The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that "manages pension and health benefits for more than 1.6 million California public employees, retirees, and their families". For more information please visit: www.calpers.ca.gov 

SchoolsFirst Plan Administration, LLC is the third party administrator of your 403(b) and/or 457(b) retirement plan. This letter is to inform you of the options available to help you save for retirement by participating in a 403(b) and/or 457(b) plan. These plans are designed to assist you in building and growing your savings for retirement by complimenting your pension income at retirement.

What is a 403(b) /457(b) plan?

The IRS created retirement savings plans for various groups to encourage retirement savings by offering tax benefits. They developed the 403(b) for non-profit organizations and the 457(b) for state employees. Contributions to these plans are made directly from your paycheck before taxes are taken out – reducing your tax bill while saving for retirement.

What if I already have a 403(b)/ 457(b)?

Great News! You always have the opportunity to increase your contributions to the 403(b) and/or 457(b) plan any time during the year, contact us and we will be happy to assist you.

How much may I contribute?

You may contribute up to $20,500 in 2022 to each plan, in addition to qualifying for additional catchup limits. We would be happy to review these options with you in addition to answering questions you may have related to your retirement.

Get Started

If you would like to start contributions to a 403(b) and/or 457(b) plan, you must first establish an account with an approved investment provider. If you are already working with a financial advisor or agent, please feel free to continue to do so. If you do not have a financial advisor or agent, we are here to help!

Our goal as your district’s third party administrator is to provide you with the very best personal service. If you have questions regarding the administration of your retirement plans, please contact SchoolsFirst Plan Administration at (800) 462-8328, x4727 or at rpa@schoolsfirstfcu.org. If you would like to schedule an appointment to meet with an advisor, please contact our Retirement Planning Department at (800) 462-8328, x 4116, Option 1.