Mandatory Retirement Enrollment
State Teachers’ Retirement System Defined Benefits Plan (Faculty)
Employee Contribution Rate: 10% Classsic Members; 10.25% PEPRA Members
State Teachers’ Retirement System Cash Balance Plan (Associate Faculty)
Employee Contribution Rate: 4% Classic and PEPRA Members
Public Employees Retirement System (Classified & CalPERS members serving in temp staff
Employee Contribution Rate: 7% Classic & PEPRA Members
CalPERS Annual Compensation Limit Notice
PARS (temporary & seasonal, part-time classified employees)
P.O. Box 12919
Newport Beach, CA 92658
www.pars.org/agency-search/ (Enter "MiraCosta Community College District")
Employee Contribution Rate: 3.75%
Voluntary Retirement Savings
Public employees have the option to set additional money aside for retirement on a pre-tax basis by electing a 403b, 457 and/or Roth 403b tax shelter. MiraCosta College is a member of the Fringe Benefits Consortium Deferred Compensation Program (FBC).
View approved list of investment companies (vendors) (CalSTRS maintains the list of approved vendors)
Fringe Benefits Consortium (FBC) / Empower
The FBC/Empower offers retirement investment conseling and can explain the various investment options available. To find out more about the services the FBC offers: www.fbc-retire.com/about-the-program .
SchoolsFirst is the third party administrator of the deferred compensation program responsible for receiving employee pre-tax contributons and transferring the funds to the various investment companies based on employee elections.
- 2021 Maximum 457 Contribution Worksheet
- 2021 Maximum 403b Contribution Worksheet
- 2021 Retirement Plan Limits
How to Enroll
- Select an investment company from the approved list.
- Contact the investment company of your choice to set-up an account.
- Log-in to your Workday homepage to enroll AFTER your account has been established.
- Select the "My Benefits" icon from your Workday homepage to enroll.