Mandatory Retirement Enrollment
State Teachers’ Retirement System Defined Benefits Plan (Faculty)
800.228.5453
www.calstrs.com
STRS Employee Contribution Rate: 10.25% Classic Members; 10.205% PEPRA Members
State Teachers’ Retirement System Cash Balance Plan (Associate Faculty)
800.228.5453
www.calstrs.com
Employee Contribution Rate: 4% Classic and PEPRA Members
Public Employees Retirement System (Classified & CalPERS members serving in temp staff
assignments)
888.225.7377
www.calpers.ca.gov
PERS Employee Contribution Rate: 7% Classic Members; 8% PEPRA Members
CalPERS Annual Compensation Limit Notice
PARS (temporary & seasonal, part-time classified employees)
P.O. Box 12919
Newport Beach, CA 92658
800.540.6369
www.pars.org (Select Participant site [upper right-hand corner of the screen] and 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).
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View approved list of investment companies (vendors) (CalSTRS maintains the list of approved vendors)
Fringe Benefits Consortium (FBC)
The FBC offers retirement investment counseling and can explain the various investment options available. Visit the FBC website for additional information.
General inquiries can be directed to:
E-mail: support@fbcmodelplan.com
Deferred Compensation: 833-752-6322 (833 Plan FBC)
Introducing the FBC Model Plan
SchoolsFirst
SchoolsFirst is the third party administrator of the deferred compensation program responsible for receiving employee pre-tax contributions and transferring the funds to the various investment companies based on employee elections.
- Maximum 457 Contribution Worksheet
- Maximum 403b Contribution Worksheet
- Retirement Plan Limits
- Universal Notice for Retirement Plans
Contact:
Participant Line: 800.462.8328 x4727
Email: rpa@schoolsfirstfcu.org
FAX: 714.258.4262
Hours: Mon-Fri - 7am-7pm/Sat 9-3pm
Local Branches: Oceanside & Mission Valley
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.
If you establish retirement savings contributions in Workday, please be aware that your retirement savings contributions will be deducted from ALL earnings. If you would like to stop your retirement savings deductions during the summer months, you must submit two benefit events in Workday - one event to stop the deduction over the summer months and one event to resume your deduction during your regular work period. For detailed instructions to explain how to enter benefit events in Workday, please refer to the Retirement Savings job aid posted on the SharePoint portal.
