Page 22 - SBCEO Benefit Guide 19-20_FINAL

Retirement Savings Benefits 22

403(b) and 457(b) Plans

SBCEO provides all employees with the opportunity to build savings for long term financial goals, such as retirement. You are
eligible to contribute to the 403(b) and 457(b) plans starting at date of hire. Account must be open prior to establishing
payroll deductions.

Schools First Federal Credit Union 403(b) Plan Schools First Federal CalPERS Voya 457(b)
Credit Union 457(b) Plan
Plan
Traditional Option Roth Option Traditional Option Traditional Option Only
Only

Benefit Save for your future Save for your future Save for your future Save for your future
with pre-tax dollars with after-tax dollars with pre-tax dollars with pre-tax dollars
Tax Advantages Your contributions are Your contributions are Your contributions are Your contributions are
tax-free and lower made with after-tax tax-free and lower tax-free and lower
your taxable income dollars your taxable income your taxable income
now now now
When you withdraw
You pay tax on your funds during You pay tax on your You pay tax on your
contributions and retirement, you do not contributions and contributions and
investment earnings pay taxes on your investment earnings investment earnings
when you withdraw contributions; however when you withdraw when you withdraw
your funds during investment earnings your funds during your funds during
retirement may be subject to retirement retirement
State income tax

Annual Contribution Up to 100% of eligible earnings up to the IRS Up to 100% of eligible Up to 100% of eligible
Limit maximum (Traditional and Roth options earnings up to the IRS earnings up to the IRS
combined) maximum maximum
Separate IRS Maximum Contribution Limits for the 403(b) and 457(b) Plans

Plan Investments You choose how to invest your retirement savings. The District’s third party administrator, is
Schools First Federal Credit Union. A variety of investment options are available, as well as free
investment consultations

Rollovers You have the option to rollover qualified retirement plans.
Loans You have the option to take a loan if you wish. Please note that loan payments are made with
after-tax money, and when you withdraw 403(b) or 457(b) funds during retirement, they will be
subject to tax again at that time.

How to Enroll

 Schools First Federal Credit Union 403(b) and 457(b) Plans: Visit www.schoolsfirstfcu.org or call Carlos Almazan at
714-258-4000 x4116 to establish a 403(b) and/or 457(b) account, and login to set up automatic payroll deductions to the
plan(s). Entries completed by the 10th of the month will be processed for that month. Entries completed after the 10th
will be processed for the following month.
 CalPERS Voya 457b Plan: Call 800-260-0659 or visit https://CalPERS.voyaplans.com.