Deferred Compensation Plan
You have probably heard about all different types of retirement plans; 401(k), 401(a) 403(b), 457(b), Roth IRA’s and the list goes on and on. Are you confused yet? Please be assured that PESD has a way to help you both understand and save (gasp!) for your retirement! As a public employee, there are plans that are created specifically for you.
Let’s start at the beginning…
What is a Deferred Compensation Plan?
A deferred compensation plan is a retirement plan offered to you by PESD. The plans offered by PESD were created to allow public employees like you to put aside money from each paycheck toward your retirement. A deferred compensation plan serves many goals, but the main goal is to help you bridge the gap between what you have in your CalPERS/CalSTRS Pension and Social Security (if you are eligible) and how much you will need at retirement.
How does it work?
This is the easy part! Once you enroll, contributions will automatically be deducted from each paycheck and deposited to your account. Contributions are deducted on a pre-tax basis (or post-tax for ROTH accounts) so your taxable income is less at the end of the calendar year.
How do I learn more?
PESD partners with the Fridge Benefit Consortium (FBC). Effective December 1, 2019, Schools First Credit Union is the Third Party Administrator for districts within FBC. You can find additional information below:
What if I have already enrolled and just need to make some changes to my contributions?
Visit the Schools First Plan Administration Site to make adjustments to your contributions.
For other forms and resources, visit the Schools First website. Select Investments and Retirement from the menu at the top of the page, and Retirement & Investment Forms from the dropdown menu.
Ready to get started?
Schedule an appointment with a Retirement Plan Advisor. 844-732-7738 or Email Miguel Marin @ Miguel.Marin@empower.com
Still have questions?
Contact Schools First at 800-462-8328 ext 4727 or visit the Schools First Retirement Plan Administration Webpage.
Retiree Health Benefits
Thinking of Retiring?
Once Risk Management is notified by Human Resources of an official retirement date, Risk Management will send benefit eligible retirees information on costs, coverage options and instructions for enrollment.
Certificated - Retiring with Benefits FAQ
Classified - Retiring with Benefits FAQ
Confidential/ Management - Contact Risk Management
State Teachers Retirement System (STRS)
800-228-5453 or https://www.calstrs.com
Public Employee Retirement System (PERS)
888-225-7377 or https://www.calpers.ca.gov
800-772-1213 or https://www.ssa.gov
800-663-4227 or https://www.medicare.gov
For assistance in finding individual or Medicare supplemental coverage you may contact Keenan Direct. There is no cost for this service and it is available to anyone who is interested.