PIEDMONT UNIFIED SCHOOL DISTRICT



PIEDMONT UNIFIED SCHOOL DISTRICT

Piedmont, California 94611

Saving for Your Retirement

Via the Piedmont USD

403(b) and/or 457 Plans

 

403(b) Plans and 457 Plans are both Voluntary Supplemental Retirement Savings programs that are designed to address the “income gap” between what many retirees will receive from their CalSTRS or CalPERS retirement pension income and the rising cost of living, inflation, and an individual’s goals for their retirement income.

 

← Enrolling in a 403(b) or the 457 Plan via payroll deductions allows an employee the opportunity to save on a pre-tax basis to ultimately supplement their retirement pension.

← Contributions are deducted from the employee’s gross pay, which reduces their current taxable income. Income taxes are paid when disbursements begin at retirement.

← Annual contribution limit: You may contribute to up to $16,500 per calendar year if you are under age 50. You may contribute an additional $5,500 per calendar year (for a total of up to $22,000) if you are age 50 or over (2011 rules).

← Employees may contribute to two savings plans (e.g., one 403(b) account and one 457 account; or two separate 403(b) accounts), as long as they do not exceed the annual contribution limit on either of the two accounts.

← To avoid penalties, the employee should monitor their pension savings account(s) to be sure that they do not go over the allowable contribution limits for each calendar year.

← The employee should also inform their pension plan representative of all existing contributions so they do not go over the allowable contribution limits.

← Employees may enroll in a 403(b) Plan, a 457 Plan, or make changes to an existing account at any time during the school year.

← An employee must first open a new account with a District-approved vendor before payroll deductions can be set-up.

To get started on contributing (or to make changes) to your retirement nest egg:

 

← A listing of the District-approved vendors to which you may contribute your retirement savings is attached. You may select any vendor from this list.

← Request a Salary Reduction Form from the Benefits Office in order to set up these deductions from your salary.

← Questions? Contact Julie Hollinger in the Benefits Office at :

jhollinger@piedmont.k12.ca.us or call her directly at 594-2618 (ext. 618).

 

(H:\Voluntary Supplemental Retirement Savings\Saving for Your Retirement-Universal Availability Letter, 8-11.doc)

PIEDMONT UNIFIED SCHOOL DISTRICT

Piedmont, California 94611

Notice of Benefits Eligibility for

Voluntary Supplemental Retirement Savings*

As an employee of a public school district, you are eligible to participate in a 403(b) and/or 457(b) retirement plan. Participation in these plans is voluntary and may be done at your discretion. Please review this information to understand the retirement saving plan options available to you.

403(b) Tax Sheltered Annuities

A tax-sheltered annuity plan permits you to defer taxes voluntarily through salary reduction contributions. Though commonly referred to as Tax Sheltered Annuities, investment options for public education employees include fixed and variable annuities as well as custodial mutual fund accounts. You may not make direct contributions to individual stocks or bonds. A complete list of District-approved 403(b) vendors is located on the CalSTRS website, . (Both certificated and classified employees may go online to this website to view Piedmont USD’s vendor information.)

457 Deferred Compensation

This tax-sheltered option is commonly referred to as a ‘457 Plan.’ The 457 Plan permits you to defer taxes voluntarily through salary reduction contributions, although the available investment options and withdrawal options in this plan differ from those offered under a 403(b).

A listing of all District-approved 403(b) Plan and 457 Plan vendors

is available in the Benefits Office.

If you are interested in participating in

a 403(b) or 457(b) retirement savings plan or would like more information

please contact Julie Hollinger at ext. 618 in the Benefits Office.

*also referred to as “Universal Availability Compliance Letter”

(H:\Voluntary Supplemental Retirement Savings\Saving for Your Retirement-Universal Availability Letter, 8-11.doc)

PIEDMONT UNIFIED SCHOOL DISTRICT

Voluntary Supplemental Retirement Savings

Vendors Authorized by Piedmont USD

for 403(b) Plans (2011-12)

| | 403(b) Compare | | |

|Vendor Name |Vendor Number |Address |Telephone |

|American Century Investments |1164 |1665 Charleston Road |650-965-8300 |

| | |Mountain View, CA  94043 | |

|American Fidelity |1062 |9370 West Stockton Blvd, Suite 130 |800-365-8306 |

|Assurance Co. | |Elk Grove, CA  95758 | |

|American Funds |1057 |333 S. Hope Street, 55th fl. |800-421-9900 |

|(Capital Guardian) | |Los Angeles, CA  90071 | |

|CalSTRS Pension2 |1097 |7667 Folsom Blvd |888-556-2950 |

|(for Certificated staff only) | |Sacramento CA 95826 | |

|Fidelity Investments |1133 |2001 North Main Street, Suite 100 |800-544-8235 |

| | |Walnut Creek, CA  94596 | |

|Franklin Templeton |1025 |P.O. Box 997153 |800-527-2020 |

| | |Sacramento, CA  95899 | |

|FTJ FundChoice |1148 |2300 Litton Lane |800-379-2513 |

| | |Hebron, KY 41048 | |

|Great American Life |1092 |P.O. Box 5420 |800-854-3649, |

|Insurance Co. (GALIC/AILIC) | |Cincinnati, OH  45201 |ext. 11415 |

|Horace Mann |1014 |1 Horace Mann Plaza |866-780-3050 |

| | |Springfield, IL 62715 | |

|IAP |1135 |17550 N. Perimeter Dr., Ste 210 |888-473-5540 |

| | |Scottsdale AZ 85255 | |

|ING Reliastar & | 1059 & |200 North Sepulveda Blvd |909-980-5512 |

|ING Life Insurance & Annuity |1060 |El Segundo, CA  90245 | |

|Lincoln National |1029 |2185 N. California Blvd., Suite 590 |925-275-0300 |

| | |Walnut Creek, CA  94596 | |

|Metropolitan Life Insurance |1024 |5973 Avenida Encinas |760-930-9378 |

| | |Carlsbad, CA  92008 | |

|Metropolitan Life Insurance Co. |1073 |5973 Avenida Encinas |760-930-9378 |

|of Connecticut | |Carlsbad, CA  92008 | |

|Midland National |1043 |4350 Westown Parkway |877-586-0241 |

| | |West Des Moines IA 50266 | |

|New York Life |1083 |51 Madison Avenue |800-710-7945 |

| | |New York, NY 10010 | |

|Security Benefit Group |1022 |One Security Benefit Place |800-888-2461 |

| | |Topeka, KS 66636 | |

|Symetra Financial |1087 |777-108th Avenue |800-562-1018 |

| | |Bellevue, WA 98004 | |

|Transamerica Fund Services Inc. |1076 |P.O. Box 219945 |1-888-233-4339 |

| | |Kansas City MO 64121 | |

|Transamerica Life |1160 |21515 Hawthorne Blvd., Suite # 355 |800-317-2688 |

|& Annuity Co. | |Torrance, CA  90503 | |

|USAA Life Insurance Co. |1053 |9800 Fredericksburg Road |800-531-8292 |

| | |San Antonio Tx 782882400 | |

|VALIC |1117 |2000 Powell Street, Suite 820 |510-410-7897, or |

| | |Emeryville, CA  94608 |800-892-5558 |

|Vanguard Group, The |1102 |P.O. Box 1106 |1-800-662-2003 |

| | |Valley Forge PA 19482 | |

|(You may enroll in a 403(b) Plan or make changes to an existing account at any time during the school year.( |

Note: Only those vendors who are registered with the 403(b) Compare information bank are allowed to offer 403(b) products to California school employees. The 403(b) Compare website allows you to view specific information about the products vendors offer, as well as their experience, range of services, financial strength and stability, compliance, and how to contact a representative to begin the process. To get started, go to .

( ( (

Vendors authorized by the Piedmont Unified School District

but are NOT accepting new business:

The following authorized vendors are not issuing new enrollments. If an employee has an existing account with any of the vendors listed below, they may: 1) Keep their account without making changes; 2) Close their account at any time; 3) Reduce the amount being deducted from their payroll; however, an employee may not increase the amount being deducted from their payroll using any of the vendors listed below. These companies are not included on the 403(b) Compare information bank.

|Vendor Name |Address |Telephone |

|AIG Annuity Insurance Co. |P.O. Box 871 |(800) 288-4088 |

| |Amarillo, TX 79105 | |

|Fidelity Guaranty Life |1001 Fleet Street |(800) 445-6758 |

| |Baltimore, MD 21202 | |

|Kemper Investors Life/Zurich Life |1600 McConnor Parkway |(800) 621-5001 |

| |Schaumburg, IL 60196 |(800) 554-5426 |

|Life Investors Insurance |4333 Edgewood Road |(800) 435-7928 |

|Company/AEGON |Cedar Rapids, Iowa 52499 | |

|National Western Life |850 East Anderson Lane |(512) 836-1010 |

| |Austin, TX 78752 |(800) 531-5442 |

|Nationwide Life Insurance Co. |P.O. Box 182021 |(800) 848-6331 |

| |One Nationwide Plaza | |

| |Columbus, OH 43218 | |

|State Farm |One State Farm Plaza |(866) 864-7959 |

| |Bloomington IL 61710 | |

( The Piedmont Unified School District

does not endorse any vendor over the other.

(H:\Tax Sheltered Annuities (TSAs)\CHART - Authorized TSA Vendors- 2011-12, 8-11.doc)

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