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CA Retirement Systems

CalSTRS and CalPERS are the State of California pension system. CalSTRS is available to certificated employees and CalPERS is available to classified employees. Both employee and employer contribute to the program based on the required rates by the state. The employee contributions are deducted through payroll deduction. More information can be found at Department of the State Treasurer. Retired employees may contact CalPERS or CalSTRS.

403(b) and 457(b) Supplement

The 403(b) plan is a tax-sheltered annuity (TSA) plan. It is a retirement plan for certain employees of public schools, employees of certain tax-exempt organization, and certain ministers.

The 457 plan is a tax advantaged deferred-compensation retirement plan. The plan is available for governmental and certain non-governmental employers. The employer provides the plan and the employee defers compensation into it on the pre-tax basis. The 457 plan requires a Third Party Administrator (TPA) to manage the plan to make sure all the activities are followed by the IRS regulations. Both 403 (b) and 457 plans are available to permanent employees. The contributions are deducted through payroll deduction. FMSD currently contracts with Employee Benefits Services Group (EBSG). For more information on 403 (b) and 457 (b) Supplement Plans, please contact Doris Wang at (408)396-6988.