RETIREMENT INFORMATION
Most employees are required to pay into a retirement system - CalPERS, CalSTRS, or APPLE (exceptions - student workers and certain retirees). VVC also contributes a mandated percentage to these programs. Employees may have additional voluntary choices depending upon employment status.
CalSTRS - California State Teachers Retirement System
- This generally applies to certificated employees and is a Defined Benefit Program (DB) in conjunction with a Defined Benefit Supplement Program (DBS), providing retirement and disability benefits. Requires employee contribution of 8% of earnings, paid through payroll deduction on a pre-tax basis. The DB pension is generally based on age, service years, and highest annual pay rate.
- Annual statements are issued by STRS to your mailing address in late fall
- CalSTRS retirees who return to work at VVC should be aware of the specific earnings limit set by California law. Exceeding this limit can have an adverse affect on your pension. You may find the current year limitation and more information at the STRS website.
- Visit http://calstrs.com/Members/index.aspx for additional or clarifying information on any of these issues.
- Phone 800-228-5453
- STRS Retirement Calculator
CalPERS - California Public Employees Retirement System
- This generally applies to classified employees and is a Defined Benefit Plan providing retirement and disability benefits. Requires employee contribution of 7% of salary, paid through payroll deduction on a pre-tax basis. This system coordinates with Social Security. Your pension is generally based on age, service years, and highest annual pay rate.
- Annual statements are issued by PERS to your mailing address in late fall
- CalPERS retirees who return to work at VVC are limited to 1050 hours in a non-permanent PERS-eligible position (student employee exempted). Exceeding this limit can cause an adverse impact to your retirement. Contact PERS for more information. Generally, PERS retirees who return to work at VVC as a faculty member are not subject to a PERS limitation.
- Visit www.calpers.ca.gov for additional or clarifying information on any of these issues.
- Phone 800-352-2238
- PERS Retirement Calculator
APPLE - Accumulation Program for Part-Time and Limited-Service Employees
- A Defined Contribution Plan providing alternative retirement benefits for associate faculty and limited-term employees who are not members of CalSTRS or CalPERS. Student workers are exempted. This plan requires employee contribution of 3.75% of salary paid through payroll deduction on a pre-tax basis. This type of plan provides for immediate vesting. The retirement pension is based on the amount in your account.
- Visit APPLE (Mid-America) for additional or clarifying information.
- Phone 800-634-1178
- You may access your account by clicking here
- Statements may be requested by calling the number listed above
- If you are no longer employed at VVC, you may download a "Request for Settlement of Account Form". IMPORTANT - so that your employment status can be changed to "terminated" in our system, be sure to send a brief notice of resignation to Human Resources or Payroll
403(b)(7) - Tax Shelter Annuity
- Payroll Deductions allowed on a pre-tax basis
- These deductions can be started, stopped, or changed more than once during the year
- There are a number of approved companies with multiple investment opportunities within each company. Click here for the most recent list of approved companies
- The third party administrator is Schools First Federal Credit Union. Click here for 403(b) information and salary reduction forms. If you choose to start a 403(b)(7) or make changes, the form should be completed and sent directly to the credit union. They will notify our payroll department of account set ups or changes. (see below for 457(b) information).
- IMPORTANT - although salary reduction forms go to the credit union, generally you must first open your 403(b) account by contacting one of the approved companies. The credit union can answer questions you may have regarding this and other issues.
- Phone 714-258-4000, ask for the retirement advisor.
457(b) Deferred Compensation Plan - generally available to regular employees and adjunct faculty.
- Payroll Deductions allowed on a pre-tax basis
- These deductions can be started, stopped, or changed more than once during the year- a 30-day notice is required for change/delete/set-up.
- There is one "vendor" but multiple investment opportunities with that vendor
- The third party administrator is Keenan & Associates (Envoy Plan Services/RSG). Click here for Envoy Elite Choice 457(b) information. If you choose to start a 457(b) or make changes, you may directly contact Keenan/Envoy/RSG. They will notify our payroll department of account set ups or changes. (see above for 403(b) information)
- Phone 877-544-4380
Social Security (OASDI) and Medicare
- Click on Social Security Administration to access both Social Security (OASDI) and Medicare
- PERS members pay into social security, 6.2% and medicare, 1.45%
- STRS and APPLE contributing members do NOT pay into social security but do pay into medicare
- Student workers do not pay into any retirement system and do not pay into medicare