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The FBC Deferred Compensation Program offers retirement plans for district and charter school employees to put aside money from each paycheck toward retirement. These plans can help bridge the gap between what you will receive in your pension or Social Security, and how much you’ll need in retirement. The available plans include:
457(b) – tax-deferred savings, available to all full-Time employees of member
charters and districts. Participants select amount deducted from each paycheck up to the maximum amount allowed by the IRS (make this a hyper link to the 2020 IRS max contribution limits), and the amount contributed can be changed throughout the year. Contributions are made with pre-tax dollars and any earnings grow tax-deferred. Ordinary income taxes will be paid when the funds are withdrawn.
403(b) – tax-deferred savings, plus investment options, available to all full-Time FBC employees of member charters and districts. Participants select amount deducted from each paycheck up to the maximum amount allowed by the IRS (make this a hyper link to the 2020 IRS max contribution limits), and the amount contributed can be changed throughout the year. Contributions are made with pre-tax dollars and any earnings grow tax-deferred. Ordinary income taxes will be paid when the funds are withdrawn.
Program Highlights – see an overview of your three options.
How Does It Work?
Participating in the FBC Deferred Compensation Program is easy!
1) Select the plan that’s right for you – based on your goals and investment
tolerance. Use the Retirement Planner to see how much you will need to retire comfortably. Pre-tax or Roth? Here's a planner to help you decide.
2) Enroll in your plan – Monthly contributions are deducted from your paycheck and deposited to your account. Use the Paycheck Impact Calculator (link??) to see how the deductions will affect your paycheck.
a) Invest your money* – If you select the 403b, choose funds from the list
of investment options available from the approved Master Vendor List (link).
Keep in mind, any investment involves risk and its important to speak with a
retirement advisor to help achieve your goals.
3) Review your investments – your needs will change as your family and income changes over time. Be sure to review your statements and log into your account periodically to stay informed and make changes to suit your needs. Your retirement plan advisors are available to help you at any step of the way!
Why Should I Participate?
1) Why shouldn’t you? Deferred Compensation is a BENEFIT offered to you that lets you control when, where, and how much you invest toward your future. What other benefit gives you that much control? Whether you’re just getting started or approaching retirement, putting money in a tax-deferred account offers several benefits.
a) Insert graph or calculator that shows cost benefit of savings over time from
b) Show graph or calculator that shows interest growth over time from
2) Every bit helps! Start with any amount, just start. You can always increase or decrease as necessary. Consider adding a portion of your raise or step-increases as they come. Remember, a little now, can go a long way later! If you’ve been investing, use the tools provided or speak to a retirement planner to look at your options.
3) This plan was made for you! The FBC Deferred Compensation Program was
created for the education community. A partnership between San Diego, Riverside, and Imperial County Offices of Education, to benefit school employees, not the financial services industry. The result is a retirement plan that is low in cost, free of surrender charges. Because the plan is operated on a non-profit basis, the fees will only get lower as the plan grows bigger.
4) Reliable, experienced service. New to navigating your retirement? You’ll get the help you need. Working with public sector employees for more than ten years, our salaried retirement plan advisors are working to ensure YOU make the most of YOUR retirement savings.
Get Ready to Enroll
It only takes a few minutes to start saving for your future! Here are some things that will make it easier to get started:
Use the Retirement Planner to help select an amount.