Mandatory Retirement Enrollment
State Teachers’ Retirement System Defined Benefits Plan (Faculty)
STRS Employee Contribution Rate: 10.25% Classic Members; 10.205% PEPRA Members
State Teachers’ Retirement System Cash Balance Plan (Associate Faculty)
Employee Contribution Rate: 4% Classic and PEPRA Members
Public Employees Retirement System (Classified & CalPERS members serving in temp staff
PERS Employee Contribution Rate: 7% Classic Members; 8% PEPRA Members
CalPERS Annual Compensation Limit Notice
PARS (temporary & seasonal, part-time classified employees)
P.O. Box 12919
Newport Beach, CA 92658
www.pars.org/agency-search/ (Enter "MiraCosta Community College District")
Employee Contribution Rate: 3.75%
Voluntary Retirement Savings
Public employees have the option to set additional money aside for retirement on a pre-tax basis by electing a 403b, 457 and/or Roth 403b tax shelter. MiraCosta College is a member of the Fringe Benefits Consortium Deferred Compensation Program (FBC).
View approved list of investment companies (vendors) (CalSTRS maintains the list of approved vendors)
Fringe Benefits Consortium (FBC) / Empower
The FBC/Empower offers retirement investment counseling and can explain the various investment options available. Visit the FBC website for additional information.
SchoolsFirst is the third party administrator of the deferred compensation program responsible for receiving employee pre-tax contributions and transferring the funds to the various investment companies based on employee elections.
- Maximum 457 Contribution Worksheet
- Maximum 403b Contribution Worksheet
- Retirement Plan Limits
- Universal Notice for Retirement Plans
How to Enroll
- Select an investment company from the approved list.
- Contact the investment company of your choice to set-up an account.
- Log-in to your Workday homepage to enroll AFTER your account has been established.
- Select the "My Benefits" icon from your Workday homepage to enroll.
Important Notice: If you establish retirement savings contributions in Workday, please be aware that your retirement savings contributions will be deducted from ALL earnings. If you would like to stop your retirement savings deductions during the summer months, you must submit two benefit events in Workday - one event to stop the deduction over the summer months and one event to resume your deduction during your regular work period. For detailed instructions to explain how to enter benefit events in Workday, please refer to the Retirement Savings job aid posted on the SharePoint portal.