Payroll & Retirement Services x 2252 February 3, 2012
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TO: All Employees Please post to share with others in your area without VVC email access
SUBJECT: Important Changes to VVC 457(b) Voluntary Retirement Plan
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Victor Valley Community College School District recently selected SchoolsFirst Federal Credit Union as the new plan administrator of VVC’s 457(b) plan, in conjunction with their current role as the 403(b)(7) Plan Administrator.
What is a 457(b) plan?
The IRS created retirement savings plans for various groups to encourage retirement savings by offering tax benefits. They developed the 457(b) plan for state and local government employees. Contributions to these plans are made directly from your paycheck before taxes are taken out – reducing your tax bill while saving for retirement. Contributions and earnings grow tax deferred within the plan.
What Happens Next?
Michael Duarte is your Retirement Plan Advisor for the 457(b) and 403(b)(7) plans and can answer your questions regarding the administration of either or both of these plans. If you are interested in enrolling in the 457(b) plan, Michael will be available at the Victor Valley Community College District Office.
What if I already have a 457(b) plan here at VVC?
If you are currently contributing to the 457(b) deferred compensation plan with RSG Securities/Elite Choice, this selection is no longer available. You are receiving a separate mailing regarding your options. SchoolsFirst FCU can provide you two 457(b) options.
· Insured share certificate
· Low cost mutual fund product through Nationwide Trust that has both conservative and aggressive options
· If you wish to continue your 457 salary reduction, you must meet with Michael to review and select your options
Individual Consultation –walk-in ok but appointment is recommended
Call 800-462-8328, ext. 4724, option 2
February 6th thru February 9th
9am - 5pm
Payroll & Retirement Services Office, Building 10A
If you have questions regarding either of these plans, please call Michael Duarte at 800.462.8328 x4116 or our Retirement Services Dept at 800.462.8328, ext. 4724, option 2.
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Schools First is also accessible through Faculty/Staff>>>Payroll>>>Retirement at www.vvc.edu.
http://www.schoolsfirstfcu.org/retirementfored/overviewlist.asp?did=358
Signed Raina Bustillos
Raina Bustillos, Payroll Manager