San Joaquin Delta College Teacher's Association
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One of the benefits available to us is the ability to participate in the county’s Office of Education’s 457 Deferred Compensation Plan.
What is a 457? Like a 401K or 403b plan, you can have money deducted from your salary automatically on a pretax basis and let that money grow in a tax-deferred account that will be available when you retire.
Why should I participate? We are fortunate to have two plans that allow you to sock money away. We have a great pension but if you want to save more for retirement and save money on taxes now, contributing to a 403b or the 457 or both is a great way to do that.
How much money can I sock away in a 457? For most faculty, it will be $15,000 a year on top of the $15,000 you can save in the 403b plan! For faculty older than 50, you can save even more.
How do I find out more? Our 457 plan is administered by The Hartford. One of their agents will explain your options. Call for an appointment at (209) 461- 5540. You can also check out information on the web at 457wise.com. Also check out 403bcompare.com to find out information about our 403b plan. Membership news
If you have disability or life insurance through CTA, there will be a new carrier, The Standard, starting September 1. You may have received a Payroll Deduction Authorization form in the mail. This form is required by the college to ensure that necessary payroll deductions for premium payments go to The Standard starting Sept. 1, 2007.
If you have received the mailing but have not completed the form, please take a minute to do so. If you have not received the form, and you are currently insured, please call The Standard toll-free at 1-800-522-0406.
If you need another copy of the Payroll Deduction Authorization form, you can get one from
(https://www.cta.org/mycta/services/benefits/Partnership_Standard.htm)
Without a new Payroll Deduction Authorization form, Delta College may not continue your premium deductions, which not only means a gap in your coverage, it also means that evidence of good health could be required to re-enroll.
Compiled by Lynn Hawley.
