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    Fiscal Operations including: Payroll & Retirement

     

    Voluntary Retirement

    All employees are eligible to contribute to the Districts 403(b) and 457 voluntary retirement plans. These plans allow employees to save additional funds for retirement on a tax-deferred basis. For a list of current 403(b) providers go to Calstrs403bcomply or contact Payroll for a list of current 403(b) and 457 providers.

    The annual limit for elective deferrals to 403(b) and 457 plans for 2019 increases to $19,000 (up from $18,500 for 2018). The amount may be higher depending on your age and years of service. Employees should consult with their financial advisor to determine if they are eligible to contribute more than the limit for 2019.

    Visalia USD Summary Plan

     

    PARS

    Important Announcement To All Employees Participating in the Public Agency Retirement System (PARS)!

    Information about your particular PARS Participation account is now available in the Annual Participant Account Valuation Report and can be obtained by contacting Brandy Spray at bspray@vusd.org or (559) 730-7863.

     

     

     

    CalPERS

    CalPERS offers a defined benefit plan where retirement benefits are based on a formula, rather than contributions and earnings to a savings plan. Retirement benefits are calculated based on a member's years of service credit, age at retirement, and final compensation (average salary for a defined period of employment).

    www.CalPERS.ca.gov

    CALPERS CONTRIBUTION RATES

     

    Past

    2018-19

    2019-20

    2% @ 55 (Classic)

    Employee Rate

    7.0%

    7.0%

    7.0%

    2% @ 62 (Pepra)

    Employee Rate

    6.0%

    7.0%

    7.0%

     

    *Retirees cannot exceed 960 hours in a fiscal year (July 1 through June 30) for employment.

    There are no exceptions to this limit.

     

    CalSTRS

     CalSTRS provides retirement, disability and survivor benefits for full-time and part-time California public school educators through a hybrid retirement system consisting of its Defined Benefit, Defined Benefit Supplement and Cash Balance Benefit programs, and a voluntary defined contribution plan called CalSTRS Pension2.

    www.CalSTRS.com

    CALSTRS CONTRIBUTION RATES

     

    Past

    2018-19

    2019-20

    2% @ 60 (Classic)

    Employee Rate

    9.20%

    10.25%

    10.25%

    2% @ 62 (Pepra)

    Employee Rate

    8.56%

    10.025%

    10.025%

     

    *Retirees – Maximum Earnings for Fiscal Year 2019-2020 are $46,451

    (up from $45,022 from FY2018-2019)