Santa Monica Community College District offers employees the ability to participate in a 403(b) or 457(b) retirement plan administered through Schools First Federal Credit Union.
Participation in these plans is voluntary and allows you to contribute pre-tax or after-tax dollars directly from your paycheck into a retirement account with an Investment Provider of your choice. Employees can select an Investment Provider available within the Santa Monica Community College District approved providers list.
2020 Annual Contribution Amount
- Normal Contribution Limit$19,500
- Additional Catch-up Amount for Employees age 50+$6,500
How to Participate in a 403(b) or 457(b) plan
Step 1: Contact Schools First FCU
Schools First FCU can assist employees with opening a 403(b) or 457(b) account. Employees can consult with a financial advisor through Schools First FCU, a financial advisor of their choice or choose an investment option on their own. The List of Approved Providers for the District can be found below or you can view the approved providers on 403bCompare.
Step 2: Open your 403(b) or 457(b) account
Once an employee has selected a provider of his/her choice, Schools First FCU (or your own advisor) can assist with opening an account. Employees will need to complete the enrollment forms with the provider in order to set-up an account.
Step 3: Complete and Submit a Salary Reduction Agreement Form (SRA)
Once your account is opened, you will need to complete and submit a salary reduction agreement form to Schools First FCU. Employees can begin and stop participation in the 403(b) and 457(b) plans at any time by submitting a SRA to Schools First FCU.
Important: You must have an open account with a provider first before submitting a SRA Form to Schools First FCU.
Plan Information & Forms
- 403(b) Salary Reduction Agreement Form
- 457(b) Salary Reduction Agreement Form
- List of Approved Providers
- 403(b) & 457(b) Comparison Chart
- Universal Notification Letter
Phone: 800-462-8328 ext. 4116 or 4727
PO Box 11547
Santa Ana, CA 92711
For additional information or if you have questions, please contact the Office of Human Resources:
Employee Benefits Coordinator
310-434-4523 / firstname.lastname@example.org
HR Analyst-Leaves & Benefits
310-434-4060 / email@example.com