Employee Benefits

FREQUENT QUESTIONS

How do I make a change to my Health Benefits? (IE. birth, marriage, divorce)

Who do I contact regarding my Medical/Dental/Vision Insurance Coverage?

How do I change my Federal and/or State Tax Withholdings?

tax forms

Federal W-4
State DE-4

Benefits

RETIREMENT

Deferred Compensation

In addition to CalSTRS, CalPERS, and SISC Defined Benefits retirement plans, the Panama-Buena Vista Union School District offers employees the ability to contribute additional money towards their retirement in the form of a tax-sheltered annuity plan. The types of plans are 403b, 403b Roth, 457b and 457b Roth. PBVUSD does not match or contribute anything to any of these types of plans.

The third-party administrator (TPA) that PBVUSD is contracted with to handle our tax-sheltered annuity plans is OMNI TSACG.

WHAT IS THE DIFFERENCE BETWEEN A 403B AND A 457B?

A 403b offers a narrower range of investment options vs a 457b which offers a broader range of investment options.
A 403b allows for additional catch-up contributions for employees who have been with their employer for at least 15 years, whereas a 457b allows for extra contributions for employees within 3 years of retirement age.
Both 403b and 457b plans have the same withdrawal rule that you can only access your money without penalty once you reach the age of 59 1/2. However, if you leave the employer sponsoring your 457b plan, you may withdraw your money penalty-free at any age.

What is the difference between a regular 403b or 457b plan and a Roth plan?

A 403b or 457b plan is pre-taxed, and the Roth plans are post-tax.

What is the maximum contribution amount?

This amount changes annually. For 2025 the maximum contribution amount is $23,500 for individuals under 50. For people 50 years and older, the maximum is $31,000.

What is the catch up amount?

For 403b plans, employees who have been with their employer for at least 15 years may contribute up to $3,000 per year. However, there is a $15,000 lifetime maximum on these catch-up contributions. For 457b plans, employees who are within three years of the normal retirement age (as specified by their plan) may contribute up to twice the annual base 457b contribution limit.

Are contribution maximums based on the fiscal year or the calendar year?

Contribution maximums are based on the calendar year, January 1 - December 31.

CAN YOU CONTRIBUTE TO BOTH A 403B AND A 457B PLAN?

Yes, you can. You may contribute up to the annual maximum on each plan.

When do I need to submit a Salary Reduction Agreement form in order to see the changes reflected on my paycheck?

OMNI must receive your electronic SRA no later than the 10th of the month in order for changes to be made for the end of month payroll.