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Overview

Green Dot Public Schools is committed to supporting your financial well-being — today and tomorrow. We offer both 401(k) and pension benefits to help you prepare for a secure retirement.

401(k) Plan

Our 401(k) Plan, administered by Fidelity, helps you prepare for retirement by offering an easy, tax-advantaged way to save for your future financial needs.

Why participate?

  • Company matching contributions: Green Dot matches 100% of the first 4% of eligible pay you contribute to the plan after one year of employment — that’s free money to help build your retirement savings! Note: If you are enrolled in any of the following pension plans through Green Dot, you are not eligible for the 401(k) match:
    • CalPERS
    • CalSTRS
    • Tennessee Consolidated Retirement System (TCRS)
  • Two contribution options: You can make before-tax contributions (for current tax savings), Roth 401(k) after-tax contributions (for future tax savings), or a combination of both.
  • Wide range of investment options: Customize your own portfolio or keep it simple by choosing a single Fidelity target date fund.
  • Convenient payroll deductions: It’s easy and automatic to build the savings you’ll need for your future.
Manage

Manage your 401(k) account

Visit the Fidelity website to enroll or manage your 401(k) account:

  • Enroll in the plan.
  • Check your balance.
  • Change your contribution rate.
  • Manage your investments.
  • Update your beneficiary.
  • Use planning tools and calculators.
  • Access forms and documents.
help When can I participate in the 401(k) Plan?

You are eligible to make employee contributions to the 401(k) Plan on the first day of the month following 30 days of employment. After one year of employment, Green Dot will begin to match your contributions 100%, up to a maximum of 4% of your eligible pay that you contribute to the plan. To enroll, visit Fidelity or call 800.835.5097.

Green Dot 401(k) contributions

To support your retirement saving efforts, Green Dot matches 100% of your contributions to the plan, up to 4% of your eligible pay, after you complete one year of service in which you worked at least 1,000 hours during a 12-month period, beginning with your date of hire and ending with your date of hire anniversary. Note: If you are enrolled in any of the following pension plans through Green Dot, you are not eligible for the 401(k) match: CalSTRS; CalPERS; Tennessee Consolidated Retirement System (TCRS).

Here’s how the company match works:

contribution graphic

Your 401(k) contributions

You may contribute between 1% and 100% of your eligible pay to your 401(k) Plan account, up to annual IRS limits.

  • The current IRS annual contribution limit is $19,500. You can make additional catch-up contributions of up to $6,500 if you’re age 50 or older this year.
  • These limits apply to your before-tax contributions and Roth 401(k) after-tax contributions combined. What’s the difference?

Before-tax vs. Roth after-tax contributions

The 401(k) Plan gives you the flexibility to save for retirement in a variety of ways. You can make before-tax contributions, Roth after-tax contributions, or a combination of the two.

Before-Tax Contributions Roth After-Tax Contributions
  • The money goes into your plan account before taxes are deducted, so you keep more of your take-home pay.
  • Because you don’t pay taxes at the time you contribute, you’ll owe taxes on both your contributions and any investment earnings when you withdraw your money in retirement (when you may be in a lower income tax bracket).
  • The money goes into your plan account after taxes are withheld.
  • In exchange for paying taxes now, both your contributions AND any earnings can be withdrawn tax-free in retirement, provided you meet two requirements for earnings:
    • At least five years have elapsed since your first Roth contribution.
    • You are at least age 59½ or the withdrawal follows death or total disability.
thumb upCatch up!

It’s not too late to make up for lost time. If you’ll be 50 or older this year, take advantage of the opportunity to contribute up to an additional $6,500 in 2020.

Before-tax vs. Roth after-tax

The Green Dot Public Schools 401(k) Plan gives you the flexibility to save for retirement in a variety of ways. You can make before-tax contributions, Roth after-tax contributions, or a combination of the two.

Before-Tax Contributions Roth After-Tax Contributions
  • The money goes into your plan account before taxes are deducted, so you keep more of your take-home pay.
  • Since you don’t pay taxes at the time you contribute, you’ll owe taxes on both your contributions and any investment earnings when you withdraw your money in retirement (when you may be in a lower income tax bracket).
  • The money goes into your plan account after taxes are withheld.
  • In exchange for paying taxes now, both your contributions AND any associated earnings can be withdrawn tax-free in retirement, provided you meet two requirements:
    • At least five years have elapsed since your first Roth contribution.
    • You are at least 59½ or the withdrawal follows death or total disability.
Keep in mind that company contributions are made on a before-tax basis, no matter which contribution type(s) you select.

Vesting

Vesting is another way of saying “how much of the money is yours to keep if you leave the company.” You are always 100% vested in your own contributions, including any investment gains and losses on the money. You are 100% vested in the matching contributions you receive from Green Dot after you complete one year of service.

helpHave you named a beneficiary?

It's important to designate a beneficiary to receive the value of your 401(k) account in the event you die before beginning to receive your benefit. As personal circumstances change, be sure to keep that information up-to-date. Visit Fidelity to add or change a beneficiary.

Withdrawals and loans

The money in your account is intended as a long-term investment to help you prepare for your financial needs in retirement. However, under certain circumstances, you may be able to access money from your account before reaching retirement age. For more information, visit Fidelity or call 800.835.5097.

401(k) tools and resources

Besides access to online transactions and account information, your plan’s website offers a wealth of planning resources. Visit Fidelity for:

  • Details on all your investment options, including current prices and historical performance.
  • Online account statements covering any time period you specify (up to 24 months) and featuring your personal rate of return.
  • Online tutorials on everything from investing basics to retirement income planning. These are self-guided modules you take at your own pace. They can make plan participation a more rewarding experience and you a more educated investor.
  • The Fidelity Take Home Pay Calculator shows how affordable it can be to invest in your plan. Simply enter the amount you might want to contribute on a before-tax basis and see how it impacts your pay. You’ll find it in the Library on NetBenefits.

For assistance, call the Fidelity Retirement Benefits Line at 800.835.5097.

Before investing, carefully consider the funds’ or investment options’ objectives, risks, charges, and expenses. Call 800.835.5097 for a prospectus and, if available, a summary prospectus, or an offering circular containing this and other information. Please read them carefully. Investing involves risk, including the risk of loss.

CA Pension Plans

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.

You are eligible for the CalSTRS pension plan if you are in a certificated position that requires a credential. For example, typically all teachers and administrators require credentials. Learn more about eligibility for CalSTRS.

thumb upRegister for access to myCalSTRS!

myCalSTRS is your online resource for managing your personal information on file with CalSTRS. You must register for an account to have access. Visit myCalSTRS to register today.

Managing your money

Manage your CalSTRS account

Visit the CalSTRS website to manage your CalSTRS account:

  • Access your Retirement Progress Report.
  • Check your balance.
  • Update your beneficiary.
  • Use planning tools and calculators.
  • Access forms and documents.
  • Apply for retirement.

CalSTRS contributions

View the current employer and employee contribution rates.

helpHave you named a beneficiary?

It's important to designate a beneficiary to receive the value of your CalSTRS account in the event you die before beginning to receive your benefit. As personal circumstances change, be sure to keep that information up-to-date. Visit CalSTRS to add or change a beneficiary.

CalSTRS tools and resources

Besides access to online transactions and account information, your plan’s website offers a wealth of planning resources. Visit CalSTRS for:

  • CalSTRS Workshops: CalSTRS offers financial planning workshops designed to meet your needs at different stages during your career.
  • Getting Started: An online resource for starting your CalSTRS pension plan.
  • Educational Videos: On everything from investing basics to retirement income planning. These are videos you can watch at your own pace. They can make plan participation a more rewarding experience and you a more educated investor.
  • The Retirement Calculator: This calculator is provided as a retirement planning tool to help you estimate your future retirement benefit. Calculations are estimates only.

CalPERS

CalPERS is a defined benefit plan funded by employee contributions, employer contributions, and earnings made on CalPERS investments. Most employees contribute a percentage of their salary, which accrues interest under their individual CalPERS account.

You are eligible for the CalPERS pension plan if you are in a school site position/employee, including facilities associates, which is not covered under CalSTRS. As a member, you receive a lifetime monthly pension check once you become eligible, or you may choose to withdraw your contributions and interest if you no longer work for a CalPERS-covered employer.

Your CalPERS benefit is based on a formula using your:

  • Age at retirement
  • Highest average annual compensation during any consecutive 12- or 36-month period throughout your CalPERS career
  • Years of service credit (total time spent on the job with all CalPERS covered employers)

Learn more about CalPERS.

thumb upRegister for access to CalPERS!

CalPERS is your online resource for managing your personal information on file with CalPERS. You must register for an account to have access. Visit CalPERS to register today.

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Manage your CalPERS account

Visit the CalPERS website to manage your CalPERS account:

  • See Annual Member Statements.
  • Estimate your benefit.
  • Update your beneficiary.
  • Access forms and documents.
  • Take CalPERS classes.
  • Apply for retirement.

CalPERS contributions

View the current employer and employee contribution rates.

helpHave you named a beneficiary?

It's important to designate a beneficiary to receive the value of your CalPERS account in the event you die before beginning to receive your benefit. As personal circumstances change, be sure to keep that information up-to-date. Visit CalPERS to add or change a beneficiary.

CalPERS Education Center

Whether you're in the early stages of your career or getting ready to retire, visit the CalPERS Education Center in my|CalPERS to:

  • Take online classes to give you a better understanding of your CalPERS benefits.
  • Register for instructor-led classes at a location near you.
  • Download class materials and access information about your current and past classes.
  • Schedule a one-on-one appointment with a representative at your nearest CalPERS Regional Office.

TN Pension Plan

The Tennessee Consolidated Retirement System (TCRS) is designed to provide three types of benefits: retirement benefits, disability benefits, or survivor benefits. This coverage grows in value each year you teach.

All full-time teachers are covered by Group I of the retirement system as a condition of employment. As a teacher, you are required to contribute 5% of your salary to the retirement system. Contributions are made on a tax-deferred basis. Learn more about TCRS.

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Manage your TCRS account

Log in to your Self Service account on the TCRS website to:

  • View your account details.
  • Update your contact information.
  • Make requests to TCRS.
  • Check the status of your requests.