Payroll
Office Hours: 7:30 a.m. - 4:00 p.m. M-F
Laura Vargas
Payroll/ Employee Benefits Technician
Phone: 310-615-2650 x1522
E-Mail: lvargas@esusd.net
Fax: 310-322-4334
Resources for Employees
The limit on elective salary deferrals - the most an employee can contribute to a 403(b) account out of salary - is $23,000 in 2024, ($22,500 in 2023; $20,500 in 2022; $19,500 in 2021 and 2020). Employees who are age 50 or over at the end of the calendar year can also make catch-up contributions of $7,500 in 2024 and 2023 ($6,500 in 2022 and 2021) beyond the basic limit on elective deferrals.
The 403bCompare Web site is a bank of free objective information about 403(b) vendors and the products they offer.
This site was created to help employees of California's local school districts, community college districts or county offices of education make better-informed investment decisions by offering information about:
403(b) plans, available investment options, fees involved and product performance information. Registered 403(b) vendors' experience and services for the products supplied. General retirement planning information and educational materials.
The California State Teachers' Retirement System created and will be responsible for ongoing maintenance of this site, as per the requirements of California Education Code 25100 et seq.
Salary Reduction Agreement Form
As an employee of the El Segundo Unified School District, you are eligible to participate in the Employer's 403(b) Plan. Participation in this Plan is voluntary and allows you to contribute pre-tax or after-tax dollars, taken directly from your paycheck, into a retirement account with an Investment Provider of your choice. The Investment Provider must be available within the El Segundo Unified School District's Plan. The list of approved vendors can be obtained from the 403(b) Compare Web Site.
This Plan is administered through the El Segundo Unified School District Third Party Plan Administrator, Schools First Plan Administration
Schools First can be reached at : rpa@schoolsfirstfcu.org
Our Retirement Builder Plan is designed to help school employees supplement their pensions and save for their future, with a variety of options available through Nationwide Financial Services.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. It is rated A+ by both A.M. Best and Standard & Poor's.
Retirement Builder Plan offers 403(b), Roth 403(b), and 457(b) plans, and has over 80 different investment options that allow school employees to customize a retirement plan to meet their unique needs.
SchoolsFirst/Nationwide Self Enrollment Link
Select your Employer from the drop down menu.
Select your plan type. (Pre-tax and Roth options to be selected in a following screen)
Continue through the prompts and enter your personal information.
Verify your identity and contact information with a validation code. (Text or email)
Choose your Contributions and Investments.
Express Path available for quicker enrollment and investment fund selected for you based off your age and time horizon until retirement.
Custom Path available for those who would like more control to choose contribution amount and investment elections.
Add Beneficiary.
Create User Name and Password to access your account online.
Review application and submit. You will receive a confirmation letter in the mail for your records.
Advisor Matthew Pak, will always email and call you after self-enrollment to ensure everything was done correctly
Want to schedule a zoom, phone or in person with Matthew? Click the below link
https://planningappointments.schoolsfirstfcu.org/s/MatthewPak
ALREADY A PARTICIPANT?
Already have a Nationwide Retirement Builder Plan?
Log in to check your balance, make changes, or request a loan or distribution.
Need online access?
Register to begin managing your Nationwide Retirement Builder Plan online.
NEW ALERT - EARNED SALARY ADVANCE CHANGES (ESA)
There was a ruling in September 2007 by the Internal Revenue Services that established a requirement for mandatory tax withholding on all Earned Salary Advance (ESA) payments. These are the warrants that are issued for full-time classified employees on the 25th of each month. The Los Angeles County Office of Education (LACOE) has provided manual solutions for the calculations since that time but will be implementing system modifications which will provide automatic updates to employee tax records at time of payment. LACOE has issued an update on this and it is attached below as document titled Earned Salary Advance.
2024 TAX RATES
The tax year 2024 adjustments described below generally apply to income tax returns filed in 2025. The tax items for tax year 2024 of greatest interest to most taxpayers include the following dollar amounts:
The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.
Marginal rates: For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).
The other rates are:
35% for incomes over $243,725 ($487,450 for married couples filing jointly)
32% for incomes over $191,950 ($383,900 for married couples filing jointly)
24% for incomes over $100,525 ($201,050 for married couples filing jointly)
22% for incomes over $47,150 ($94,300 for married couples filing jointly)
12% for incomes over $11,600 ($23,200 for married couples filing jointly)The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).
Federal Withholding—Form W-4
You must file a new or amended Form W-4, Employee's Withholding Allowance Certificate, if your filing status, exemption allowances or exempt status have changed since your last W-4 was filed. Unless you file a state Form DE-4, state tax withholding is based on your federal W-4. You may elect to have different federal and state exemption levels or claim state personal estimated withholding allowances by filing both forms.
Social Security/ OASDI and Medicare The Social Security/OASDI for 2024 remains at 6.20 percent for both employees and employers. The maximum wages subject to Social Security/OASDI in 2024 will be $168,600 for both employees and employers. There is no Medicare wage cap for employees. Employee rates remain unchanged at 1.45 percent and the Additional Medicare Tax for 2024 remains at 0.90 percent on wages paid to employees in excess of $200,000 in a calendar year. This additional tax must be withheld in the pay period in which wages are paid in excess of $200,000.
Advanced Earned Income Credit (AEIC)—Form W-5 Based on recent changes to the tax law, the Advance Earned Income Credit has been eliminated, and Form W-5 discontinued, effective January 1, 2011. Eligible employees may continue to file for the earned income credit when they complete their annual tax return. Information for claiming the credit is available in IRS Notice 797, at www.irs.gov.
The 2024 Tax Rates are attached below for your reference. Should you have questions regarding this information, please contact Marni Harmon in Payroll/Benefits at 310-615-2650 x1522.