401K Plan

Your 401(k) Plan Benefits

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.

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

If you are a temporary/seasonal employee, please contact the People Team for eligibility.

401(k) Summary Plan Description

How to Enroll

Your 401(k) Contributions

To enroll in the Green Dot 401(k) plan, you must first confirm your eligibility to participate with HR. Once HR has confirmed your eligibility, visit Fidelity to enroll.

Note: Once you are enrolled via Fidelity’s website, it may take 1-2 pay periods for payroll deductions take effect.

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 – if you do not participate in CalSTRS/CalPERS and 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 CalSTRS or CalPERS through Green Dot, you are eligible to contribute to the 401(k). however, you are not eligible to receive the company match. If you are a Green Dot California Home Office employee, you are eligible to receive the 401(k) match, up to 4%, in the form of a discretionary earning.

Here’s how the company match works:

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.

Catch 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 $7,500 in 2024.

Have You Named a Beneficiary?

When you select a beneficiary, you can be sure that your assets will go where you want them to. Keeping up-to-date beneficiary information on all your accounts is an important way to make sure your savings goes to the individual or individuals, trust, or organization you choose. It’s easy to do and take only a few minutes online. Select your Beneficiary

Why Participate?

  • Company matching contributions: If you do not participate in the CalSTRS or CalPERS Pension Plan, Green Dot matches 100% of your contributions to the plan, up to 4% of your eligible pay after one year of employment and 1,000 hours — that’s free money to help build your retirement savings!
  • 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 target-date fund.
  • Convenient payroll deductions: It’s easy and automatic to build the savings you’ll need for your future.

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 $23,000. You can make additional catch-up contributions of up to $7,500 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?

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:

  • Welcome to your NetBenefits – reviews how to access, how to get started, managing your elections, and available tools.
  • 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.

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.

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.

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.

Fidelity
www.fidelity.com
800-835-5097

Financial Wellness

Your Financial Wellness Resources

State-Sponsored Student Loan Forgiveness Programs

Learn more about the many state-sponsored student loan forgiveness program options!

Public Service Loan Forgiveness (PSLF)

This program forgives the remaining balance on your Federal Direct Loans after 120 qualifying payments (10 years).

Teacher Loan Forgiveness

This program forgives up to $17,500 of your Direct or FFEL Subsidized or Unsubsidized Loans after five complete and consecutive years of teaching at a qualifying school.

  • You must have been employed as a full-time teacher at an eligible school for five complete and consecutive academic years, and at least one of those years must have been after the 1997–98 academic year.
  • Certain highly qualified special education and secondary mathematics or science teachers can qualify for up to $17,500 in forgiveness.
  • Other eligible teachers can qualify for up to $5,000.
  • PLUS loans and Perkins Loans are not eligible to be forgiven through this program. Any time you spent teaching to receive benefits through AmeriCorps cannot be counted toward your required five years of teaching for teacher loan forgiveness.
  • Teacher loan forgiveness applications are accepted after you have completed the five-year teaching requirement.
  • Learn more at https://studentaid.gov/manage-loans/forgiveness-cancellation/teacher
  • Print and complete the Teacher Loan Forgiveness Application.

Financial Wellness Coaching

Green Dot Public Schools has teamed up with Cerity Partners to provide financial wellness coaching to help you reach more of your financial goals.

Wellness coaching can help you:

  • Build a budget
  • Create an emergency fund
  • Get out of debit
  • Improve your credit
  • Buy a home
  • Save for college
  • Plan for retirement
  • Evaluate insurance and estate planning needs

To begin taking advantage of financial wellness coaching, follow these steps:

  1. Log on to the financial wellness portal.
  2. Click on “Register new account” then create an account with your email address.
  3. Dive into the questions, though completing them before your meeting is not a requirement!
  4. Financial wellness coaches are also available by phone or email Monday through Friday from 8 am to 6 pm PT. Access the portal anytime day or night.

Contact the financial wellness team with questions at WealthHealth@CerityPartners.com or 800.563.7166

Public Service Loan Forgiveness (PSLF)

This program forgives up to 100% of your Federal Perkins Loan Program if you teach full time at a low-income school, or if you teach certain subjects.

  • Only Federal Perkins Loans will be forgiven. Check to see if you have Perkins Loans at StudentAid.gov.
  • If you are eligible for this program, up to 100% of the loan may be canceled for teaching service, in the following increments:
  • 15% canceled per year for the first and second years of service.
  • 20% canceled for the third and fourth years.
  • 30% canceled for the fifth year.
  • Each amount canceled per year includes the interest that accrued during the year.
  • Learn more at https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/perkins.

Financial Wellness

Keep your wallet as healthy as your body with these financial wellness resources and discounts.

Highest-rated 529 Plans in California

ScholarShare 529: California’s ScholarShare 529 is available to residents of any state. It offers a variety of investment options from TIAA-CREF, T. Rowe Price, and others.

Credit Unions

  • California Credit Union: Special credit union products and services for educators and school staff.
  • Provident Credit Union: Provident Credit Union was established in 1950 to serve the California Teachers Association.
  • Schools First Federal Credit Union: Serving the educational community in the state of California.
    • Summer Saver Accounts at Schools First: This account lets you make deposits from your paycheck through payroll deduction or direct deposit throughout the school year. While you’re working, your money will earn 2.00% – 3.00% APY (depending on which version of the account you sign up for). Once summer rolls around, you can have your funds automatically transferred to your share account, and you can withdraw your money anytime, penalty-free.

California Teachers Association (CTA) Discounts

If you are a member of the California Teachers Association, click here to find discounts on everyday items such as food, clothing, car care, travel, entertainment, home and garden, car rentals, magazines, wireless products, appliances, theme parks, and more.

Public Service Loan Forgiveness (PSLF)

This program forgives up to 100% of your Federal Perkins Loan Program if you teach full time at a low-income school, or if you teach certain subjects.

  • Only Federal Perkins Loans will be forgiven. Check to see if you have Perkins Loans at StudentAid.gov.
  • If you are eligible for this program, up to 100% of the loan may be canceled for teaching service, in the following increments:
  • 15% canceled per year for the first and second years of service.
  • 20% canceled for the third and fourth years.
  • 30% canceled for the fifth year.
  • Each amount canceled per year includes the interest that accrued during the year.
  • Learn more at https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/perkins.

California Pension Plans

California 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 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.

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
  • View the current employer and employee contribution rates.
Register For Access to myCalSTRS!

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

CalSTRS Tools and Resources

  • Visit CalSTRS for a wealth of planning resources, including:
    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:  These are videos you can watch at your own pace on everything from investing basics to retirement income planning. 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.

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.
  • View the current employer and employee contribution rates.

CalPERS Education Center

Whether you’re in the early stages of your career or getting ready to retire, visit the CalPERS Education Center in myCalPERS 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.
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