CalSTRS has conducted an assessment of AB 340, the California
Public Employees’ Pension Reform Act of 2013, and its impact on
CalSTRS members and operations and outlined key changes.
This directive applies to all county superintendents of schools,
school districts, community college districts, and other
employing agencies that employ persons to perform creditable
service under the California State Teachers’ Retirement
System (CalSTRS) Defined Benefit (DB) Program, Defined
Benefit Supplement (DBS) Program and Cash Balance (CB)
Benefit programs.
The purpose of this directive is to inform chartering authorities
of a required change to the reporting of Monthly
Reports of Retirement Contributions (F-496 files). This
requirement is fully compliant with Chapter 3 of Part 26.8
of the Education Code, which mandates reporting
of contributions in a format conforming to the requirements
of CalSTRS.
The purpose of this employer directive is to inform employers of
the procedures required to establish and report (a)
voluntary receivable payments (tax deferred and
non-tax deferred) under Internal Revenue Code Section 414
(h)(2) and Education Code Section 22801(a), 22823, 22826(b),
and 23203(c), and (b) mandatory receivable payments (nontax
deferred) for overpaid benefits under Education Code Section
22459.
This directive contains information for county
superintendents of schools, school districts, community
college districts, and any agencies that utilize retired members
of the Defined Benefit Program (referred to in this
directive as “retired CalSTRS members”) to perform
creditable service.
Your retirement benefit is based on a formula (Service Credit x
Age Factor x Final Compensation = Member-Only Benefit). How
confident are you in your understanding of how this formula
determines your Member-Only Benefit amount?
