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.
The purpose of this circular is to inform County Offices of
Education, School Districts, Community Colleges and Charter
Schools of common employer audit findings and to
provide guidance on preventive actions to take to avoid
these findings in the future.
CalSTRS is currently in the preliminary stages of developing and
adopting regulations relating to the timely reporting and
remittance of contributions made by CalSTRS members and
employers. Those regulations have not been adopted,
are subject to change as the regulatory
process proceeds, are not yet in effect and are not expected
to be in effect any earlier than mid-2012.
The 403bCompare Web site has just completed a review and update
of information listed on the web site, with special
attention focused on the fee comparison section. During a routine
review of vendor products and information it was determined
that many vendors had not updated the fee
section of the web site.
It is important that CalSTRS maintain accurate addresses in order
to mail important information to our members, such as the
annual Retirement Progress Reports. In the past CalSTRS
required employers to submit address file updates once a
year.
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?
