WEST SACRAMENTO, Calif. – Consistent with its commitment to ensuring a financially sound retirement system, the California State Teachers’ Retirement Board today voted to adopt a new set of actuarial assumptions that reflect members’ increasing life expectancies and current economic trends. Today’s decisions were based on the multi-year CalSTRS Experience Analysis, commonly referred to as the experience study, spanning July 1, 2010, through June 30, 2015.
CalSTRS 2% at 62 Members and Cash Balance Participants Subject to PEPRA
The purpose of this circular is to inform employers of the 2016-17 fiscal year limit on creditable compensation for CalSTRS 2% at 62 Defined Benefit Program members and Cash Balance Benefit Program participants subject to the California Public Employees’ Pension Reform Act of 2013 (PEPRA).
In response to concerns about the difficulty employers are having in hiring teachers, including substitute teachers, during the current teacher shortage, the purpose of this circular is to inform employers that existing law provides for an exemption to the separation-from-service requirement imposed immediately after retirement if the retired CalSTRS Defined Benefit Program member or Cash Balance Benefit Program participant receiving an annuity is hired in a critically needed position and meets other eligibility criteria.
Supersedes Employer Information Circular Volume 25; Issue 11 (EIC09-11)
This employer information circular is to inform employers to discontinue the use of the CalPERS/CalSTRS Decision Tree.
The CalPERS/CalSTRS Decision Tree was developed as a job aid to help employers in determining if an employee is eligible to make a retirement system election or permissive membership election. It was not intended to take precedence over the law. CalSTRS does not rely on the scenarios outlined in the CalPERS/CalSTRS Decision Tree when determining retirement system election or permissive membership election eligibility; therefore, we are discontinuing the use of the CalPERS/CalSTRS Decision Tree.
The purpose of this circular is to alert employers that the Internal Revenue Service has announced the pension plan limits for tax year 2016 and to inform employers of the creditable compensation limit under the Teachers’ Retirement Law for California State Teachers’ Retirement System (CalSTRS) members and participants who are subject to the California Public Employees’ Pension Reform Act of 2013 (PEPRA).
Electronic privacy is crucial for the ongoing success of the Internet as a convenient means to provide customer service. Your personal information will be used only to conduct CalSTRS-related business.
The California State Teachers’ Retirement System website has been developed in compliance with California Government Code §11135, which requires that all electronic and information technology developed or purchased by the State of California is accessible to people with disabilities. There are various types of physical disabilities that impact user interaction on the web. Vision loss, hearing loss, limited manual dexterity, and cognitive disabilities are examples, with each having different means by which to access electronic information effectively.