WEST SACRAMENTO, Calif. – Continued growth in the equity market, coupled with a bias to U.S. companies, fed a second year of healthy investment returns at the California State Teachers’ Retirement System (CalSTRS), which closed the 2013-14 fiscal year with an 18.66 percent return on its investments.
WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System (CalSTRS) today announced the election of Corporate Governance Investment Officer Aeisha Mastagni to the Board of Directors of the International Corporate Governance Network (ICGN).
WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System (CalSTRS) today announced the Monday, June 30, opening of its Irvine Member Service Center. This is the fourth full-service member center, with other service centers in Santa Clara, Glendale and the CalSTRS Headquarters in West Sacramento.
CalSTRS Defined Benefit Program is a traditional defined benefit plan that provides retirement, survivor and disability benefits. Your Defined Benefit retirement benefit is based on a formula set by law using your age, service credit and final compensation.
If you were first hired…
You are covered under the following benefit structure:
Your eligibility for retirement is:
On or before December 31, 2012
CalSTRS 2% at 60
Age 50 with at least 30 years of service credit
Age 55 with five years of service credit—or under
On or after January 1, 2013
CalSTRS 2% at 62
Age 55 with at least five years of service—or under special circumstances*
*Special circumstances of concurrent retirement with certain other California public retirement systems.
The California Public Employees’ Pension Reform Act of 2013 (Chapter 296, Statutes of 2012) made significant changes to the benefit structure that primarily affect members first hired to perform CalSTRS creditable activities on or after January 1, 2013. Three provisions also affect current members.
Under the CalSTRS 2014 Funding Plan, signed by the Governor in June 2014, contribution rates from all parties—members, employers and the state—to the Defined Benefit Program will be increasing gradually over the next several years. The member rate increases slightly depending on your benefit structure.
If you return to work after service retirement in a position with the California public school system as an employee, an employee of a third party, or an independent contractor, there are restrictions.
Form 1099-R is the Internal Revenue Service form reporting a taxpayer’s distributions from pensions, annuities, IRAs, insurance contracts, profit-sharing plans and/or retirement plans (including section 457 state and local government plans).
Scheduled dates for benefits paid in 2014, which include direct deposits received in January 2015, are listed in the table below. Mailing dates are determined by the State Controller’s Office, the check issuer.
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.