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 CalSTRS Medicare Premium Payment Program, which pays Medicare Part A hospital insurance premiums for certain eligible retired members, is not being offered to members with a retirement effective date on or after July 1, 2012. If a full funding plan is enacted by the Legislature, the Teachers’ Retirement Board may elect to extend the program at that time.
If you started CalSTRS-covered employment before April 1, 1986, you were not initially subject to the Medicare tax. If you switched employers after that date, or if your employer held a Medicare Division election and you voted “yes,” you began paying the Medicare tax. If you or your spouse paid the Medicare tax for 10 or more years, you most likely qualify for premium-free Medicare Part A on your own.
Visit Medicare and Social Security websites for detailed information on the services and programs they offer.
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?
