WEST SACRAMENTO, Calif. (April 15, 2019) – California State Teachers’ Retirement System announced that trustee Sharon Hendricks was elected to the PRI Association Board. As an independent organization, PRI encourages investors to use responsible investment to enhance returns and better manage risks.
Would have prohibited new or additional investments in tobacco companies by CalSTRS and CalPERS on and after January 1, 2001, and required divestment from existing investments by July 1, 2002. Also would have provided indemnification for members of both boards of administration.
Extends a current exemption from the post-retirement earnings limit for retired members who are employed under specified conditions to fill an administrative position vacated due to circumstances beyond the control of the employer.
Permits certificated members of the Defined Benefit Program, who become employed by the State, to retain their DB membership for their State employment. Also authorizes conversion of educational leave to DB service credit for eligible state employees.
Version: Chaptered (Chapter 402, Statutes of 2000)
Authorizes a member of the Defined Benefit Program to redeposit a portion of previously refunded contributions; also permits the purchase of previously excluded service. Allows a retired member, who is receiving an unmodified allowance, to name their new spouse as option beneficiary. Allows trustees of governing school boards to participate in the Cash Balance Benefit Program.
Version: Chaptered (Chapter 1020, Statutes of 2000)
Authorizes CalSTRS to redirect 25 percent of the member’s Defined Benefit Program contribution to the member’s Defined Benefit Supplement Program account from January 1, 2001, through December 31, 2010.
Increases the post-retirement earnings limit from $19,650 to $22,000, and establishes this limit will be adjusted annually by the amount of increase in the All Urban California Consumer Price Index. Also exempts retired members, who have performed no creditable service for 12 consecutive months after retirement, from the earnings limit until January 1, 2008.
Version: Chaptered (Chapter 896, Statutes of 2000)
Establishes the payment of a longevity bonus, equal to $200, $300 or $400 per month, to members who retire after December 31, 2000, and accrue at least 30 years of credited service by December 31, 2010.
Version: Chaptered (Chapter 1029, Statutes of 2000)
Would have calculated final compensation using the highest 12 consecutive months. Also would have increased the retirement formula to 2% at age 55, provided a compounded COLA, increased purchasing power protection from 75% to 80% and required election of specified Teachers’ Retirement Board members.
Authorizes agencies and school employers that contract with CalPERS for health benefits under the Public Employees Medical and Hospital Care Act to cover certain employees who work less than half-time, as specified. Also requires CalSTRS to conduct a study and report to the Legislature by April 1, 2001, on a health benefits and prescription drug program for retired members to be administered by CalPERS.
Allow members of the Defined Benefit Program, who retire between January 1, 2002, and December 31, 2010, to elect to receive a portion of their defined benefit retirement in a lump-sum payment in exchange for an actuarially-reduced monthly allowance.
Version: Chaptered (Chapter 897, Statutes of 2000)
Makes all compensation for creditable service creditable to the Teachers’ Retirement Plan and credits member and employer contributions for service in excess of 1.000 year in each school year to the member’s Defined Benefit Supplement Program account.
Version: Chaptered (Chapter 1021, Statutes of 2000)
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