WEST SACRAMENTO, Calif. (May 11, 2018) – The trustees of the California State Teachers’ Retirement System yesterday elected Dana Dillon as board chair and Sharon Hendricks as vice chair for the 2018-19 term. The Teachers’ Retirement Board nominates and elects its chair and vice chair annually. The newly-elected officers assume their posts immediately. The chair and vice chair provide board leadership for the largest educator-only pension fund in the world.
WEST SACRAMENTO, Calif. (May 10, 2018) – The Teachers’ Retirement Board today adopted the results of the actuarial valuation for the CalSTRS Defined Benefit Program as of June 30, 2017, reflecting impacts from investment assumption changes while also noting continued progress toward the system’s long-term funding goals.
WEST SACRAMENTO, Calif. (May 9, 2018) – The California State Teachers’ Retirement System today unveiled a plan to prioritize engagement with makers and retailers of firearms that are illegal in California. The plan, approved unanimously by the Teachers’ Retirement Board, authorizes CalSTRS corporate governance staff to make firearms engagement activities a top priority by publicly engaging companies and potentially recommending that the board consider divestment if engagement efforts fail.
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
special circumstances*
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.
You are eligible for the Defined Benefit Program if you’re an employee of the California public school system, prekindergarten through community college, in a position that requires you to:
Have a credential, certificate or permit, or
Meet the minimum standards adopted by the Board of Governors of the California Community Colleges.
Under the CalSTRS 2014 Funding Plan, contribution rates from all parties—members, employers and the state—to the Defined Benefit Program were increased gradually over several years.
Considering a career change? If you no longer work in a CalSTRS-covered position, you can leave your money in CalSTRS until you reach 70½ or request a refund.
If you return to work after service retirement and perform retired member activities, including substitute teaching, as an employee of a California public school system, 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).
