WEST SACRAMENTO, Calif. (June 13, 2019) – The California State Teachers’ Retirement System announces the appointment of Geraldine Jimenez as Director of Investment Strategy and Risk. This new unit, situated in the CalSTRS Investment Branch, was established in May 2019. The unit is responsible for implementing and monitoring CalSTRS’ overall investment portfolio strategy and risk profile.
WEST SACRAMENTO, Calif. (May 22, 2019) – The California State Teachers’ Retirement System today announced that Global Equity Director June Kim has been selected as one of 22 Finance Leaders Fellows at the Aspen Institute, part of the Aspen Global Leadership Network. Fellows are nominated by a third party; each class of Fellows is made up of high-integrity, highly diverse individuals who have something to teach and to learn from the others.
With the passage of the funding plan, enacted in AB 1469, contribution rates for the Defined Benefit Program are now greater than contribution rates for the Defined Benefit Supplement Program. As a result, when contributions on compensation that is earned for service in excess of one school year (excess service credit) are transferred to the Defined Benefit Supplement Program, the contributions that exceed the required amount are deemed to be excess contributions and by law must be returned.
Excess contributions for both members and employers will be returned to the employer that remitted the contributions associated with the excess service credit. It is the responsibility of employers to return excess member contributions to employees. Returned pre-tax contributions will be considered taxable income in the year employees receive them regardless of when the contributions were initially paid.
Any excess contributions accumulated for members who refund, retire, receive a disability benefit or die will be returned to the employer monthly. Excess contributions for active members will be returned annually in late September. Interest is not paid on excess contributions as CalSTRS has no legal requirement or authority to pay interest on the return of excess contributions.
If there is an adjustment to reduce a member’s excess service credit from a prior year, employer or member contributions may be due back to CalSTRS.
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.