Sunday, October 13, 2013

STRS Cash Balance

STRS Cash BalanceCash Balance: An Exceptional Plan for Your Future for Community College Part-Time Instructors As an hourly or adjunct faculty member, you have needs that differ from those of your full-time fellow professionals. We understand this and designed the CalSTRS Cash Balance Benefit Program with you in mind. Retirement may seem like a long way off, but with careful planning now, you can arrive in good shape. We can provide you with the information you need to achieve financial Your Future Guaranteed security at retirement. by a Sound, Secure System What is the California State Teachers’ Retirement System? he largest teachers’ pension fund in the U.S., the California State T Teachers’ Retirement System was established by law in 1913 to secure

retirement benefits for the state’s public school teachers. CalSTRS active members number more than 450,000, with monthly benefits disbursed to more than 200,000 recipients. CalSTRS administers the Defined Benefit, Defined Benefit Supplement and the Cash Balance Benefit programs. Who Administers CalSTRS? The 12-member Teachers’ Retirement Board has a sound record. Responsive to its members and employers, it is an able steward of the members’ investments. The governor appoints five Board members, and three are elected by CalSTRS members. Four others serve in an ex-officio capacity: the state’s Superintendent of Public Instruction, Controller, Treasurer and Director of Finance. 2 CalSTRS Cash Balance Beneļ¬t Program 2010 A First-Class Path to Retirement As you plan your retirement savings goals, you will like what the Cash Balance Benefit Program has to offer. he CalSTRS Cash Balance Benefit Program Save More with Half the Effort T was designed specifically for you—the Want to double your retirement savings? adjunct or hourly faculty member. You love In the Cash Balance Benefit Program, your your profession, but part-time work gives you employer matches your contribution at least specific retirement concerns. These may be dollar for dollar. This combined contribution met with the Cash Balance Benefit Program. will usually total 8 percent of your creditable earnings. Typically, you contribute 4 percent You May Be Eligible and so does your district, but alternative rates Your district must decide formally if it will may be set, depending on the local collective offer the Cash Balance Benefit Program bargaining agreement. Your contributions are as an alternative program, and it may be made on a pre-tax basis, reducing the amount offered exclusively or along with other retire- of your taxable income. ment programs or social security. Eligibility depends on your hiring basis, not the actual Many Rewards for Planning Ahead hours you work. The Cash Balance Benefit Program’s The Cash Balance Benefit Program is available to: guaranteed interest rate is adjusted annually, based on a 12-month average of the 30-year • Part-time, temporary community college U.S. Treasury rate. At times, the Teachers’ instructors or adult education community Retirement Board may credit your college instructors. account with additional interest • Adjunct or hourly faculty members hired earnings. For example, semester to semester to work up to or with the compounded including 67 percent of the hours per interest your savings week considered a full-time assignment. earn, your monthly • Persons who perform trustee service...

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