Retirement Programs

CalPERS is a defined benefit plan which provides a retirement benefit based on the employee’s applicable retirement formula, age at retirement, years of service credit, and compensation. Membership is mandatory for CalPERS eligible employees. For Classic members prior to January 2011, the contribution is 5% of your pre-taxed wages; 7% contribution for Classic members hired on or after January 2011 – December 2013; and 8% contribution for PEPRA members hired after January 2013. 

Eligibility

Retirement program eligibility is based on appointment type, duration, full-time equivalency (FTE), and previous public or reciprocal agency employment. Employees eligible for membership include:

• Full-Time appointments more than six months 
• Half-Time appointments (50 percent or more) for one year or longer
• Temporary Faculty are required to enter CalPERS membership commencing with the third consecutive semester appointment at half-time or more (7.5 WTU’s)

For additional information, visit CalPERS or call 888-225-7377.

The Part-time, Seasonal, and Temporary Retirement Program (PST Program) is a savings program created by federal law for employees who are not members of a retirement system. The PST Program provides an opportunity for state and California State University (CSU) employees not covered by Social Security and by California Public Employee’s Retirement System (CalPERS) to save for retirement. The PST Program is an eligible 457 Deferred Compensation Plan (457 Plan) under the Internal Revenue Code. Employees enrolled in the PST Program are required to contribute 7.5% of gross wages that are withheld automatically on a pre-tax basis and deposited into a 457 deferred compensation plan through Savings Plus. 

After CalPERS Membership 

Employees who become CalPERS members due to employment status changes no longer contribute the 7.5% to the PST Program and CalPERS and Social Security deductions begin to be taken. PST account balances are automatically transferred to the Savings Plus 457 Plan. Employees may be able to use their 457 Plan account balances to purchase service credit with CalPERS or other public pension plans if eligible. To purchase CalPERS Service Credit, log in to myCalPERS. Go to the Retirement tab, select Service Credit Purchase followed by the Search for Purchase Options button.  

Separation

Upon separation, employees become eligible to withdraw money from their account 90 days after their last contribution posts. Employees may request that 100% of their account balance be directly rolled over to another entity (IRA, 401K, 457 or 403B plan) as long as the entity sponsoring the plan accepts 457 funds. 

For additional information, please reference PST Employees Retirement Program Brochure (PDF), visit Savings Plus or call 855-616-4776.