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Retirement Plan For Part-Time, Seasonal And Temporary Employees

The Federal Omnibus Budget Reconciliation Act (OBRA) of 1990 requires that public employees who are not members of a retirement system be covered by either a qualified retirement program or Social Security. This requirement applies to California State University (CSU) employees who are presently excluded from membership in the Public Employees' Retirement System (CalPERS) because they do not meet eligibility requirements (i.e., work less than one half-time, are seasonal, or are employed on an intermittent or temporary basis) are required to participate.

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 qualified

Please note that some part-time, seasonal and temporary employees are not eligible to participate in the program:

• Full time students
• Employees who have retired from the state or other public employment that was covered by CalPERS.
• Authorized, nonresident aliens who have F or J visas or M teaching visas.
• Employees who have CalPERS coverage through concurrent public agency employment.

If you separate from employment, you become eligible to withdraw money from your account 90 days after your last contribution posts. You may request that 100 percent of your 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.

The methods of payment available are explained in the Part-time, Seasonal, and Temporary Employees Retirement Program: Benefit Payment Booklet. You may download this document from the Savings Plus Web site at www.sppforu.com or call our automated Voice Response System at (866) 566-4777 to request that it be mailed to you.

If your employment status (length of employment or time base) changes and you become eligible for CalPERS, the 7.5 percent PST deduction from your paycheck ceases.

If you become a CalPers member you are no longer eligible to receive a refund of your PST funds, these funds will be rolled over into a 457 account. If you are a Cal PERS member the 7.5% PST deduction ceases and you will have a PERS deduction and a Social Security and Medicare deduction.

• 100 percent of your PST account balance will be automatically transferred to the Savings Plus 457 Plan, and an account will be established in your name. The funds will be credited initially to the Short Term Investment Fund-Cash or other fund selected by Savings Plus. You may exchange your funds from the Short Term Investment Fund-Cash to other investments of your choice within the Savings Plus portfolio.
• You can manage your account by logging onto the Savings Plus Web site at www.sppforu.com or by calling the Voice Response System at (866) 566-4777, 24 hours a day, 365 days a year.
• You may elect to begin payroll deferrals to your 457 Plan or to open a Savings Plus 401(k) Thrift Plan.
• You will receive quarterly statements, and a monthly administrative fee will be assessed on the basis of the market value of your account(s).
• You may be able to use your 457 Plan account to purchase service credit with CalPERS or other public pension plans. Complete the Purchase of Service Credit Authorization Form available at our Web site or through the Voice Response System.

Additional information may be found at the following link: https://www.nrsservicecenter.com/content/media/retail/legacy/SPP/PST_facts.pdf

Additional Facts:

You need to designate one ore more beneficiaries for your PST account by completing a 457 DCP Beneficiary Designation Form (DC-3496). You may download this document from the Savings Plus Web site at www.sppforu.com or call the Voice Response System at 866-566-477 to request that it be mailed to you.

Unless the employee designates a different beneficiary, benefits will be paid to an employee’s survivor (s) in the follow statutory order:

• Surviving legal spouse; or, if none,
• Surviving children on an equal-share basis; or, if none,
• Surviving parents on an equal-share basis; or, if none,
• Siblings on an equal-share basis; or, if none,
• Employees' estate (if probated, or subject to probate); or, if none,
• Stepchildren on an equal-share basis; or, if none,
• Grandchildren, including step-grandchildren, on an equal-share basis; or, if none,
• Nieces and nephews on an equal-share basis; or, if none,
• Great-grandchildren on an equal-share basis; or, if none,
• Cousins on an equal-share basis.

There are no employer contributions or matching funds in this program. Your account balance consists of your contributions and any interest earned.

This page is maintained by the Cal State Fullerton Division of Administration IT Team. Report problems to Eugene Sim.

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