CalPERS Retirement Programs
While reading this information, please remember that CSUF is governed by the California Public Employees' Retirement Law. This information is general. Please refer to CalPERS web links included throughout these documents for up to date information.
View the Online Retirement Orientation web presentation for an introduction and overview of the programs available.
Public Employees' Retirement System
Public Employees' Retirement System
my|CalPERS is a personalized, centralized, and secure Web site that allows you to access your information quickly, easily, and reliably. Whether you want to review your health benefits enrollment, enroll in a CalPERS class, calculate your retirement or get information on CalPERS financial planning products and services, myCalPERS is your one-stop shop to manage your CalPERS information as well as conduct all of your financial and retirement planning activities.
The California Public Employees’ Retirement System (CalPERS) http://www.calpers.com/ is the State of California retirement system in which CSU, Fullerton participates. Coordinated with Federal Social Security, employee are automatically enrolled if appointed:
- full-time for a period that exceeds six months
- half-time averaging 20 hours per week for one year or longer
- half-time (7.5 units) or more for 3 consecutive semesters
Cal PERS is a defined benefit plan and is coordinated with Social Security. CSU, Fullerton employees who are members of the CalPERS system are in the "State Miscellaneous, First Tier" plan. Employees who retire from PERS are eligible for benefits from the retirement system as well as Social Security benefits. CalPERS provides each active member with a tax-free $5,000 group term life insurance policy.
As a member of CalPERS, employees also participate in Social Security (with the exception of unit 8 employees who contribute $2.00 under the 1959 Survivor benefit).
- Social Security and Medicare taxes are withheld from your paycheck.
- Withholding rates are 6.20 percent for Social Security and 1.45 percent for Medicare.
- Social Security maximum limits change each year with changes in the national average wage index. You can view the Contribution and Benefits Base at the following link, http://www.ssa.gov/OACT/COLA/cbb.html .
- There is no limit for Medicare.
CalPERS Retirement Contributions
- Employees contribute 5 percent of gross monthly income in excess of $513.00 (Gross Income - $513 x 5%).
- The contribution is not subject to federal and state taxes.
- The CSU also contributes to CalPERS. This percentage can change July 1 of each fiscal year based on economic factors. Changes in the employer contribution rate do not impact employees’ future retirement benefits in any way.
- Members of CalPERS contribute 6.20% to the Social Security tax and 1.45% to the Medicare tax. Information regarding Social Security can be found by accessing the Social Security Web site at http://www.ssa.gov/
PEACE OFFICER/FIREFIGHTER Category- 3% at Age 50
Effective July 1, 1996, the CSU contributes the full share of all Public Safety Officers' employee contributions. Those appointed as Management Personnel Plan (MPP) Public Safety Directors and Lieutenants will contribute 8% in excess of $238.00 of their monthly salary. Public Safety personnel hired on or after April 1, 1986 will contribute 1.45% of their gross salary towards the Medicare tax. Members not covered under Social Security while in state service will be covered under the 1959 Survivor Benefit. There is a $2.00 payroll deduction for this coverage.
CalPERS Retirement Benefits
- The plan is a defined benefit plan with retirement benefits calculated based on age at retirement, years of service and compensation. Plan vesting is at five years of PERS credited service.
- Employees are eligible to retire and receive a monthly pension benefit when they are at least age 50 and have a minimum of five years of CalPERS-credited service.
- The benefit formula is called "2% at Age 55." Employees can estimate their retirement benefit by using the CalPERS Table
or using the CalPERS calculator
. Click on For Members, Retirement Benefits, retirement Planning and Retirement Planning Calculator.
- To determine years of service, employees should refer to their CalPERS member statement and add any planned future service.
- To determine age, use age at expected date of retirement.
- The percentage derived from the table is multiplied by "final compensation", which is the average monthly pay for the last consecutive 12 months of employment, or another consecutive 12-month period when average monthly pay was higher.
- Any unused sick leave is converted to additional service credit if the employee retires within 120 days of separation from employment. Eight hours of sick leave equals one day (.004 of a year of service). It takes 250 days of sick leave to receive one year of service credit (.004 x 250 = 1 year).
Health, Dental, Vision and Employer Paid Life Insurance
- CSU retiree medical and dental benefits are available to employees (and their eligible dependents) who retire within 120 days from the date of separation from employment.
- Vision Insurance does not automatically continue into retirement. Vision insurance is a voluntary benefit, and to continue it into retirement you must request enrollment by completing this form . Once enrolled the premiums will be deducted from your retirement check.
- Employees may convert the employer-paid life insurance plan and pay for premiums once retired.
Applying for Service Retirement
Applying for CalPERS Service Retirement
Employees should begin their retirement planning at least one year before their retirement date. Employees should contact Human Resources to discuss retirement. Employees should not submit their application to CalPERS no sooner than 90 days prior to their retirement date. Completed applications should be returned to the CalPERS Regional Office closest to the employee or mailed the CalPERS in Sacramento. A copy of the 1st page of the retirement application should be submitted to Human Resources at College Park, Suite 700.
Retirement Workshops on Campus Conducted by CalPERS
- Every quarter CalPERS offers workshops on campus.
- The ETC web page has information regarding the dates and times of the workshops. (http://training.fullerton.edu/ )
Other Retirement Resources
- State Miscellaneous & Industrial Member Benefits Publication
CalPERS Official Retirement Website
Navigation is: For Members, Retirement Benefits
For additional information, contact Human Resources at ext 2425.
Part-Time Retirement Program
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.savingsplusnow.com or call our automated Voice Response System at (855) 616-4776 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 CalPERS 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.savingsplusnow.com or by calling the Voice Response System at (855) 616-4776, 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.
Roll-Over Part-Time Seasonal and Temporary Retirement (PST) Account Funds to Purchase CalPERS Service Credit - see the Part-Time, Seasonal and Temporary webpage.
To designate your beneficiaries for your PST, 401K or 457 plans, you must register at the Savings Plus website , https://www.savingsplusnow.com/ or you can call the Savings Plus Service Center at 855-616-4776.
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.