Associate faculty may elect membership with the California State Teachers' Retirement System Cash Balance Program (CalSTRS CB). This is an alternative defined contribution retirement plan designed for people employed by the public schools to perform creditable service on an hourly, daily or temporary basis.
A member contributes 4% of creditable earnings. Contributions are on a pre-tax basis which defers taxation until a later date. The district contributes a matching 4% of creditable compensation to the member's account. Annual member statements are mailed in early December.
A member has an immediate "vested" right to a retirement benefit. Retirement can be no earlier than age 55 and no later than age 70½, unless the member is still working. A member must terminate all creditable service before applying for a retirement benefit.
If a retiree becomes reemployed to perform creditable service while receiving a monthly retirement benefit:
the benefit shall be terminated and the member's employee/employer account credited with the actuarial equivalent account balance as of the date of reemployment. If reemployment is on or after age 60 and more than one year after the annuity benefit began, the retirement annuity will continue and a new member CB account established for future contributions.
A member, who terminates employment with the district for reasons other than retirement, may apply for a refund of contributions and credited interest. The refund is payable six months after the member's termination of employment. The refund process will be automatically canceled if the participant performs creditable service within six months following the date of termination of employment.
Go to www.CalSTRS.com for comprehensive information on the Cash Balance Program.