Retirement Plans
Full-time faculty and academic administrators are covered under the California State Teachers Retirement System (CalSTRS). For "classic" members contribute 10.25% pre-tax contribution is made by the employee automatically through payroll deductions. For Public Employees Pension Reform Act (PEPRA) members contribute 10.205%. CalSTRS is a defined benefit retirement plan which has a guaranteed outcome based on age, salary and years of service. Part-time faculty can elect to participate in STRS or pay Social Security. Employees are vested 100% after five years of full-time service.
www.calstrs.com
Classified managers and bargaining unit employees who work more than 20 hours per week are covered under the California Public Employees Retirement System (CalPERS). "Classic" employees contribute 7% of their pre-tax wages. Effective July 1, 2022, Public Employees Pension Reform Act (PEPRA) members contribute 8% of pre-tax wages. Contributions are made by the employee automatically through payroll deductions. CalPERS is a defined benefit retirement plan which has a guaranteed pay out based on age, salary and years of service. The district's contribution rate can change every fiscal year based on the requirements of PERS investments. Employees are vested 100% after five years of full-time service. CalPERS participants also contribute to Social Security tax withholding.
www.calpers.ca.gov
Retirement from the District is defined as an employees termination from full-time District employment which is concurrent with his/her retirement under PERS or STRS.
When you meet the requirements stated in your collective bargaining group's agreement, you will be eligible to receive medical/dental benefits.
It is advisable to contact PERS or STRS prior to retirement. They will advise you of their criteria that must be met in order to retire. They can also advise you the best time to retire so that you maximize your monthly compensation upon retirement.
Once you have made a decision on your retirement date, notify your supervisor in writing of your upcoming retirement. HR will then be notified and your retirement will be placed on Docket for approval by the Board. Once on Docket the Employee Benefits Department will be notified and will you the retiree health packet.
Frequently asked questions about CalPERS retirement
