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CalPERS

Full-time appointments that exceed six months and half-time appointments averaging 20 hours per week for one year or longer require membership in the California Public Employees Retirement System (CalPERS).

Employees excluded from CalPERS membership are covered by the CSU Part Time Retirement Plan.

CalPERS Retirement Contributions

• Employees contribute 5 percent of gross monthly income in excess of $513.00 (Gross Income - $513 x 5%). Exception Unit 8: The employees contribute 8 percent of the $238 per month. However, currently the CSU pays this contribution on your behalf.
• The contribution is not subject to federal and state taxes.
• The CSU also contributes to CalPERS.

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." Exception Unit 8: “3% at Age 50.” Employees can estimate their retirement benefit by using the CalPERS Table
  1. To determine years of service, employees should refer to their CalPERS member statement and add any planned future service.
  2. To determine age, use age at expected date of retirement.
  3. 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).
• CSU retiree medical and dental benefits are available to benefit eligible employees (and their eligible dependents) who retire within 120 days from the date of separation from employment. More information.

Initiating your CalPers Service Retirement Application

To initiate the application process, complete the CalPers Service Retirement Election Application 3 months prior to your retirement effective date and make an appointment with the Human Resources Office at 278-2032 to complete university documents. Items to bring to your appointment: Your last pay warrant stub and the completed CalPers Service Retirement Election Application. Note: To run accruals out prior to your retirement date you must have an approval letter from your manager. The original approval letter will need to be given to the Benefits Representative at the time of the Benefits retirement appointment.

Death Benefit

The benefits payable depend on a number of factors such as the member’s age, years of service, eligible beneficiary, and whether or not the employee was eligible to retire at the time of death (age 50 with at least five years of service credit).

The following benefits may be payable:

One-Time Payments

• Limited Death Benefit - Return of the member’s contributions and interest through the date of death.
• Basic Death Benefit - Return of the member’s contributions and interest. In some cases, there may also be a payment equal to half of the member’s annual earnings for the year preceding death.
• Group Term Life Insurance - A lump sum payment of $5,000. In some instances, there may also be a payment equal to half of the member’s earnings for the year preceding death.

Monthly payments may also be available. CalPERS will send information and the necessary forms shortly after a death is reported. The information on the completed forms serves as the formal application to receive payable death or survivor benefits and to identify family members who may be legally entitled to benefits.

Health (Medical and Dental) Benefits

CSU post-retirement medical and dental benefits are available to employees (and their eligible dependents) who retire within 120 days from the date of separation from employment. More information.

More detailed information appears in the certificates of insurance, applicable booklets and brochures, and relevant collective bargaining agreements, including the full text of definitions, exclusions, limitations, reductions and terminating events that apply to your coverage. This summary does not modify those provisions or the insurance in any way.