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STRS
Forms:
medicare.payment.authorization.pdf
Bulletin.Spring2004.pdf
disability.info.pdf
med.condition.pdf
app.disability.benefits.pdf
hardship.withdrawal.app.pdf
med.care.part.A.pdf
benificiary.designation.info.pdf
address.change.request.pdf
direct.deposit.auth.pdf
spc.powers.attorney.pdf
service.retirement.app.pdf
The State Teachers’ Retirement System (STRS)
was established by law to provide retirement benefits to employees whose
work activities include teaching, vocational or guidance counseling,
services related to school curriculum and a variety of administrative
duties.
As a "defined benefit plan," your benefits are
specified by the plan and not based upon accumulated contributions in your
account.
The Teachers’ Retirement Fund is a special
trust fund established by law that holds the STRS Defined Benefit Plan
assets. The assets come from employee contributions, employer
contributions and state of California contributions and appropriations.
The Fund’s investments create a stream of income to add to those assets.
Membership
Mandatory or elective membership is determined
by the amount of time you work. For full-time and other designated
positions, membership is mandatory. Check STRS "Member Handbook" for
additional information.
Contributions
Members contribute 8% of their creditable
compensation into their STRS account. STRS members are not subject to
F.I.C.A. (Social Security) tax. However, STRS members hired after April 1,
1986 are required to pay 1.45% of wages towards Medicare tax. At the end
of each fiscal year, interest is credited to the accumulated contributions
and interest in each member’s account at the "credited interest rate". The
District also contributes 8.25% of each employee’s creditable
compensation; however, contributions are not credited to individual member
accounts. Employer contributions help fund the benefits payable to members
and their beneficiaries.
Service Credit
Service credit is the accumulated period of
time, in years and partial years, during which you receive creditable
compensation for service as a member. Annual Statements are distributed to
all members each fall and is one of your most important STRS records. Make
sure you examine your statement carefully for accuracy and report any
discrepancies immediately for correction. Also, you may be eligible to
purchase service credit for past employment, or an approved leave of
absence, for which STRS retirement contributions were not made. Additional
service will be granted for any unused sick leave; however, sick leave
credit cannot be used to meet eligibility requirements for service
retirement.
Retirement
The earliest age at which you can retire for
service with a monthly benefit is age 50 under the "30 and Out"
alternative. Early retirement is available beginning at age 55 providing
you have at least five years of credited service. Your retirement
allowance is calculated using the following formula:
Years of Service X Age Factor (2% at
age 60) X Final Compensation = Retirement Allowance (Unmodified)
The age factor is the percent of pay to which
you are entitled for each year of service credit. This percentage is
determined by your age on the last day of the month in which your
retirement is effective. Final compensation is the highest average annual
compensation earnable by a member during any period of three consecutive
years of paid employment covered by STRS.
Disability
As a member of the STRS Defined Benefit Plan,
you have disability protection under of STRS disability benefit programs.
If you are unable to work because of illness or injury and meet
eligibility requirements, you have be entitled to disability benefits
until you recover. Check "Member Handbook" for additional information.
Termination/Refund
Your STRS member contributions to the Defined
Benefit Plan, plus interest, are refundable upon termination from all
employment to perform creditable service in any California public school.
However, a refund of your contributions terminates your STRS membership,
and you will not be eligible for any benefits, including a life-long
monthly retirement benefit, from STRS. Partial refunds are not permitted;
employer and state contributions are not refundable. If you withdraw your
contributions and interest before age 59 ½, you may be subject to income
tax and a 10% federal excise tax. See "Member Handbook" for important
information regarding refunds.
Additional Information
Consult the "Member Handbook" for additional
information including the following:
Or STRS website:
www.strs.ca.gov (Check out the
Retirement Benefits Calculator!)
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