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My Retirement Decisions (CalSTRS)

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Page 4 of 4
Section 8: Application Process and After Retirement
• I can submit my Service Retirement Application as early as six months before my retirement date. Resigning with my employer is a
separate process.
• The Windfall Elimination Provision can reduce but will not eliminate my earned Social Security benet.
• The Government Pension Offset can reduce or eliminate my spousal/widow(er) Social Security benet.
• I have a separation-from-service requirement. If I return to CalSTRS-covered employment within 180 calendar days of retirement,
my benet will be reduced dollar for dollar by the amount I earn.
• After the rst 180 days of retirement, I can work in CalSTRS-covered employment up to the annual postretirement earnings limit.
The limit is $ _______________ for __________________ /____________________ .
My Action Items
❑ Submit my Service Retirement Application as early as six months before my retirement date
❑ Verify my resignation process with my employer.
❑ Contact the Social Security Administration for more information on benet reductions.
❑ Track my gross earnings to avoid exceeding the earnings limits.
Section 9: Benefit Inflation Protection
• I will receive an increase in my monthly benet each September after the one-year anniversary of my retirement. The increase is
equal to 2 percent of my initial benet and is not compounded.
• If the purchasing power of my current benet falls below a certain percent (currently 85 percent) of the purchasing power of my initial
benet, I will receive a supplemental benet payment.
My Action Items
❑ View the Member Handbook for more information.
• Financial Awareness Workshops
• Save for Your Future—budgeting basics, savings and investing, credit and debt
• Plan for Your Future—retirement lifestyle, expenses, income and obstacles
• Protect Your Future—retirement distributions, maximizing and protecting income
• CalSTRS and Your Retirement—personalized benet estimates, electing
an option, application process and after retirement
Action Items
❑ Visit CalSTRS.com/financial-awareness for more information.
❑ Contact CalSTRS to schedule a CalSTRS and Your Retirement group session.
❑ Send an online message using myCalSTRS or call 800-228-5453 if I have
questions.
Section 10: Learn More
My Retirement Decisions
Learn more about choosing my retirement date, benefciary options,
and how to receive my beneft once I retire.
MY RETIREMENT DECISIONS WORKSHOP
Date
Section 1: Membership Information and Resources
• My benet structure determines how my retirement benet is calculated.
I am a CalSTRS 2% at member.
• CalSTRS.com—access information on my benets, forms and publications, videos and calculators.
• myCalSTRS—view and update account information, submit forms and messages, and access my
Retirement Progress Report.
• Retirement Progress Report—track my membership and benet information, service credit and account balances, and other
information reported by my employer.
My Action Items
❑ Verify my benet structure on my Retirement Progress Report, if needed.
❑ Read the Your Retirement Guide booklet at CalSTRS.com.
❑ Register for myCalSTRS and update my contact information and communication preferences at myCalSTRS.com.
❑ Review my Retirement Progress Report each September and contact my employer immediately if there are discrepancies.
Section 2: Choosing a Retirement Date
• I can retire as early as age 55 with ve years of service credit.
• CalSTRS does not offer health benets. I am responsible for my own coverage. My employer may offer special benet packages or
incentives if I retire within a certain time period.
• Once I am eligible for retirement, I can retire as early as the day after my last day of work, vacation or compensated approved leave.
• My benet may depend on my retirement date.
My Action Items
❑ See the Your Retirement Guide booklet for more information on retirement eligibility.
❑ Check with my employer about health benefits and retirement incentives for retirees.
❑ Verify my last day of work with my employer when I intend to retire and ask about forms my employer may require.
Section 3: CalSTRS Hybrid System
• My membership includes the Dened Benet and Dened Benet
Supplement programs.
• The CalSTRS Pension2® program is a voluntary dened
contribution plan.
Page 1 of 4
Section 5: Defined Benefit Decision
• The Member-Only Benet is the highest benet I
can receive and ends when I die. Any remaining
account balance is paid to my one-time death
benet recipient.
• The Modied Benet is a reduced benet that
provides a lifetime monthly benet to one or
more beneciaries when I die. The reduction is
based on the option I elect and my age and the
age of my beneciaries when I make the election.
I can choose to leave my beneciary 100%, 75%
or 50% of my reduced benet.
• Once eligible to retire, I can make a preretirement
election of an option to secure an option benet
if I should die before retirement.
Section 6: Defined Benefit Supplement Choices
• The Dened Benet Supplement Program is a cash balance plan with a guaranteed benet based on contributions and credits.
I can choose between the following distributions at retirement:
Lump Sum
Return of account balance
Annuity
• Lifetime—separate monthly payment for my lifetime or for my lifetime
and the lifetime of my option beneciary if I elect the Modied Benet
• Period Certain—separate monthly payment for three to 10 years
Combination
Lump-sum payment and annuity based on remaining account balance
My Action Items
❑ View my account balance on myCalSTRS and watch the video series on CalSTRS.com to review funding sources, distribution
choices and tax considerations.
❑ Consider working additional extra-pay assignments to increase my account balance.
❑ Review your choices and tax considerations with a tax professional.
Section 7: CalSTRS Pension2
• CalSTRS Pension2, a voluntary dened contribution plan, provides additional income in retirement. It offers 403(b), 457(b), Roth
403(b) and Roth 457(b) accounts with low fees and a variety of investments.
My Action Items
❑ Visit Pension2.com or call 888-394-2060 for more information, educational videos and contribution calculators.
❑ Research supplemental savings plans offered by my employer at 403bCompare.com.
Page 3 of 4
RR 1858 (rev 10/19)
Jake’s
Modifed
Beneft
Member-Only
Beneft
Modifed
Beneft
Benefciary
Beneft
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
100% 75% 50%
My Action Items
❑ View the Benefciary Options video on CalSTRS.com.
❑ Use the Retirement Benefts Calculator on CalSTRS.com to estimate your modied benet.
❑ Learn about the Compound Option in the Member Handbook.
❑ Attend a benets planning session or obtain an estimate before electing an option.
Section 4: Retirement Benefits
• My retirement benet is based on the following formula:
Service Credit x Age Factor x Final Compensation = Monthly Retirement Benefit
What it is How to increase it
Service Credit
Time worked for which contributions were paid
Work longer or purchase eligble
service
Age Factor
Percentage based on age at retirement
We add 0.20 percent up to the maximum of 2.40 percent for
CalSTRS 2% at 60 members with 30 or more years of service credit
at retirement
Work longer or wait to retire
Final Compensation
Highest average annual compensation earnable
We use the highest average 36 consecutive months for CalSTRS
2% at 62 members and CalSTRS 2% at 60 members with less than
25 years of service credit
We use 12 consecutive months for 2% at 60 members with 25 or
more years of service at retirement
Work at higher pay rates
My Action Items
❑ Review the Understanding the Formula fact sheet and video on CalSTRS.com.
❑ Track my service credit balance on my Retirement Progress Report and transfer my unused sick leave balances if I
change employers.
❑ View the complete age factor tables in the Member Handbook.
❑ Use the Retirement Benefts Calculator at CalSTRS.com to generate estimates.
❑ Read the Purchase Additional Service Credit booklet.
Calculating Jake’s Retirement Benefit
Calculate Jake’s retirement benet assuming the following:
• Jake is a CalSTRS 2% at 60 member who wants to retire at 63.
• He is 48 years old with 12 years of service credit and plans to work full time for 15 more years.
• His one-year monthly nal compensation is $5,208.
Service Credit
x Age Factor
x Final Compensation
Jake’s Monthly Beneft =
Page 2 of 4
Section 4: Retirement Benefits
• My retirement benet is based on the following formula:
Service Credit x Age Factor x Final Compensation = Monthly Retirement Benefit
What it is How to increase it
Service Credit
Time worked for which contributions were paid
Work longer or purchase eligble
service
Age Factor
Percentage based on age at retirement
We add 0.20 percent up to the maximum of 2.40 percent for
CalSTRS 2% at 60 members with 30 or more years of service credit
at retirement
Work longer or wait to retire
Final Compensation
Highest average annual compensation earnable
We use the highest average 36 consecutive months for CalSTRS
2% at 62 members and CalSTRS 2% at 60 members with less than
25 years of service credit
We use 12 consecutive months for 2% at 60 members with 25 or
more years of service at retirement
Work at higher pay rates
My Action Items
❑ Review the Understanding the Formula fact sheet and video on CalSTRS.com.
❑ Track my service credit balance on my Retirement Progress Report and transfer my unused sick leave balances if I
change employers.
❑ View the complete age factor tables in the Member Handbook.
❑ Use the Retirement Benefts Calculator at CalSTRS.com to generate estimates.
❑ Read the Purchase Additional Service Credit booklet.
Calculate Jake’s retirement benet assuming the following:
• Jake is a CalSTRS 2% at 60 member who wants to retire at 63.
• He is 48 years old with 12 years of service credit and plans to work full time for 15 more years.
• His one-year monthly nal compensation is $5,208.
Service Credit
x Age Factor
x Final Compensation
Jake’s Monthly Beneft =
Page 2 of 4
Calculating Jake’s Retirement Benefit
Section 5: Defined Benefit Decision
• The Member-Only Benet is the highest benet I
$4,000
can receive and ends when I die. Any remaining
account balance is paid to my one-time death
$3,500
benet recipient.
$3,000
• The Modied Benet is a reduced benet that
$2,500
provides a lifetime monthly benet to one or
more beneciaries when I die. The reduction is
$2,000
based on the option I elect and my age and the
$1,500
age of my beneciaries when I make the election.
I can choose to leave my beneciary 100%, 75%
$1,000
or 50% of my reduced benet.
$500
• Once eligible to retire, I can make a preretirement
$0
election of an option to secure an option benet
100% 75% 50%
if I should die before retirement.
My Action Items
❑ View the Benefciary Options video on CalSTRS.com.
❑ Use the Retirement Benefts Calculator on CalSTRS.com to estimate your modied benet.
❑ Learn about the Compound Option in the Member Handbook.
❑ Attend a benets planning session or obtain an estimate before electing an option.
Jake’s
Modifed
Beneft
Member-Only
Beneft
Modifed
Beneft
Benefciary
Beneft
Section 6: Defined Benefit Supplement Choices
• The Dened Benet Supplement Program is a cash balance plan with a guaranteed benet based on contributions and credits.
I can choose between the following distributions at retirement:
Lump Sum
Annuity
Combination
Return of account balance
• Lifetime—separate monthly payment for my lifetime or for my lifetime
and the lifetime of my option beneciary if I elect the Modied Benet
• Period Certain—separate monthly payment for three to 10 years
Lump-sum payment and annuity based on remaining account balance
My Action Items
❑ View my account balance on myCalSTRS and watch the video series on CalSTRS.com to review funding sources, distribution
choices and tax considerations.
❑ Consider working additional extra-pay assignments to increase my account balance.
❑ Review your choices and tax considerations with a tax professional.
Section 7: CalSTRS Pension2
• CalSTRS Pension2, a voluntary dened contribution plan, provides additional income in retirement. It offers 403(b), 457(b), Roth
403(b) and Roth 457(b) accounts with low fees and a variety of investments.
My Action Items
❑ Visit Pension2.com or call 888-394-2060 for more information, educational videos and contribution calculators.
❑ Research supplemental savings plans offered by my employer at 403bCompare.com.
RR 1858A (rev 06/20)
Page 3 of 4
• My benet structure determines how my retirement benet is calculated.
I am a CalSTRS 2% at member.
• CalSTRS.com—access information on my benets, forms and publications, videos and calculators.
• myCalSTRS—view and update account information, submit forms and messages, and access my
Retirement Progress Report.
• Retirement Progress Report—track my membership and benet information, service credit and account balances, and other
information reported by my employer.
My Action Items
❑ Verify my benet structure on my Retirement Progress Report, if needed.
❑ Read the Your Retirement Guide booklet at CalSTRS.com.
❑ Register for myCalSTRS and update my contact information and communication preferences at myCalSTRS.com.
❑ Review my Retirement Progress Report each September and contact my employer immediately if there are discrepancies.
My Retirement Decisions
Learn more about choosing my retirement date, benefciary options,
and how to receive my beneft once I retire.
MY RETIREMENT DECISIONS WORKSHOP
Section 1: Membership Information and Resources
Date
Section 2: Choosing a Retirement Date
• I can retire as early as age 55 with ve years of service credit.
• CalSTRS does not offer health benets. I am responsible for my own coverage. My employer may offer special benet packages or
incentives if I retire within a certain time period.
• Once I am eligible for retirement, I can retire as early as the day after my last day of work, vacation or compensated approved leave.
• My benet may depend on my retirement date.
My Action Items
❑ See the Your Retirement Guide booklet for more information on retirement eligibility.
❑ Check with my employer about health benets and retirement incentives for retirees.
❑ Verify my last day of work with my employer when i intend to retire and ask about forms my employer may require.
• My membership includes the Dened Benet and Dened Benet
Supplement programs.
• The CalSTRS Pension2® program is a voluntary dened
contribution plan.
Section 3: CalSTRS Hybrid System
Page 1 of 4
Section 8: Application Process and After Retirement
• I can submit my Service Retirement Application as early as six months before my retirement date. Resigning with my employer is a
separate process.
• The Windfall Elimination Provision can reduce but will not eliminate my earned Social Security benet.
• The Government Pension Offset can reduce or eliminate my spousal/widow(er) Social Security benet.
• I have a separation-from-service requirement. If I return to CalSTRS-covered employment within 180 calendar days of retirement,
my benet will be reduced dollar for dollar by the amount I earn.
• After the rst 180 days of retirement, I can work in CalSTRS-covered employment up to the annual postretirement earnings limit.
The limit is $ _______________ for __________________ /____________________ .
My Action Items
❑ Submit my Service Retirement Application as early as six months before my retirement date
❑ Verify my resignation process with my employer.
❑ Contact the Social Security Administration for more information on benet reductions.
❑ Track my gross earnings to avoid exceeding the earnings limits.
Section 9: Benefit Inflation Protection
• I will receive an increase in my monthly benet each September after the one-year anniversary of my retirement. The increase is
equal to 2 percent of my initial benet and is not compounded.
• If the purchasing power of my current benet falls below a certain percent (currently 85 percent) of the purchasing power of my initial
benet, I will receive a supplemental benet payment.
My Action Items
❑ View the Member Handbook for more information.
Section 10: Learn More
• Financial Awareness Workshops
• Save for Your Future—budgeting basics, savings and investing, credit and debt
• Plan for Your Future—retirement lifestyle, expenses, income and obstacles
• Protect Your Future—retirement distributions, maximizing and protecting income
• CalSTRS and Your Retirement—personalized benet estimates, electing
an option, application process and after retirement
Action Items
❑ Visit CalSTRS.com/financial-awareness for more information.
❑ Contact CalSTRS to schedule a CalSTRS and Your Retirement group session.
❑ Send an online message using myCalSTRS or call 800-228-5453 if I have
questions.
Page 4 of 4
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Completed 24 March 2022

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