Retirement Plans
CalPERS Retirement Program
Full-time appointments that exceed six months, half-time appointments averaging 20 hours per week for one year or longer, and appointments of 3 consecutive
quarters at 7.5 units or more require membership in the California Public Employees Retirement System (CalPERS). CSUSB employees who are members of the CalPERS
system are in the "State Miscellaneous, 2% at 55/First Tier Category", except Public Safety employees.
www.calpers.ca.gov
Employees not eligible for CalPERS membership are enrolled in CSU Part-Time Retirement Program.
CalPERS Contributions
- Employees contribute 5% of gross monthly income in excess of $513.00 (Gross Income - $513 x 5%).
- The contribution is not subject to federal and state taxes.
- The CSU also contributes to CalPERS. The contribution is a percentage in excess of the employee's contribution. This percentage can change July 1 of each
fiscal year.
Note: For the current fiscal year (2006/07), the CSU contribution
rate is 16.997%.
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 "State Miscellaneous 2% at Age 55." Employees can estimate their retirement benefit by accessing the CalPERS website &
following instructions.
- All 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 2000 hours of sick leave to receive one year of service credit (.004 x 250 = 1 year).
CSU retiree medical and dental benefits are available to employees (and their eligible dependents) who retire within 120 days from the date of separation from
employment.
Peace Officer/Firefighter Category [3% at Age 50]
Effective July 1, 1996, the CSU will pay the full share of all Public Safety Officers' employee contributions. Those appointed as Management Personnel Plan (MPP)
Public Safety Directors and Lieutenants will contribute 8% in excess of $238.00 of their monthly salary. Public Safety personnel hired on or after April 1, 1986
will contribute 1.45% of their gross salary towards the Medicare tax. Members not covered under Social Security while in state service will be covered under the
1959 Survivor Benefit. There is a $2.00 payroll deduction for this coverage.
Peace Officers 3% Formula Table
www.calpers.ca.gov
Applying for CalPERS Service Retirement
Employees should begin their retirement planning at least one year before their retirement date. CalPERS will not accept retirement application prior to 90 days
before retirement date. Completed applications should be returned to the CalPERS Regional Office closest to the employee.
Social Security
CalPERS is coordinated with Social Security, meaning you are eligible for benefits from the retirement system as well as full Social Security benefits.
- As a member of CalPERS, employees also participate in Social Security.
- Social Security and Medicare taxes are withheld from your paycheck.
- 2006 withholding rates are 6.20 percent for Social Security and 1.45 percent for Medicare.
- Social Security maximum taxable earnings are $94,200, effective January 1, 2006.
Social Security Resources
Early Retirement Program
Faculty Early Retirement Program (FERP) allows tenured faculty who are eligible for service retirement to retire and continue teaching for a maximum time-base and
duration as established in the Unit 3 Faculty Collective Bargaining Agreement.
Pre-retirement Reduction in Time Base Program (PRTB) allows academic employees to phase into actual retirement through reduction in time base to an average of
two-thirds, one-half, or one-third of full-time while maintaining full retirement credit and other benefits for a maximum of five years.
Note: For more information re: Early Retirement Programs, contact Academic Personnel, ext.
75029
Post Retirement Program
The Post Retirement Program allows retired employees, with approval, to work at the University for a maximum of 960 hours per fiscal year or 50% of hours employed
during the last fiscal year of service prior to retirement and still receive full retirement benefits.
Disability Retirement Program
If you believe you are unable to perform your job because of an illness or injury, you may apply for disability or industrial disability retirement. Five (5) years
of credited service with the Public Employees' Retirement System is necessary.
Disability & Industrial Disability Retirement
Part-Time Retirement Program
Effective January 1, 1992, the Federal Omnibus Budget Reconciliation Act (OBRA) of 1990 requires all employees who do not qualify for participation in the
California Public Employees' Retirement System, to be automatically enrolled in the Part-time/Seasonal/Temporary (PST/DPA) Plan.
As a PST participant you will contribute 7% of your monthly salary to an account on a pre-taxed basis in lieu of contributing to Social Security.
Please note: You could be exempt from membership in the PST plan if you are currently
contributing to CalPERS through another state employer.
