If you are nearing age 50 or are within a few years of your projected retirement date review your current financial status to plan for your final career years and approaching retirement.

Retirement Counseling

CalSTRS Workshops and Personal Interviews

CalSTRS offers workshops to educate members about CalSTRS benefits as well as financial and retirement planning. Attend a workshop early in your career to start your retirement finance plan. Do plan on attending a workshop within 5 years of retirement to ensure a comfortable retirement.

Workshop schedules are available at school sites, district offices or county offices of education. Register online or call your local counseling office.

Schedule a preretirement interview with a CalSTRS benefit counselor at least 6-12 months before your planned retirement date. More detailed information on personal interviews is available on the Benefits counseling services directory.

When should I schedule a pre-retirement interview?

Pre-retirement interviews should be scheduled at least six to 12 months in advance of your planned retirement date.

What information should I bring to the interview?

• the anticipated date of your retirement
• an estimate of your unused sick leave
• the number of days you are required to work during the year
• an estimate of your last three years of earnable compensation
• most recent statement of account

You are encouraged to bring your spouse or your intended or named option beneficiary to this interview. If your option beneficiary is unable to attend the interview, please be prepared to supply his or her birthday. All information shared with the benefits counselor during this interview is confidential and used only for preparing your personal retirement estimate.

Social Security

CalSTRS members do not pay into Social Security. Two Social Security provisions may reduce your Social Security benefit if you expect a CalSTRS benefit or disability benefit in addition to a Social Security benefit.

Information on the provisions, Windfall Elimination Provision and Government Pension Offset, is explained in the publication Social Security, CalSTRS and You or you can contact the online Social Security Administration or at 800-772-1213.

More details on, and links to the provisions’ calculators are available through CalSTRS online.

Reduced Workload Program

The CalSTRS Reduced Workload Program allows eligible members to reduce their workload from full-time to part-time duties defined as a minimum of 50% of full-time for up to 10 years, normally the last 10 years before retirement. To participate your employer must offer the program.

You will receive full-time service credit, while working less than full time. At the time of retirement, your benefit will be calculated as though you continued to work full time, including determination of final compensation.

To be eligible for the program a member must:

• Be age 55 or older.
• Been employed full-time for a minimum of 10 years performing creditable service.
• Been employed full-time performing creditable service 5 consecutive years immediately before entering the program.
• Agreement to reduce workload must be in effect at start of school year.

If you are required to work at least 50% time for full time service, service credit for the year will be calculated on actual time worked. Failure to work at least 50% as required by the program can have significant consequences. See Section 5 of the Member Handbook for an example and more details on the program.

Retiring from Other Public Retirement Systems

Defined Benefit Program members at least age 55 who are also eligible to retire from certain other California public retirement systems may retire with less than 5 years of CalSTRS credited service retiring from both systems concurrently.

Other public retirement systems in California:

• Legislators’ Retirement System
• California Public Employees’ Retirement System
• San Francisco Employees Retirement System
• University of California Retirement System
• Systems established under the County Employees’ Retirement Law of 1937

For more details on retiring from other retirement systems, see Section 6 of the Member Handbook.

Pre-Retirement Election of an Option

If you are eligible to retire, you may make a preretirement election of an option to ensure a monthly lifetime income for another person or person if you die before retirement. When you elect an option, your monthly benefit will be reduced from the Member-Only Benefit. Review detailed information and calculations on percentage of the reduction in the Member-Only Benefit when an option is selected. CalSTRS has a number of forms related to canceling and changing your option available to order online or print.

Effect of Preretirement Option Election

Example of a member who chooses an option before retirement and one who waits until retirement to choose an option:

Advantages of a Preretirement Election of an Option

If you should die before retirement and you have chosen an option beneficiary or beneficiaries, they will receive a lifetime monthly benefit. The benefit begins immediately on your death, regardless of the ages of your beneficiaries

In most cases, the reduced benefit will be higher if you make a preretirement election of an option before retirement than if you wait and elect one at the time of retirement.

If you become disabled after making a preretirement election of an option and you have a disability benefit under Coverage A, you may retain the option election to provide a monthly benefit to your option beneficiary.

Disadvantages of a Preretirement Election of an Option

If you cancel or change your preretirement election of an option before retiring, your retirement benefit may be reduced for life. If your option beneficiary dies before you retire and you had elected an option, the election will be automatically canceled and your retirement benefit may be permanently reduced.

Providing Signatures

Your spouse or registered domestic partner must sign the Pre-Retirement Election of an Option form or you must complete and return the Justification for Non-Signature of Spouse or Registered Domestic Partner form with your preretirement election.

If your spouse or partner does not sign the form or we do not receive the Justification for Non-Signature of Spouse or Registered Domestic Partner form, is not acceptable and will not be effective until the requirements are met.

Information on registering a domestic partnership is available on the California Secretary of State Website.

Cancellation of an Existing Pre-Retirement Election of an Option

You may cancel an existing preretirement election of an option at any time before retirement.

A preretirement election of an option is canceled automatically if you:

• Elect a new option
• Elect a new option beneficiary or beneficiaries
• Your option beneficiary predeceases you

If you cancel your preretirement election of an option, an assessment may apply and will be calculated at retirement. The assessment will reduce your monthly retirement benefit for life.

The factors in effect on the cancellation date of your preretirement election of an option will be used to calculate the assessment. The assessment factor is based on:

• Selected option
• Amount of time the preretirement election was in effect
• Age at the time of election and cancellation
• Whether you have Coverage A or Coverage B
• Whether your option beneficiary is your spouse or registered domestic partner

If you are considering canceling your preretirement election of an option your spouse or partner must sign the cancellation of a preretirement election of an option or you must complete and return the Justification for Non-Signature of Spouse or Registered Domestic Partner form. Complete this form if you are electing a different option or changing option beneficiary

Meet with a CalSTRS benefits counselor to discuss the possible effects of that change on your retirement benefit. Contact CalSTRS at 800-228-5453 if you have questions.

Date of Birth Verification

Under some circumstances, we will request verification your birth date or your option beneficiary. Acceptable documentation for birth date verification includes:

• Clear, unaltered photocopies of a certified birth record.
• Copy of a passport ID page.

If the name has been changed from the name shown on the record of birth, a copy of the marriage certificate or court order documenting the change is required. Send clear, unaltered photocopies.

Contact CalSTRS at 800-228-5453 if you do not have any of these records.