Description
Dear CalSTRS member,
You’re helping your students build their futures, don’t
forget about yours.
Your Member Kit provides a quick understanding of
your defined benefit pension. As a vested member of
CalSTRS, you’re eligible to receive a lifetime monthly
benefit when you retire.
Your income in retirement is a shared responsibility
between CalSTRS and you. Your CalSTRS benefit
will replace about half of your final pay. Need more
for your future? Pension2, CalSTRS’ voluntary
supplemental savings plan, can help fill the gap.
See pages 12–14 to learn more.
We invite you to take a few minutes now to look
through your kit.
Thank you for choosing education for your career.
Sincerely,
Jack Ehnes
Chief Executive Officer
YOUR SMART START MEMBER KIT
Newly Vested
2015
THE BENEFIT OF A LIFETIME
On our cover:
Manuel teaches U.S.
history, American government and urban studies at a high school in Southern California. He has been a CalSTRS member for 12 years. . Will You Have Enough? Start now, invest regularly and your money can work for you. Tools to Get You Started See pages 12–14. 5 Reasons Why You Should Start a 403(b) or 457(b) Account Now 1 Close your retirement income gap. Connect With Us on Social Media Connect and engage with us on your favorite social media. We're here because you are. It's a great way to keep up on the latest CalSTRS news, share ideas and connect with other educators. Invite your colleagues to join us too. View your personal accounts, complete and submit forms, and more at myCalSTRS.com. CalSTRS.com/stay-connected 2 Give yourself a tax break. 3 Easy Choice Portfolio investing. CalSTRS Is Mobile Friendly 4 Saving now can make a big difference later. 5 Peace of mind for a secure future. See the Pension2 ebook on Pension2.com to learn more. 📹 Member Benefit Videos Browse our library of three- to five-minute member education videos: U nderstanding the Formula: Know how your retirement benefit is calculated. The Gap: Consider how much of your working salary you'll need to live the retirement you want. Visit CalSTRS.com from wherever you are. R efund—Consider the Consequences: Understand the consequences of taking a refund if you leave teaching. Defined Benefit Supplement: Learn about this additional source of money for retirement. CalSTRS.com/videos CalSTRS Member Handbook Find the current version at CalSTRS.com/publications. Understand your benefits. .
8 Things to do now for your smartstart You’re helping students build their futures, don’t forget yours! THE BENEFIT OF A LIFETIME Your defined benefit pension may be your greatest asset. Take a few minutes now to learn more. Access your account information on myCalSTRS 4 Estimate your retirement benefit online 5 Review your Retirement Progress Report online 9 Increase your retirement benefit 11 Start a 403(b) or 457(b) account 12 Name your one-time death benefit recipient 15 Take advantage of CalSTRS resources 17 Keep your address current 18 CalSTRS is governed by the Teachers’ Retirement Law, available at CalSTRS.com, and other sections of state law. If there is a conflict between the law and this booklet, the law prevails. CalSTRS 2013•Member Kit 1 . Your CalSTRS Retirement at a Glance If you’re like most educators, your retirement income will come from four main sources: • Your CalSTRS monthly retirement benefit. • Your CalSTRS Defined Benefit Supplement funds. • Your investment savings, such as CalSTRS Pension2 403(b), 457(b) and Roth 403(b) accounts. • Other personal savings. CalSTRS administers a hybrid retirement system consisting of traditional defined benefit, cash balance and voluntary defined contribution plans: Traditional defined benefit plan: Your CalSTRS monthly retirement benefit is a defined benefit pension based on a formula: service credit x age factor x final compensation Cash balance plan: Your CalSTRS Defined Benefit Supplement is a cash balance plan. Your contributions and your employer’s contributions earn a guaranteed annual interest rate. All the funds in your account are yours at retirement. Defined contribution plan: CalSTRS Pension2 offers 403(b), 457(b) and Roth 403(b) plans for additional income in retirement. Contribute to your tax-advantaged account through paycheck deductions. The amount you have at retirement depends on your contributions, investment gains or losses, and expenses. Your income in retirement is a shared responsibility between CalSTRS and you. 2 CalSTRS 2015 • Member Kit .
Get Smart About Your Future Your Benefit of a Lifetime As a vested member of CalSTRS, you’re entitled to a guaranteed, lifetime monthly benefit when you retire. Your retirement benefit is a defined benefit pension based on a formula set by law, not on how much you contribute or how well investments perform: service credit x age factor x final compensation = your retirement benefit CalSTRS Is Here for You Our primary responsibility is to provide you with retirement, disability and survivor benefits. We also offer resources specific to your career stage: •• Your annual Retirement Progress Report, available on myCalSTRS, which provides a summary of your accounts and service credit. •• Online services and forms on myCalSTRS. •• ustomer service by email, phone, letter or C in person. •• nowledgeable CalSTRS representatives to help K you understand your benefits and more. Calculate your gap. See page 10. Your CalSTRS Retirement Benefit— Will It Be Enough? The median CalSTRS retirement benefit replaces about 60 percent of a member’s salary. You’ll need to close any gap between your retirement goal and your retirement benefit with savings and investments, such as CalSTRS Pension2. See page 12 to learn more. •• ublications, including the Welcome to CalSTRS P booklet, workshops and member education videos. •• alSTRS Pension2® 403(b) and 457(b) plans with C low fees and expenses for additional income in retirement. •• ide-by-side investment comparisons of 403(b) S plans in California at 403bCompare.com. Your savings and investments Your CalSTRS retirement Find publications, forms, videos, workshops and more at CalSTRS.com. CalSTRS 2015 • Member Kit 3 .
Access Your CalSTRS Information Online, Any Time myCalSTRS offers easy, secure and convenient access to your accounts and CalSTRS forms. Register at myCalSTRS.com. Once you complete the one-time process, your myCalSTRS account will be active. With myCalSTRS, you can: 1 Update your contact information. 4 2 Access your annual Retirement Progress Report and view information reported by your employer. Name and update your one-time death benefit recipient. 5 Submit and receive secure messages to and from CalSTRS representatives. View your account balances. 6 Complete and submit forms. 3 Need help registering? View the self-paced, interactive online registration guide on myCalSTRS. Get the Facts on Social Security As a California public school educator, you do not contribute to Social Security, so you will not receive a Social Security benefit for your CalSTRS-covered employment when you retire. If you're counting on Social Security through your spouse or other employment, two federal rules—the Government Pension Offset and the Windfall Elimination Provision—may leave you with a smaller Social Security benefit or possibly no benefit at all. Your CalSTRS retirement benefit will not be reduced by these rules. 4 CalSTRS 2015 • Member Kit ee “Your Retirement Benefit and Social Security” S in the Member Handbook. Also see the Social Security, CalSTRS and You fact sheet at CalSTRS.com/publications. V iew the Introduction to Social Security video at CalSTRS.com/videos. . Estimate Your Retirement Benefit Online Your primary retirement benefit is based on a formula set by law: service credit x age factor x final compensation You can retire as early as age 50 with at least 30 years of service credit, or age 55 with at least five years of service credit—or less, if retiring concurrently from certain other California public retirement systems. Service Credit Service credit is the number of school years, including partial years, you have worked and contributed to CalSTRS: •• ou earn service credit every day you work or are Y on paid leave. •• ou can earn up to one year of service credit in Y a school year. If you work less than full time, your service credit for the year may be less than one year. If you earn more than one year of service credit in a school year by performing extra-pay assignments for school activities, most of your and your employer’s contributions from the additional service will go into your Defined Benefit Supplement account (see page 7). Your Retirement Benefit—Your Options The highest retirement benefit you can receive is the Member-Only Benefit. The Member-Only Benefit stops with your death. You can choose to provide a lifetime monthly benefit to someone upon your death.
If you choose to do so, your benefit will be reduced based on your age and your beneficiary’s age at the time you elect an option, and the option you elect. V iew the Beneficiary Options video at CalSTRS.com/videos. Age Factor Age factor is a percentage based on your age at the time you retire. The age factor is set at 2 percent at age 60. It decreases if you retire before age 60 and increases up to a maximum of 2.4 percent at age 63. Final Compensation Final compensation is your highest average annual compensation earnable for 36 consecutive months, or your highest 12 consecutive months if you have more than 25 years of qualified service credit. See “Your Retirement Benefit” in the Member Handbook. iew the Understanding the Formula video at V CalSTRS.com/videos. Laura Middle school teacher CalSTRS member for 12 years Estimate your projected retirement benefit using the calculator at CalSTRS.com/calculators. CalSTRS 2015 • Member Kit 5 .
Contributions to Your CalSTRS Retirement CalSTRS pays retirement benefits using a combination of investment income and contributions. Under the 2014 CalSTRS Full Funding Plan, increased contribution rates will be phased in over several years. Member Contributions You now contribute 9.20 percent of your Defined Benefit creditable earnings to help finance your retirement benefit. The rate increases to 10.25 percent in 2016–17. Employer Contributions For 2015–16, your employer contributes an amount equal to 10.73 percent of your Defined Benefit creditable earnings. Employer contributions are increasing every year, up to 19.1 percent in 2020–21. State Contribution The State of California contributes a percentage of the annual earnings of all members, plus an amount for purchasing power protection, currently about 7.39 percent.
The rate is gradually rising to 8.828 percent in 2016–17. Inflation Protection Your retirement benefit is protected against rising prices two ways: •• tarting September 1 after the first anniversary of your S retirement date, your benefit increases automatically each year at 2 percent of your initial benefit. •• f inflation erodes the purchasing power of your I retirement benefit to less than 85 percent of your initial monthly benefit, you will receive an additional quarterly payment, subject to the availability of funds set aside for purchasing power protection. Health Insurance in Retirement CalSTRS does not provide health benefits. Your health benefits depend on your district’s agreement with your employee bargaining unit. Many retired educators have to contribute to or pay their own health insurance costs.
Consider setting aside extra money now for your future. You and your employer each pay 1.45 percent of your wages toward earning coverage under Medicare, the federal health insurance program for people age 65 and older. Securing Your Financial Future The 2014 CalSTRS Full Funding Plan, enacted in Assembly Bill 1469, sets a course for CalSTRS’ long-term viability. The plan relies on gradual contribution increases from all parties—members, employers and the state—without reducing benefits: •• our member contribution rate will be increasing to 10.25 percent in 2016–17. Y •• he employer contribution rate will be gradually increasing to 19.1 percent in 2020–21. T •• The state’s contribution rate will be increasing to 8.828 percent, including purchasing power protection, in 2016–17. Investment returns from the CalSTRS portfolio provide 58 percent of the funds to pay benefits, with contributions providing 42 percent. Lower than expected returns largely due to the economic downturns in the last decade resulted in a funding shortfall, which was too large to rely on healthy returns to make up the ground lost. With a responsible plan in place, we’re on target to meet our promise of a secure financial future for California’s educators. 6 CalSTRS 2015 • Member Kit . Your Defined Benefit Supplement Account— Additional Money for Retirement As a Defined Benefit member, you have a Defined Benefit Supplement account that provides additional savings for your retirement. You cannot earn more than one year of service credit in a school year. Most of your and your employer’s contributions from your earnings in excess of one year, up to the compensation cap, will go into this account. You can build your account by taking on extra-pay assignments such as summer school, yearbook adviser, soccer coach or band director. Your account balance earns a guaranteed rate of interest. For 2015–16, the rate is 3.15 percent. When you retire, you’ll receive your CalSTRS monthly retirement benefit and your Defined Benefit Supplement funds. Excess Contributions Starting July 2014, if you make contributions on earnings in excess of one year of service credit in a school year, you are eligible for a return of your contributions that exceed the 8 percent contribution rate on Defined Benefit Supplement compensation. Any excess contributions will be reported on your Retirement Progress Report, available on myCalSTRS in September.
CalSTRS will return any excess contributions to your employer in October. Your employer is responsible for returning the excess contributions to you. Please contact your employer if you have any questions. View the Defined Benefit Supplement videos at CalSTRS.com/videos. Find your current balance on your Retirement Progress Report at myCalSTRS. CalSTRS 2015 • Member Kit 7 . Considering a Career Change? You can keep your money with CalSTRS if you leave public education. Even if you think you may not return to public education, taking a refund may not make financial sense. Benefits of leaving your contributions with CalSTRS: •• ou’ll keep your service credit. Y •• our accounts will continue to accrue interest. Y •• ou’ll be eligible for a monthly retirement Y benefit when you’re age 55 if you have at least five years of service credit—or less, if retiring concurrently from certain California public retirement systems. Consequences of cashing out include: •• You’ll no longer be a member of CalSTRS. •• ou’ll lose your benefits. Y •• our refund may be subject to additional federal Y and state taxes if you take your refund before age 59½ and do not roll over your funds to a qualified retirement plan. •• Redepositing refunded contributions to restore service credit can be expensive. (You cannot withdraw employer contributions.) See the Refund: Consider the Consequences fact sheet at CalSTRS.com/publications. View the Refund: Consider the Consequences video at CalSTRS.com/videos. View the Refund: Consider the Consequences video at CalSTRS.com/videos. 8 CalSTRS 2015 • Member Kit Valerie Elementary school teacher CalSTRS member for 11 years . Review Your Retirement Progress Report Online Keep tabs on your CalSTRS account and service credit balances by reviewing your Retirement Progress Report each year. Your new report is available online on myCalSTRS in September. Your report summarizes: •• The service credit you earned the previous year. •• Your total accumulated service credit. •• The name of your one-time death benefit recipient. •• ccumulated contributions and interest in your Defined Benefit A and Defined Benefit Supplement accounts. •• Information about your disability and survivor benefit coverage. If you believe there’s a discrepancy in your report, do not wait to correct errors. Contact your employer immediately. Be sure to verify your paycheck information, including your deductions, each pay period. CalSTRS 2015 • Member Kit 9 . Your Retirement Income Gap How much money will you have to enjoy the future you want? Consider investing the percentage of your salary that would have gone to Social Security into a tax-advantaged 403(b) or 457(b) account, such as CalSTRS Pension2. 1. My Retirement Goal My goal is to retire with % of my working income. According to financial advisers, you’ll need 80–90 percent of your monthly income to maintain your standard of living in retirement. 2. Calculate My Gap % Service Credit Age Factor % % of Final Compensation % % of Final Compensation My Goal % My Gap 3. Bridge My Gap: What if I extend my career? % Adjusted Service Credit Adjusted Age Factor % % Adjusted % of Final Compensation My Goal Adjusted % of Final Compensation % My Adjusted Gap 4.
Bridge My Gap: What if I purchase service credit? % Adjusted Service Credit Age Factor % My Goal Adjusted % of Final Compensation % Adjusted % of Final Compensation % My Adjusted Gap See “Purchasing Permissive Service Credit” and the “Age Factor” and “Career Factor” tables in the Member Handbook. View The Gap video at CalSTRS.com/videos. 10 CalSTRS 2015 • Member Kit . Increase Your Retirement Benefit You can increase your benefit by increasing one or more of the elements of the retirement benefit formula: •• Purchase additional service credit, if you’re eligible to do so. •• Work longer to increase years of service credit and age factor, and to qualify for benefit enhancements. •• Convert unused sick leave to service credit at retirement. service credit x age factor x final compensation Purchase Additional Service Credit Work a While Longer The more service credit you have at retirement—earned or purchased—the greater your retirement benefit: By working longer, you’ll continue to earn service credit, which will increase your retirement benefit and can be used to qualify for the one-year final compensation and career factor benefit enhancements. •• urchase service credit for eligible service in out-ofP state or foreign public schools, the military, Peace Corps or Job Corps; or eligible employer-approved maternity, paternity or sabbatical leave and leave approved under the federal Family Medical Leave Act or California Family Rights Act. •• edeposit previously refunded contributions and R restore service credit if you return to CalSTRS membership or work in certain other California public retirement systems. •• urchase nonmember service, such as part-time P or substitute service in the California public school system, before you were a CalSTRS member or after taking a refund and before becoming a member again. “Purchasing Permissive Service Credit” in the S ee Member Handbook. Also see Purchasing Additional Service Credit at CalSTRS.com/publications. iew the Purchase Service Credit video at V CalSTRS.com/videos. The older you are at retirement, the higher your age factor, up to a maximum age factor of 2.4 percent at age 63. If you retire with 30 or more years of service credit, you qualify for the career factor benefit enhancement, which adds 0.2 percent to your age factor up to a maximum combined age factor and career factor of 2.4 percent at age 61 years and 6 months. Convert Unused Sick Leave to Service Credit at Retirement Your unused sick leave will be converted to service credit when you retire. As soon as you change employers during your career, coordinate with your former employer to arrange for the transfer of your accumulated unused sick leave to your new employer. “Converting Unused Sick Leave to Service Credit” See in the Member Handbook. It’s cheaper to buy service credit now than later in your career.
Estimate the cost to purchase service credit at CalSTRS.com/calculators. CalSTRS 2015 • Member Kit 11 . Start a 403(b) or 457(b) Account Now We get it. Retirement is probably one of the last things on your mind. We know you’re busy, so we’re making it easy for your future to start now. Start Small Did you know you can start saving with as little as $25 a month? That’s less than what you may be spending on your morning cup of coffee. One of the smartest ways to save is to invest in a 403(b), 457(b) or IRA tax-advantaged account. It’s never too early to start.
Use the savings calculator in the front of this booklet to help you keep your savings on track. Already saving? Congratulations! Consider increasing your monthly contribution. Why Start Now It’s Smart Power of time and money. With compounding, you earn interest on your total balance—your original contribution plus all interest earned and any additional contributions. Tax advantages. When you contribute to your 403(b) or 457(b) account directly out of your paycheck, you defer taxes on the money you invest each month.
Your earnings grow tax-deferred, and your monthly taxable income is lower. Contribute to a Roth 403(b) account through your paycheck and you won’t get a tax break up front, but your contributions and earnings will be tax-free at retirement when you withdraw your funds. More time to take risks. The earlier you start, the longer you’ll be able to weather financial downturns and reap the benefits of strong economic times. Pension2 Has Low Fees— Something Everyone Likes Most investment plans charge fees and expenses.
Even 1 percent can make a big difference in your bottom line over time. Compare fees charged by 403(b) plans in California at 403bCompare.com. The Difference 1 Percent Can Make Let’s say you invest $20,000 for 30 years, make no contributions a nd earn an average of 7 percent. Investment fees usually range from 0.5 percent to 1.5 percent a year.After 30 years, you’d have 35 percent more—that’s an additional $34,000. It’s Easy Three steps to opening your Pension2 account: O 1 pen your account by calling toll free 844-353-2872 or enrolling online from the Pension2 ebook at Pension2.com. $131K $97K 2 Determine how much you want to invest. F 3 ill out your district’s Salary Reduction Agreement. Find the form at your payroll office or 403bCompare.com (select My Employer). To increase your monthly contribution, simply complete another Salary Reduction Agreement with your new contribution amount. 12 CalSTRS 2015 • Member Kit Check out CalSTRS Pension2 403(b) and 457(b) plans with flexible investments, low fees and expenses. Account balance with 0.50% annual fee* Account balance with 1.50% annual fee * 0.50% = the average cost for Pension2 participants (0.25% admin fee + 0.25% average expense ratio) .
CalSTRS Pension2 Complements Your Retirement Benefit Pension2®, the CalSTRS voluntary supplemental savings plan, offers low cost, flexible 403(b), 457(b) and Roth 403(b) plans. Need more for your future? CalSTRS Pension2—Designed With Your Interests in Mind â— Pension2.com Learn more about Pension2 plans and low fees. Investment options that match all levels of investment ability: » Easy Choice Portfolios—designed to take into account your risk tolerance and retirement date, each is a ready-made mix of the core investment options. Your future starts now. Call us today at 888-394-2060. » Core Investment Options—build your own portfolio from a carefully selected list of more than 20 funds. » Self-Directed Brokerage Account—gives you access to a greatly expanded range of mutual funds. â— Simple, low-cost and transparent fee structure â— No commissions or surrender charges â— Easy payroll deduction of contributions â— Powerful planning and educational resources â— 24/7 account access See the Pension2 ebook with online enrollment at Pension2.com. CalSTRS 2015 • Member Kit 13 . The Power of Time and Money A Little Now Can Really Add Up Later Let’s say you contribute $100 a month to your 403(b) account directly from your paycheck. If your account averages a 7 percent rate of return annually, you could have $52,093 after 20 years. If you increase your monthly contribution to $300 a month, your savings could grow to $156,278—an increase of $104,185. An added benefit of tax-deferred contributions: Your $300 investment may reduce your paycheck by only $173.* $156,278 $300 every month $100 every month $95,089 $52,093 $51,925 $21,478 $7,159 $31,696 $17,308 5 years 10 years 15 years 20 years *This hypothetical illustration assumes a combined 37 percent state and federal tax rate.
It’s not meant to represent the performance of any investment product and should not be used to predict investment performance. Any taxes and expenses associated with an actual investment are not reflected. While taxes are paid when funds are withdrawn, investors are often in a lower tax bracket at retirement. CalSTRS Pension2 does not guarantee any rate of return on investments.
Investing involves risk, including risk of loss of principal. 14 CalSTRS 2015 • Member Kit . Name Your One-Time Death Benefit Recipient You’re working hard to earn your CalSTRS benefits. Be sure to name your loved ones or a favorite organization to receive your one-time death benefit. You also have disability benefits. Your Survivor Benefits Monthly Benefit Your spouse, children and other loved ones may be eligible for survivor benefits after your death. The type and amount of benefits depend on: If you die before retirement, your survivors, including your spouse or registered domestic partner and dependent children, may be eligible for a monthly survivor benefit. •• Your years of service credit. You may choose to provide a lifetime monthly benefit, also known as an option, to your beneficiary instead of a monthly survivor benefit: •• Your type of coverage: A or B. •• Your membership status. •• Whether you elect an option. Depending on your coverage and member status at the time of your death, your beneficiaries may be eligible for three types of benefits: •• One-time death benefit. •• Monthly benefit. •• Defined Benefit Supplement distribution. One-Time Death Benefit After your death, your one-time death benefit recipient will receive a one-time death benefit if eligibility requirements are met.
The amount of this benefit depends on whether you die before or after retirement. You may name a living person, estate, trust or charity as your recipient. •• When you are eligible to retire. •• Under Coverage B disability retirement. •• When you retire. S ee “Protecting Your Loved Ones Before You Retire” in the Member Handbook. Defined Benefit Supplement Distribution Your membership status when you die determines how the balance in your Defined Benefit Supplement account will be distributed. If you die before retirement, your Defined Benefit Supplement account balance will be distributed to your one-time death benefit recipient. If you did not name a recipient, CalSTRS will pay the balance to your estate. You can change your death benefit recipient any time, with no financial penalty. Name your one-time death benefit recipient using myCalSTRS.
Then be sure to keep your recipient information current. CalSTRS 2015 • Member Kit 15 . If you die after retirement, your account balance will be distributed to your one-time death benefit recipient or option beneficiary, depending on the distribution you elected at retirement. S ee “Survivor Benefits” in the Member Handbook and the Survivor Benefits brochure at CalSTRS.com/publications. iew the Survivor Benefits video at V CalSTRS.com/videos. Your Disability Benefits You may be eligible for disability benefits if you have a medically determined physical or mental impairment that is permanent or expected to last at least 12 consecutive months and: •• revents you from performing your usual duties with P or without reasonable accommodation, or •• revents you from performing duties in a comparable P level position. 16 CalSTRS 2015 • Member Kit In general, the basic disability benefit is 50 percent of your final compensation. The maximum benefit, including benefits for eligible dependent children, is 90 percent of your final compensation. So that you have income while your application for disability benefits is pending, you can apply for service retirement during evaluation of your application, if you’re eligible to service retire, or you may apply while: •• ou are still working. Y •• You are receiving sick leave or differential pay. Unlike workers’ compensation benefits, your disability benefit does not require your disability to be work-related. “Disability Benefits” in the Member Handbook See and the brochure, Introduction to CalSTRS Disability Benefits, at CalSTRS.com/publications. . Take Advantage of CalSTRS Resources Take advantage of our resources to help you understand your benefits and plan for your secure future. In addition, CalSTRS representatives are available by phone or email to answer your questions. Workshops: Find descriptions of workshops tailored to each career stage at CalSTRS.com/workshops. Member benefit videos: View education videos, including ones on beneficiary options, rollovers and Social Security at CalSTRS.com/videos. Benefit calculators: Estimate your retirement benefit or the cost to purchase service credit using the calculators at CalSTRS.com/calculators. Connections newsletter: Keep up to date by reading Connections, published twice a year. Sign up on myCalSTRS to receive your newsletter electronically to help us conserve natural resources and reduce costs. CalSTRS.com/workshops CalSTRS.com/planning CalSTRS.com/videos CalSTRS 2015 • Member Kit 17 . Keep Your Address Current Be sure CalSTRS has your current mailing and email addresses, so you don’t miss out on important communications from us. Moved or planning a move soon? Two ways to update your contact information myCalSTRS makes it easy. From the home page, select Update Your Profile, then follow the instructions. Not yet registered for myCalSTRS? Complete the one-time registration process today to activate your account. myCalSTRS.com Complete the Address Change Request form, sign and mail it to us. 18 CalSTRS 2015 • Member Kit CalSTRS.com/forms . . CalSTRS Resources WEB CALL WRITE VISIT FAX CalSTRS.com Click Contact Us to email 800-228-5453 7 a.m. to 6 p.m. Monday through Friday CalSTRS P.O. Box 15275 Sacramento, CA 95851-0275 Member Services 100 Waterfront Place West Sacramento, CA 95605 916-414-5040 myCalSTRS.com 403bCompare.com Pension2.com STAY CONNECTED 916-414-1099 Calls from outside the U.S. 888-394-2060 CalSTRS Pension2® Personal Wealth Plan Find your nearest CalSTRS office at CalSTRS.com/localoffices 855-844-2468 (toll free) Pension Abuse Reporting Hotline California State Teachers’ Retirement System com 1766 (rev 7/15) Printed on recycled paper Other Important Documents .
history, American government and urban studies at a high school in Southern California. He has been a CalSTRS member for 12 years. . Will You Have Enough? Start now, invest regularly and your money can work for you. Tools to Get You Started See pages 12–14. 5 Reasons Why You Should Start a 403(b) or 457(b) Account Now 1 Close your retirement income gap. Connect With Us on Social Media Connect and engage with us on your favorite social media. We're here because you are. It's a great way to keep up on the latest CalSTRS news, share ideas and connect with other educators. Invite your colleagues to join us too. View your personal accounts, complete and submit forms, and more at myCalSTRS.com. CalSTRS.com/stay-connected 2 Give yourself a tax break. 3 Easy Choice Portfolio investing. CalSTRS Is Mobile Friendly 4 Saving now can make a big difference later. 5 Peace of mind for a secure future. See the Pension2 ebook on Pension2.com to learn more. 📹 Member Benefit Videos Browse our library of three- to five-minute member education videos: U nderstanding the Formula: Know how your retirement benefit is calculated. The Gap: Consider how much of your working salary you'll need to live the retirement you want. Visit CalSTRS.com from wherever you are. R efund—Consider the Consequences: Understand the consequences of taking a refund if you leave teaching. Defined Benefit Supplement: Learn about this additional source of money for retirement. CalSTRS.com/videos CalSTRS Member Handbook Find the current version at CalSTRS.com/publications. Understand your benefits. .
8 Things to do now for your smartstart You’re helping students build their futures, don’t forget yours! THE BENEFIT OF A LIFETIME Your defined benefit pension may be your greatest asset. Take a few minutes now to learn more. Access your account information on myCalSTRS 4 Estimate your retirement benefit online 5 Review your Retirement Progress Report online 9 Increase your retirement benefit 11 Start a 403(b) or 457(b) account 12 Name your one-time death benefit recipient 15 Take advantage of CalSTRS resources 17 Keep your address current 18 CalSTRS is governed by the Teachers’ Retirement Law, available at CalSTRS.com, and other sections of state law. If there is a conflict between the law and this booklet, the law prevails. CalSTRS 2013•Member Kit 1 . Your CalSTRS Retirement at a Glance If you’re like most educators, your retirement income will come from four main sources: • Your CalSTRS monthly retirement benefit. • Your CalSTRS Defined Benefit Supplement funds. • Your investment savings, such as CalSTRS Pension2 403(b), 457(b) and Roth 403(b) accounts. • Other personal savings. CalSTRS administers a hybrid retirement system consisting of traditional defined benefit, cash balance and voluntary defined contribution plans: Traditional defined benefit plan: Your CalSTRS monthly retirement benefit is a defined benefit pension based on a formula: service credit x age factor x final compensation Cash balance plan: Your CalSTRS Defined Benefit Supplement is a cash balance plan. Your contributions and your employer’s contributions earn a guaranteed annual interest rate. All the funds in your account are yours at retirement. Defined contribution plan: CalSTRS Pension2 offers 403(b), 457(b) and Roth 403(b) plans for additional income in retirement. Contribute to your tax-advantaged account through paycheck deductions. The amount you have at retirement depends on your contributions, investment gains or losses, and expenses. Your income in retirement is a shared responsibility between CalSTRS and you. 2 CalSTRS 2015 • Member Kit .
Get Smart About Your Future Your Benefit of a Lifetime As a vested member of CalSTRS, you’re entitled to a guaranteed, lifetime monthly benefit when you retire. Your retirement benefit is a defined benefit pension based on a formula set by law, not on how much you contribute or how well investments perform: service credit x age factor x final compensation = your retirement benefit CalSTRS Is Here for You Our primary responsibility is to provide you with retirement, disability and survivor benefits. We also offer resources specific to your career stage: •• Your annual Retirement Progress Report, available on myCalSTRS, which provides a summary of your accounts and service credit. •• Online services and forms on myCalSTRS. •• ustomer service by email, phone, letter or C in person. •• nowledgeable CalSTRS representatives to help K you understand your benefits and more. Calculate your gap. See page 10. Your CalSTRS Retirement Benefit— Will It Be Enough? The median CalSTRS retirement benefit replaces about 60 percent of a member’s salary. You’ll need to close any gap between your retirement goal and your retirement benefit with savings and investments, such as CalSTRS Pension2. See page 12 to learn more. •• ublications, including the Welcome to CalSTRS P booklet, workshops and member education videos. •• alSTRS Pension2® 403(b) and 457(b) plans with C low fees and expenses for additional income in retirement. •• ide-by-side investment comparisons of 403(b) S plans in California at 403bCompare.com. Your savings and investments Your CalSTRS retirement Find publications, forms, videos, workshops and more at CalSTRS.com. CalSTRS 2015 • Member Kit 3 .
Access Your CalSTRS Information Online, Any Time myCalSTRS offers easy, secure and convenient access to your accounts and CalSTRS forms. Register at myCalSTRS.com. Once you complete the one-time process, your myCalSTRS account will be active. With myCalSTRS, you can: 1 Update your contact information. 4 2 Access your annual Retirement Progress Report and view information reported by your employer. Name and update your one-time death benefit recipient. 5 Submit and receive secure messages to and from CalSTRS representatives. View your account balances. 6 Complete and submit forms. 3 Need help registering? View the self-paced, interactive online registration guide on myCalSTRS. Get the Facts on Social Security As a California public school educator, you do not contribute to Social Security, so you will not receive a Social Security benefit for your CalSTRS-covered employment when you retire. If you're counting on Social Security through your spouse or other employment, two federal rules—the Government Pension Offset and the Windfall Elimination Provision—may leave you with a smaller Social Security benefit or possibly no benefit at all. Your CalSTRS retirement benefit will not be reduced by these rules. 4 CalSTRS 2015 • Member Kit ee “Your Retirement Benefit and Social Security” S in the Member Handbook. Also see the Social Security, CalSTRS and You fact sheet at CalSTRS.com/publications. V iew the Introduction to Social Security video at CalSTRS.com/videos. . Estimate Your Retirement Benefit Online Your primary retirement benefit is based on a formula set by law: service credit x age factor x final compensation You can retire as early as age 50 with at least 30 years of service credit, or age 55 with at least five years of service credit—or less, if retiring concurrently from certain other California public retirement systems. Service Credit Service credit is the number of school years, including partial years, you have worked and contributed to CalSTRS: •• ou earn service credit every day you work or are Y on paid leave. •• ou can earn up to one year of service credit in Y a school year. If you work less than full time, your service credit for the year may be less than one year. If you earn more than one year of service credit in a school year by performing extra-pay assignments for school activities, most of your and your employer’s contributions from the additional service will go into your Defined Benefit Supplement account (see page 7). Your Retirement Benefit—Your Options The highest retirement benefit you can receive is the Member-Only Benefit. The Member-Only Benefit stops with your death. You can choose to provide a lifetime monthly benefit to someone upon your death.
If you choose to do so, your benefit will be reduced based on your age and your beneficiary’s age at the time you elect an option, and the option you elect. V iew the Beneficiary Options video at CalSTRS.com/videos. Age Factor Age factor is a percentage based on your age at the time you retire. The age factor is set at 2 percent at age 60. It decreases if you retire before age 60 and increases up to a maximum of 2.4 percent at age 63. Final Compensation Final compensation is your highest average annual compensation earnable for 36 consecutive months, or your highest 12 consecutive months if you have more than 25 years of qualified service credit. See “Your Retirement Benefit” in the Member Handbook. iew the Understanding the Formula video at V CalSTRS.com/videos. Laura Middle school teacher CalSTRS member for 12 years Estimate your projected retirement benefit using the calculator at CalSTRS.com/calculators. CalSTRS 2015 • Member Kit 5 .
Contributions to Your CalSTRS Retirement CalSTRS pays retirement benefits using a combination of investment income and contributions. Under the 2014 CalSTRS Full Funding Plan, increased contribution rates will be phased in over several years. Member Contributions You now contribute 9.20 percent of your Defined Benefit creditable earnings to help finance your retirement benefit. The rate increases to 10.25 percent in 2016–17. Employer Contributions For 2015–16, your employer contributes an amount equal to 10.73 percent of your Defined Benefit creditable earnings. Employer contributions are increasing every year, up to 19.1 percent in 2020–21. State Contribution The State of California contributes a percentage of the annual earnings of all members, plus an amount for purchasing power protection, currently about 7.39 percent.
The rate is gradually rising to 8.828 percent in 2016–17. Inflation Protection Your retirement benefit is protected against rising prices two ways: •• tarting September 1 after the first anniversary of your S retirement date, your benefit increases automatically each year at 2 percent of your initial benefit. •• f inflation erodes the purchasing power of your I retirement benefit to less than 85 percent of your initial monthly benefit, you will receive an additional quarterly payment, subject to the availability of funds set aside for purchasing power protection. Health Insurance in Retirement CalSTRS does not provide health benefits. Your health benefits depend on your district’s agreement with your employee bargaining unit. Many retired educators have to contribute to or pay their own health insurance costs.
Consider setting aside extra money now for your future. You and your employer each pay 1.45 percent of your wages toward earning coverage under Medicare, the federal health insurance program for people age 65 and older. Securing Your Financial Future The 2014 CalSTRS Full Funding Plan, enacted in Assembly Bill 1469, sets a course for CalSTRS’ long-term viability. The plan relies on gradual contribution increases from all parties—members, employers and the state—without reducing benefits: •• our member contribution rate will be increasing to 10.25 percent in 2016–17. Y •• he employer contribution rate will be gradually increasing to 19.1 percent in 2020–21. T •• The state’s contribution rate will be increasing to 8.828 percent, including purchasing power protection, in 2016–17. Investment returns from the CalSTRS portfolio provide 58 percent of the funds to pay benefits, with contributions providing 42 percent. Lower than expected returns largely due to the economic downturns in the last decade resulted in a funding shortfall, which was too large to rely on healthy returns to make up the ground lost. With a responsible plan in place, we’re on target to meet our promise of a secure financial future for California’s educators. 6 CalSTRS 2015 • Member Kit . Your Defined Benefit Supplement Account— Additional Money for Retirement As a Defined Benefit member, you have a Defined Benefit Supplement account that provides additional savings for your retirement. You cannot earn more than one year of service credit in a school year. Most of your and your employer’s contributions from your earnings in excess of one year, up to the compensation cap, will go into this account. You can build your account by taking on extra-pay assignments such as summer school, yearbook adviser, soccer coach or band director. Your account balance earns a guaranteed rate of interest. For 2015–16, the rate is 3.15 percent. When you retire, you’ll receive your CalSTRS monthly retirement benefit and your Defined Benefit Supplement funds. Excess Contributions Starting July 2014, if you make contributions on earnings in excess of one year of service credit in a school year, you are eligible for a return of your contributions that exceed the 8 percent contribution rate on Defined Benefit Supplement compensation. Any excess contributions will be reported on your Retirement Progress Report, available on myCalSTRS in September.
CalSTRS will return any excess contributions to your employer in October. Your employer is responsible for returning the excess contributions to you. Please contact your employer if you have any questions. View the Defined Benefit Supplement videos at CalSTRS.com/videos. Find your current balance on your Retirement Progress Report at myCalSTRS. CalSTRS 2015 • Member Kit 7 . Considering a Career Change? You can keep your money with CalSTRS if you leave public education. Even if you think you may not return to public education, taking a refund may not make financial sense. Benefits of leaving your contributions with CalSTRS: •• ou’ll keep your service credit. Y •• our accounts will continue to accrue interest. Y •• ou’ll be eligible for a monthly retirement Y benefit when you’re age 55 if you have at least five years of service credit—or less, if retiring concurrently from certain California public retirement systems. Consequences of cashing out include: •• You’ll no longer be a member of CalSTRS. •• ou’ll lose your benefits. Y •• our refund may be subject to additional federal Y and state taxes if you take your refund before age 59½ and do not roll over your funds to a qualified retirement plan. •• Redepositing refunded contributions to restore service credit can be expensive. (You cannot withdraw employer contributions.) See the Refund: Consider the Consequences fact sheet at CalSTRS.com/publications. View the Refund: Consider the Consequences video at CalSTRS.com/videos. View the Refund: Consider the Consequences video at CalSTRS.com/videos. 8 CalSTRS 2015 • Member Kit Valerie Elementary school teacher CalSTRS member for 11 years . Review Your Retirement Progress Report Online Keep tabs on your CalSTRS account and service credit balances by reviewing your Retirement Progress Report each year. Your new report is available online on myCalSTRS in September. Your report summarizes: •• The service credit you earned the previous year. •• Your total accumulated service credit. •• The name of your one-time death benefit recipient. •• ccumulated contributions and interest in your Defined Benefit A and Defined Benefit Supplement accounts. •• Information about your disability and survivor benefit coverage. If you believe there’s a discrepancy in your report, do not wait to correct errors. Contact your employer immediately. Be sure to verify your paycheck information, including your deductions, each pay period. CalSTRS 2015 • Member Kit 9 . Your Retirement Income Gap How much money will you have to enjoy the future you want? Consider investing the percentage of your salary that would have gone to Social Security into a tax-advantaged 403(b) or 457(b) account, such as CalSTRS Pension2. 1. My Retirement Goal My goal is to retire with % of my working income. According to financial advisers, you’ll need 80–90 percent of your monthly income to maintain your standard of living in retirement. 2. Calculate My Gap % Service Credit Age Factor % % of Final Compensation % % of Final Compensation My Goal % My Gap 3. Bridge My Gap: What if I extend my career? % Adjusted Service Credit Adjusted Age Factor % % Adjusted % of Final Compensation My Goal Adjusted % of Final Compensation % My Adjusted Gap 4.
Bridge My Gap: What if I purchase service credit? % Adjusted Service Credit Age Factor % My Goal Adjusted % of Final Compensation % Adjusted % of Final Compensation % My Adjusted Gap See “Purchasing Permissive Service Credit” and the “Age Factor” and “Career Factor” tables in the Member Handbook. View The Gap video at CalSTRS.com/videos. 10 CalSTRS 2015 • Member Kit . Increase Your Retirement Benefit You can increase your benefit by increasing one or more of the elements of the retirement benefit formula: •• Purchase additional service credit, if you’re eligible to do so. •• Work longer to increase years of service credit and age factor, and to qualify for benefit enhancements. •• Convert unused sick leave to service credit at retirement. service credit x age factor x final compensation Purchase Additional Service Credit Work a While Longer The more service credit you have at retirement—earned or purchased—the greater your retirement benefit: By working longer, you’ll continue to earn service credit, which will increase your retirement benefit and can be used to qualify for the one-year final compensation and career factor benefit enhancements. •• urchase service credit for eligible service in out-ofP state or foreign public schools, the military, Peace Corps or Job Corps; or eligible employer-approved maternity, paternity or sabbatical leave and leave approved under the federal Family Medical Leave Act or California Family Rights Act. •• edeposit previously refunded contributions and R restore service credit if you return to CalSTRS membership or work in certain other California public retirement systems. •• urchase nonmember service, such as part-time P or substitute service in the California public school system, before you were a CalSTRS member or after taking a refund and before becoming a member again. “Purchasing Permissive Service Credit” in the S ee Member Handbook. Also see Purchasing Additional Service Credit at CalSTRS.com/publications. iew the Purchase Service Credit video at V CalSTRS.com/videos. The older you are at retirement, the higher your age factor, up to a maximum age factor of 2.4 percent at age 63. If you retire with 30 or more years of service credit, you qualify for the career factor benefit enhancement, which adds 0.2 percent to your age factor up to a maximum combined age factor and career factor of 2.4 percent at age 61 years and 6 months. Convert Unused Sick Leave to Service Credit at Retirement Your unused sick leave will be converted to service credit when you retire. As soon as you change employers during your career, coordinate with your former employer to arrange for the transfer of your accumulated unused sick leave to your new employer. “Converting Unused Sick Leave to Service Credit” See in the Member Handbook. It’s cheaper to buy service credit now than later in your career.
Estimate the cost to purchase service credit at CalSTRS.com/calculators. CalSTRS 2015 • Member Kit 11 . Start a 403(b) or 457(b) Account Now We get it. Retirement is probably one of the last things on your mind. We know you’re busy, so we’re making it easy for your future to start now. Start Small Did you know you can start saving with as little as $25 a month? That’s less than what you may be spending on your morning cup of coffee. One of the smartest ways to save is to invest in a 403(b), 457(b) or IRA tax-advantaged account. It’s never too early to start.
Use the savings calculator in the front of this booklet to help you keep your savings on track. Already saving? Congratulations! Consider increasing your monthly contribution. Why Start Now It’s Smart Power of time and money. With compounding, you earn interest on your total balance—your original contribution plus all interest earned and any additional contributions. Tax advantages. When you contribute to your 403(b) or 457(b) account directly out of your paycheck, you defer taxes on the money you invest each month.
Your earnings grow tax-deferred, and your monthly taxable income is lower. Contribute to a Roth 403(b) account through your paycheck and you won’t get a tax break up front, but your contributions and earnings will be tax-free at retirement when you withdraw your funds. More time to take risks. The earlier you start, the longer you’ll be able to weather financial downturns and reap the benefits of strong economic times. Pension2 Has Low Fees— Something Everyone Likes Most investment plans charge fees and expenses.
Even 1 percent can make a big difference in your bottom line over time. Compare fees charged by 403(b) plans in California at 403bCompare.com. The Difference 1 Percent Can Make Let’s say you invest $20,000 for 30 years, make no contributions a nd earn an average of 7 percent. Investment fees usually range from 0.5 percent to 1.5 percent a year.After 30 years, you’d have 35 percent more—that’s an additional $34,000. It’s Easy Three steps to opening your Pension2 account: O 1 pen your account by calling toll free 844-353-2872 or enrolling online from the Pension2 ebook at Pension2.com. $131K $97K 2 Determine how much you want to invest. F 3 ill out your district’s Salary Reduction Agreement. Find the form at your payroll office or 403bCompare.com (select My Employer). To increase your monthly contribution, simply complete another Salary Reduction Agreement with your new contribution amount. 12 CalSTRS 2015 • Member Kit Check out CalSTRS Pension2 403(b) and 457(b) plans with flexible investments, low fees and expenses. Account balance with 0.50% annual fee* Account balance with 1.50% annual fee * 0.50% = the average cost for Pension2 participants (0.25% admin fee + 0.25% average expense ratio) .
CalSTRS Pension2 Complements Your Retirement Benefit Pension2®, the CalSTRS voluntary supplemental savings plan, offers low cost, flexible 403(b), 457(b) and Roth 403(b) plans. Need more for your future? CalSTRS Pension2—Designed With Your Interests in Mind â— Pension2.com Learn more about Pension2 plans and low fees. Investment options that match all levels of investment ability: » Easy Choice Portfolios—designed to take into account your risk tolerance and retirement date, each is a ready-made mix of the core investment options. Your future starts now. Call us today at 888-394-2060. » Core Investment Options—build your own portfolio from a carefully selected list of more than 20 funds. » Self-Directed Brokerage Account—gives you access to a greatly expanded range of mutual funds. â— Simple, low-cost and transparent fee structure â— No commissions or surrender charges â— Easy payroll deduction of contributions â— Powerful planning and educational resources â— 24/7 account access See the Pension2 ebook with online enrollment at Pension2.com. CalSTRS 2015 • Member Kit 13 . The Power of Time and Money A Little Now Can Really Add Up Later Let’s say you contribute $100 a month to your 403(b) account directly from your paycheck. If your account averages a 7 percent rate of return annually, you could have $52,093 after 20 years. If you increase your monthly contribution to $300 a month, your savings could grow to $156,278—an increase of $104,185. An added benefit of tax-deferred contributions: Your $300 investment may reduce your paycheck by only $173.* $156,278 $300 every month $100 every month $95,089 $52,093 $51,925 $21,478 $7,159 $31,696 $17,308 5 years 10 years 15 years 20 years *This hypothetical illustration assumes a combined 37 percent state and federal tax rate.
It’s not meant to represent the performance of any investment product and should not be used to predict investment performance. Any taxes and expenses associated with an actual investment are not reflected. While taxes are paid when funds are withdrawn, investors are often in a lower tax bracket at retirement. CalSTRS Pension2 does not guarantee any rate of return on investments.
Investing involves risk, including risk of loss of principal. 14 CalSTRS 2015 • Member Kit . Name Your One-Time Death Benefit Recipient You’re working hard to earn your CalSTRS benefits. Be sure to name your loved ones or a favorite organization to receive your one-time death benefit. You also have disability benefits. Your Survivor Benefits Monthly Benefit Your spouse, children and other loved ones may be eligible for survivor benefits after your death. The type and amount of benefits depend on: If you die before retirement, your survivors, including your spouse or registered domestic partner and dependent children, may be eligible for a monthly survivor benefit. •• Your years of service credit. You may choose to provide a lifetime monthly benefit, also known as an option, to your beneficiary instead of a monthly survivor benefit: •• Your type of coverage: A or B. •• Your membership status. •• Whether you elect an option. Depending on your coverage and member status at the time of your death, your beneficiaries may be eligible for three types of benefits: •• One-time death benefit. •• Monthly benefit. •• Defined Benefit Supplement distribution. One-Time Death Benefit After your death, your one-time death benefit recipient will receive a one-time death benefit if eligibility requirements are met.
The amount of this benefit depends on whether you die before or after retirement. You may name a living person, estate, trust or charity as your recipient. •• When you are eligible to retire. •• Under Coverage B disability retirement. •• When you retire. S ee “Protecting Your Loved Ones Before You Retire” in the Member Handbook. Defined Benefit Supplement Distribution Your membership status when you die determines how the balance in your Defined Benefit Supplement account will be distributed. If you die before retirement, your Defined Benefit Supplement account balance will be distributed to your one-time death benefit recipient. If you did not name a recipient, CalSTRS will pay the balance to your estate. You can change your death benefit recipient any time, with no financial penalty. Name your one-time death benefit recipient using myCalSTRS.
Then be sure to keep your recipient information current. CalSTRS 2015 • Member Kit 15 . If you die after retirement, your account balance will be distributed to your one-time death benefit recipient or option beneficiary, depending on the distribution you elected at retirement. S ee “Survivor Benefits” in the Member Handbook and the Survivor Benefits brochure at CalSTRS.com/publications. iew the Survivor Benefits video at V CalSTRS.com/videos. Your Disability Benefits You may be eligible for disability benefits if you have a medically determined physical or mental impairment that is permanent or expected to last at least 12 consecutive months and: •• revents you from performing your usual duties with P or without reasonable accommodation, or •• revents you from performing duties in a comparable P level position. 16 CalSTRS 2015 • Member Kit In general, the basic disability benefit is 50 percent of your final compensation. The maximum benefit, including benefits for eligible dependent children, is 90 percent of your final compensation. So that you have income while your application for disability benefits is pending, you can apply for service retirement during evaluation of your application, if you’re eligible to service retire, or you may apply while: •• ou are still working. Y •• You are receiving sick leave or differential pay. Unlike workers’ compensation benefits, your disability benefit does not require your disability to be work-related. “Disability Benefits” in the Member Handbook See and the brochure, Introduction to CalSTRS Disability Benefits, at CalSTRS.com/publications. . Take Advantage of CalSTRS Resources Take advantage of our resources to help you understand your benefits and plan for your secure future. In addition, CalSTRS representatives are available by phone or email to answer your questions. Workshops: Find descriptions of workshops tailored to each career stage at CalSTRS.com/workshops. Member benefit videos: View education videos, including ones on beneficiary options, rollovers and Social Security at CalSTRS.com/videos. Benefit calculators: Estimate your retirement benefit or the cost to purchase service credit using the calculators at CalSTRS.com/calculators. Connections newsletter: Keep up to date by reading Connections, published twice a year. Sign up on myCalSTRS to receive your newsletter electronically to help us conserve natural resources and reduce costs. CalSTRS.com/workshops CalSTRS.com/planning CalSTRS.com/videos CalSTRS 2015 • Member Kit 17 . Keep Your Address Current Be sure CalSTRS has your current mailing and email addresses, so you don’t miss out on important communications from us. Moved or planning a move soon? Two ways to update your contact information myCalSTRS makes it easy. From the home page, select Update Your Profile, then follow the instructions. Not yet registered for myCalSTRS? Complete the one-time registration process today to activate your account. myCalSTRS.com Complete the Address Change Request form, sign and mail it to us. 18 CalSTRS 2015 • Member Kit CalSTRS.com/forms . . CalSTRS Resources WEB CALL WRITE VISIT FAX CalSTRS.com Click Contact Us to email 800-228-5453 7 a.m. to 6 p.m. Monday through Friday CalSTRS P.O. Box 15275 Sacramento, CA 95851-0275 Member Services 100 Waterfront Place West Sacramento, CA 95605 916-414-5040 myCalSTRS.com 403bCompare.com Pension2.com STAY CONNECTED 916-414-1099 Calls from outside the U.S. 888-394-2060 CalSTRS Pension2® Personal Wealth Plan Find your nearest CalSTRS office at CalSTRS.com/localoffices 855-844-2468 (toll free) Pension Abuse Reporting Hotline California State Teachers’ Retirement System com 1766 (rev 7/15) Printed on recycled paper Other Important Documents .
