California State University offers retirement programs to both full-time employees, and eligible part-time and temporary employees. In addition, employees can take advantage of various voluntary retirement and savings programs.
Full-time appointments that exceed six months and half-time appointments averaging 20 hours per week for one year or longer are automatically enrolled in this employer/employee funded plan.
II. Part-Time Retirement Program (PST)
Employees excluded from CalPERS membership are covered by the CSU Part Time Seasonal Temporary (PST) Retirement Plan.
The Savings Plus Plan (SPP) is a voluntary program which allows eligible state and CSU employees to save toward retirement by investing pre-tax contributions. These tax-deferred investment are offered through two deferred compensation plans: a Thrift Plan (IRC 401k) and a Deferred Compensation Plan (IRC 457).
The Tax Shelter Annuity Program, also known as a (403)b, is a voluntary program that allows eligible CSU employees to save toward retirement under Internal Revenue Code [IRC Section 403(b)]. to save toward retirement under Internal Revenue Code [IRC Section 403(b)].
Eligible Faculty members who retire and participate in the Faculty Early Retirement Program are provided benefits through CalPERS.
ScholarShare is California's 529 College Savings Plan. Earnings grow tax-deferred, and distributions for qualified higher education expenses are tax-free. California State employees can make automatic payroll deductions, and the money can be used at accredited colleges, vocational-technical schools, in-state or out of state, including eligible foreign institutions. Benefits include:
Earnings on after-tax contributions grow tax-deferred
No federal or state taxes on qualified distributions
Wide range of investment options
High contribution limits