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.
Employees excluded from CalPERS membership are covered by the CSU Part Time Seasonal Temporary (PST) Retirement Plan.
Employees eligible to retire from CalPERS may take advantage of continued health, dental, vision, and other benefits.
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