1) Concurrent Retirement Retiring From More Than One California Public Retirement System If you’re a member of CalSTRS and certain other California public retirement systems, you may be eligible to retire concurrently and: â— â— Qualify for a CalSTRS service retirement benefit at age 55 or older with less than five years of CalSTRS service credit. Increase your CalSTRS service retirement benefit by using higher salaries from another retirement system for your final compensation. You may also be able to use your CalSTRS membership and compensation earnable from your CalSTRS-covered employment to qualify for service retirement or increase your benefit with another system, even if you have previously received a refund from that system. To learn about how a redeposit of service credit or concurrent retirement can contribute to your income in retirement, contact the other retirement system directly. Eligible Retirement Systems You may service retire concurrently with CalSTRS and any of the following retirement systems: â— â— â— â— â— California Public Employees’ Retirement System University of California Retirement System San Francisco Employees’ Retirement System Legislators’ Retirement System County retirement systems enacted under the County Employees Retirement Law of 1937: » Alameda » Contra Costa » Fresno » Imperial » Kern » Los Angeles » Marin » Mendocino » Merced » Orange » Sacramento » San Bernardino » San Diego » San Joaquin » San Mateo » Santa Barbara » Sonoma » Stanislaus » Tulare » Ventura Applying for Concurrent Retirement When you complete your Service Retirement Application, indicate your intent to service retire concurrently. We will request information from your other retirement system to calculate your benefit. You may experience a delay in receiving your full benefit amount while we exchange information with the other retirement system. If you have fewer than five years of service credit, you will not receive a CalSTRS benefit until we confirm your eligibility for concurrent retirement. CalSTRS cannot use compensation earnable from another retirement system for months in which you also worked in a CalSTRS-covered position.
2) Requirements to Retire Concurrently Calculating Your Benefit To qualify for concurrent service retirement with CalSTRS, you must: Your CalSTRS service retirement benefit is a defined benefit pension. It’s based on the following formula, not on how much you contribute or how well CalSTRS investments perform: â— â— â— Be at least age 55 by your service retirement date. Retire for service with both retirement systems. Concurrent retirement is not available for disability retirement. service credit x age factor = your retirement benefit Retire on the same day with each retirement system. You may retire on different dates as long as you perform no service creditable to either system between those dates. x final compensation Your final compensation is your highest average annual compensation earnable for 36 consecutive months. For CalSTRS 2% at 60 members with 25 or more years of qualified service credit, CalSTRS will calculate final compensation using a period of 12 consecutive months. If you meet CalSTRS' requirements for concurrent retirement, CalSTRS may use the compensation earnable for your service performed under the other retirement system to calculate your final compensation. However, CalSTRS cannot use compensation earnable from another retirement system for months in which you also worked in a CalSTRS-covered position. If you don’t meet these requirements, your CalSTRS service retirement benefit will reflect only your compensation earnable from CalSTRS-covered employment. You cannot receive a service retirement benefit with fewer than five years of CalSTRS service credit unless you meet CalSTRS' requirements for concurrent retirement. Each retirement system may have different conditions for concurrent retirement. Be sure to research your other system’s requirements. Choose your retirement date carefully if you are using your CalSTRS membership— or compensation earnable from your CalSTRS-covered employment—to qualify for or increase your benefit with another retirement system. Limitations of Concurrent Membership Your membership with another public retirement system cannot be used to qualify for: â— Benefit enhancements—longevity bonus, career factor or one-year final compensation. â— Early retirement—30 years of service credit at age 50. Meet with a CalSTRS benefits specialist for help understanding your concurrent retirement. CalSTRS Resources mouse WEB ðŸ“ž CALL âœŽ WRITE 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 403bCompare.com Pension2.com STAY CONNECTED 916-414-1099 Calls from outside the U.S. 888-394-2060 CalSTRS Pension2® Personal Wealth Plan location VISIT Member Services 100 Waterfront Place West Sacramento, CA 95605 ðŸ“ FAX 916-414-5040 Find your nearest CalSTRS office at CalSTRS.com/localoffices 855-844-2468 (toll free) Pension Abuse Reporting Hotline Printed on recycled paper COM 1682 (11/15)