x

#### A PHP Error was encountered

Severity: Notice

Message: Undefined variable: content_category

Filename: user/transcript.php

Line Number: 106

#### A PHP Error was encountered

Severity: Warning

Message: Invalid argument supplied for foreach()

Filename: user/transcript.php

Line Number: 106

Other Presentations
Total Views  :   960
Total Likes  :  0
Total Shares  :  0

Presentation Slides

10) Your Retirement Formula: How It Works. Let&rsquo;s look at Faye: Faye is a first-grade teacher with 29 years of service credit. She just turned 58 and though not in a hurry to retire, she&rsquo;s been thinking more about retirement lately. Her monthly pay is \$4,708. Here are three examples for her retirement benefit calculation, not including any unused sick leave she may have that will be converted to service credit at retirement. The examples assume her pay stays the same and she doesn&rsquo;t elect an option to provide a lifetime benefit to someone upon her death. If Faye retires with at least 30 years of service credit, a 0.20 percent career factor will be added to her age factor, up to a maximum age factor of 2.40 percent. service credit x age factor x final compensation Example 1 If Faye were to retire today, her monthly retirement benefit would be: 29 x service credit 1.76% x age factor \$4,708 = \$2,403 retirement benefit final compensation Example 2 If she continues working until her 60th birthday, she would qualify for the career factor. Her monthly retirement benefit would be: 31 x service credit 2.20% x age factor + career factor \$4,708 = \$3,211 retirement benefit final compensation Example 3 If she continues working until her 62nd birthday, she would be eligible for the maximum combined age factor and career factor of 2.40 percent, giving her a monthly retirement benefit of: 33 service credit x 2.40% age factor + career factor x \$4,708 final compensation = \$3,729 retirement benefit Find the &ldquo;Age Factor Table&rdquo; and &ldquo;Career Factor Table&rdquo; in the Member Handbook at CalSTRS.com/publications.  iew the Understanding the Formula video at CalSTRS.com/videos. V 8 CalSTRS 2015 &bull; Member Kit

18) 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 &ldquo;Survivor Benefits&rdquo; 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: &bull;&bull;  revents you from performing your usual duties with P or without reasonable accommodation, or &bull;&bull;  revents you from performing duties in a comparable P level position. 16 CalSTRS 2015 &bull; Member Kit In general, the basic disability benefit is 50&nbsp;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&rsquo;re eligible to service retire, or you may apply while: &bull;&bull;  ou are still working. Y &bull;&bull; You are receiving sick leave or differential pay. Unlike workers&rsquo; compensation benefits, your disability benefit does not require your disability to be work-related.  &ldquo;Disability Benefits&rdquo; in the Member Handbook See and the brochure, Introduction to CalSTRS Disability Benefits, at CalSTRS.com/publications.