Office of Human Resources

Public Employees Retirement System (PERS)
All employees appointed full-time for more than 6 months contribute to the Public Employees Retirement System (PERS), with the employee making mandatory monthly retirement contributions through payroll deduction. The State contributes a substantial percentage based on your gross monthly salary. The formula used in calculating the employee's contribution is 5% of earnings in excess of $513 per month.

Your contributions cannot be withdrawn until separation from the University or retirement. Employees who leave the University may leave their contributions on deposit to gather interest or they may request a refund. The State's contribution is not refundable. Employees may retire under service provisions of PERS after reaching age 50 with at least 5 years of service credit, or in the event of a permanent disability, may retire under disability provisions. The application for retirement should be completed at least 90 days in advance of the retirement effective date. As a service to its members, PERS will calculate an estimated retirement allowance upon written request. Detailed information, applications and forms are available in the Office of Human Resources. You can also visit the CalPERS Website for more information.

Tax Sheltered Annuity (403b) and State Deferred Compensation Programs (401(k) and 457)
The California State University System and the State of California sponsor tax sheltered annuity and deferred compensation programs. Participation in these programs may result in reducing Federal Income Tax liability and can provide an additional source of income upon retirement. Information on the Savings Plus Program (401(k) and 457 plans) can be obtained by calling (916) 322-5070 or visiting the Savings Plus Program's website at http://sppforu.com.  

A list of companies authorized by the Trustees of the CSU for participation in the 403(b) program, along with the the required enrollment forms and program information is available in the Office of Human Resources. Employees are encouraged to choose a qualified financial advisor to assist in determing which program best suits their investment needs.

Plans for Part-time, Seasonal and Temporary Employees (PST)
Federal law requires that public employees who are not members of a retirement system be covered with either a qualified retirement program or by Social Security. This requirement applies to CSU employees who are excluded from participation in PERS because they work less than one half-time, are seasonal or are employed on an intermittent or temporary basis. Employees who are employed on a full-time basis by other public agencies contributing to PERS retirement systems do not participate in any retirement plan at CSUB, along with other exempted categories. Further information on eligibility can be obtained from the Office of Human Resources. Proof of enrollment/exemption must be provided to payroll to avoid automatic enrollment in the following plan:

PST Retirement Plan (DPA PST)

The DPA PST is a deferred compensation plan established and maintained under Section 457 of the Internal Revenue Code, administered by the Department of Personnel Administration. The monthly required contribution is 7.5% of pre-tax salary. Income taxes are deferred on both contributions and earnings until the money is withdrawn. The funds are invested in the Short-Term U.S. Treasury Fund managed by the Investment Office of PERS. Employees will receive annual statements. DPA PST coverage will apply to Collective Bargaining Unit and all other non-represented employees hired after 5/24/96.

 

Social Security Benefits
Deductions for Social Security are based on a percentage of annual earnings. These contributions are mandatory and provide for retirement, survivor and disability benefits, with an allowance going to a trust fund for Medicare. Both the rate of contribution and the amount of annual earnings subject to the rate are increased periodically. More specific information is available by contacting the Payroll Office. Employees who are retiring should contact the Social Security Office approximately 90 days prior to the retirement date. Additional information and forms are available in the Office of Human Resources.

Savings Bonds
U.S. Savings Bonds are available through payroll deduction. Any employee may authorize monthly deductions from his/her salary or wages for the purchase of U.S. Savings Bonds, Series EE. The smallest denomination bond through payroll deduction is $100.00 ($50 purchase amount). You must complete a Savings Bond Deduction Authorization form which is available below or in the Office of Human Resources.

                     Savings Bond Deduction Authorization (fill and print form)