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Unabbreviated name of CalPERS
What is the California Public Employees' Retirement System?
Under CalSTRS, the election of a beneficiary option can be changed after retirement under these circumstances. Name at least 1
What is remarriage, dissolution of marriage, or death of a beneficiary?
This term in CalSTRS refers to the highest average annual salary earned by a member during a specified period
What is final compensation?
CalSTRS/PERS members can increase their retirement income by accruing more of this, representing each year or partial year worked
What is service credit?
This act allows a teacher over 55 to work as little as half-time, while still accruing one full year of service credit
What is the WIllie Brown Act? Aka Reduced Workload
This annual percentage increase is automatically applied to CalSTRS and CalPERS retirees' pensions to help combat inflation
What is the Cost-of-Living Adjustment (COLA)?
This type of entity is the only type that be be selected as a beneficiary that isn’t an individual under both pension systems
What is a Special Needs Trust?
In CalPERS, this percentage applied to final compensation increases with the member's age at retirement
What is the benefit factor?
CalSTRS members do not contribute to this federal program, which is common for most other workers.
What is Social Security?
This benefit allows members from CALSTRS and CALPERS to use the higher final income when calculating a benefit so long as retirement is concurrent.
What is Reciprocity?
This is the minimum possible retirement age for members of CalSTRS under the 2% at 60 formula.
What is 50?
This percentage of the CalPERS retiree’s pension in the school formula is paid to the surviving spouse or domestic partner under the default Survivor Continuance.
What is 25%?
CalSTRS members under the 2% at 62 formula reach the maximum age factor at this age
What is 65?
Both CalSTRS and CalPERS offer this type of retirement plan, which guarantees a lifetime benefit based on a formula
What is a defined benefit plan?
The number of months CALSTRS requires your disability to last before disability benefits would begin.
What is twelve?
The maximum contribution a 55 year old can add to a 403(b)
What is $30,500?
CalSTRS offers this many One-Time death benefit payments if a member passed away before retirement without a pre-retirement option elected
What is three? DBA,DBS, One-Time DB check
For CalPERS members, the maximum Benefit Factor typically caps at this percentage for school members.
What is 2.5%?
As part of the Public Employees’ Pension Reform Act (PEPRA), CalSTRS/PERS have this pension formula
What is 2% at 62?
The maximum payout from CALSTRS disability undercoverage B.
What is 90%?
This rule allows for an additional $3,000 per year of contribution, so long as the employee hasn’t exceeded $5,000 per a year.
What is the 15-year Rule?
CalSTRS members are allowed to select more than one modified beneficiary using this option.
What is the Compound Option?
Double jeopardy
CalSTRS offers a Retirement Benefits Calculator to help members estimate their retirement benefits based on different retirement dates, this competitor does a better job
What is Pension101?
This system allows for the purchase of additional service credit for military service.
What are both CalSTRS and CalPERS?
This tax code section limits the amount that may be paid under both pensions
What is The 415(b) Limit?