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Do part-time faculty have a retirement plan?

Yes. Pursuant to federal law, part-time faculty have three choices. Upon employment, they are automatically entered into a defined contribution plan administered by MetLife. Part-time faculty have the option of joining STRSDB (State Teachers Retirement System), a defined benefit plan, or STRS Cash Balance. Part-time faculty cannot simultaneously belong to all three plans. Please contact MetLife or STRS for plan details.

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Santa Monica College Faculty Association
1900 Pico Blvd.
Liberal Arts, Room 140
Santa Monica, CA  90405
Phone 310-434-4394
FAX 310-434-3601

President: Mitra Moassessi

Executive Secretary: Janet Watts

www.SMCFA.org

May, 2002, Volume 12, Issue 5 - Laws Affecting your Benefits PDF Print E-mail
By Mitra Moassessi

     Beginning July 1, 2002, the definition of creditable compensation for members of STRS Defined Benefit program will include the money paid for overtime, overload, summer school, intersession, and stipends.  As a result of this change beginning July 1, 2002, 8% employee and 8.25% employer contributions for extra services will be credited to CalSTRS retirement accounts.  For those members who are earning less than one year of service credit, contributions will be credited to Defined Benefit Program as additional service credit. For members who are earning more than one year of service credit in any school year (July-June), contributions will be credited to Defined Benefit Supplement (DBS) accounts.  Contributions credited to member’s DBS account will earn interest at a guaranteed rate that is set annually by the Teachers’ Retirement Board and may receive additional earnings credit if actual earnings are higher than expected.  At retirement, members will elect how to receive their DBS funds.  If the balance in the retiree’s DBS account is less than $3500, the balance must be taken at a lump-sum distribution.  If the balance is $3500 or more, the retiree has one of the following three options: a lump-sum distribution, an annuity, or combination of lump-sum and annuity.

    Limits on contributions to 403(b) accounts has increased to $11,000 in 2002 and will increase by $1000 each year until reaching $15,000 in 2006; after that, increasing by $500 yearly.

    Active members can purchase service credit or redeposit funds previously withdrawn from their CalSTRS account using pre-tax roll over funds from traditional IRAs, 403(b), 401(k), 401(a), or 457.
  		 

 

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