Cypress School District

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Retirement

Any District employee who desires to retire from his/her position shall submit a letter of resignation for the purpose of retirement which indicates the date which the employee intends as his/her last day at work. This letter should be addressed to the Board of Trustees and/or the Administrative Director, Human Resources and delivered to the Human Resources Department. The effective date shall be the day following the last day worked/in paid status. Advance notice, appropriate for the position held, is encouraged and appreciated. For your convenience, a Notice of Resignation or Retirement form is available for your use, if desired.

 

Employees age 55 or older who retire from the District after ten or more years of service may participate in the District’s health benefits program.  Eligible retirees may make the same medical, dental, and vision selections, and pay the same required contributions, as active employees.  This coverage will cease when the retiree reaches age 65 or becomes covered under another employer’s group health plan.  Retirees may purchase dependent medical coverage at their own expense; dependent coverage will cease upon the death of the retiree or when the retiree or dependent reaches age 65.  Please see Article 5 of the contract agreements with ACT and CSEA for complete details regarding benefits for retirees.

 

Please note that retirement from the District may not necessarily correspond to retirement and collection of benefits with PERS or STRS. For example, you may choose to retire from the District and yet not retire and file for benefits with PERS/STRS for months or years later.  For PERS/STRS-member employees wishing to substitute with the District after retirement, there is a 180-day waiting period required before re-hire and post-retirement work may commence.

 

California State Teachers Retirement System (CalSTRS)

www.calstrs.com or (800) 228-5453

 

The California State Teachers’ Retirement System (CalSTRS) is the pension fund for California’s certificated employees. Membership is mandatory for individuals (1) hired to work 50% or more of a full-time contract, or (2) hired to work part-time and complete 60 hours or 10 days of creditable service in the same district within any pay period. Substitute employees will be automatically enrolled as members after working 100 full days in the same district within a fiscal year. Certificated employees not meeting the requirements for mandatory membership may elect to enroll voluntarily. Member employees hired before 1/1/2013 ("Classic" members) contribute 10.25% of their monthly earnings by payroll deduction and members hired on/after 1/1/2013 (PEPRA members) contribute 10.205%; the District contributes an additional 17.1%. Retirement with STRS is possible at age 50 with at least 30 years of service credit (classic members only), or at age 55 with at least 5 years of service credit. Benefits are determined by a formula based on age at retirement, highest average annual compensation, and amount of service credit. Employees considering retirement are encouraged to attend a CalSTRS workshop and meet with a STRS benefits counselor. Questions regarding STRS membership, service credit, benefits, retirement planning, etc. should be directed to CalSTRS.

 

California Public Employees Retirement System (CalPERS)

CalPERS www.calpers.ca.gov or (888) 225-7377

 

The California Public Employees’ Retirement System (CalPERS) is the pension fund for California’s state, local public agency, and classified school employees. Membership is mandatory for classified employees working 20 hours per week or more, or upon attaining 1,000 hours in a fiscal year. Member employees hired before 1/1/2013 ("Classic" members) contribute 7% of their monthly earnings by payroll deduction and members hired on/after 1/1/2013 ("New" members) contribute 7%; the District contributes an additional 19.721%. Classic members are eligible for PERS retirement at age 50 with at least 5 years of service credit; New members are eligible for PERS retirement at age 52 with at least 5 years of service credit. Benefits are calculated based upon years of service, age at retirement, and final compensation. A benefits calculator, along with other information and resources, is available on the CalPERS website. Questions regarding PERS membership, service credit, benefits calculation, retirement planning, etc. should be directed to CalPERS.