Part Time, Seasonal, Temporary Retirement Plan (PST)

The Part-Time, Seasonal, Temporary (PST) Retirement Program is a mandatory retirement savings program authorized to satisfy state and federal requirements. Employees who are not covered by Social Security, and do not qualify for membership in CalPERS, are automatically placed into the PST Program. The California Department of Human Resources (CalHR) is the Plan Administrator of this program.

PST Plan Information

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ELIGIBILITY
CSU Employees who are:
- Part-time employees who work less than half time;
- Seasonal employees;
- Temporary and Permanent-Intermittent (PI) employees who work less than six months or 125 days if employed on a daily basis or less than 1,000 hours in a fiscal year (July 1 through June 30) if employed on an hourly basis; or
- Half-time employees who have less than one academic year of credited service
Enrollment is mandatory and processed automatically. Participants include non-represented employees and employees in all Bargaining Units.
CONTRIBUTIONS

The program deducts 7.5% of wages and deposits it in a 457 Deferred Compensation Plan, allowing to build a retirement savings.

There is no employer contribution to this plan.

PST assets are invested in a "Stable Asset Fund" which preserves capital and provides a stable rate of return.

Employees enrolled in this plan pay into Medicare.
BECOMING ELIGIBLE FOR CALPERS
Employees who become CalPERS members due to an employment status change, no longer contribute the 7.5% to the PST Program and CalPERS and Social Security deductions begin to be taken. The Payroll Department provides the employee with a CalPERS Enrollment Notice when this occurs.

The current PST account balance is automatically transferred to the Savings Plus 457 Plan.

Employees may wish to inquire about "Purchasing Service Credit Prior to Membership". This process allows an employee to increase their CalPERS Service Credit, at a determined cost, and use their Savings Plus 457 plan to purchase the credit. The process is managed by CalPERS and Savings Plus. For more information:
AT SEPARATION

Upon separation, employees become eligible to withdraw money from their account 90 days after their last contribution posts. Employees may request that 100% of their account balance be directly rolled over to another entity (IRA, 401(b), 457 or 403(b) plan) as long as the entity sponsoring the plan accepts 457 funds.

The methods of payment available are explained in the Part-time, seasonal, and Temporary Employees Retirement Program:

Additional Information/Resources

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For the most current and detailed information please visit the or call Savings Plus at 1-855-616-4776.

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