Retirement for PTers

Part-Time Faculty Retirement:

What you need to know:  It is never too early to think about retirement.  Retirement benefits from teaching part-time will not provide adequate income on which to retire; however, there are differences in the plans offered that you should become familiar with. SMCCD has two plans available for part-time faculty or you can choose to stay on Social Security.

CALSTRS Defined Benefit:  It could take a part-time faculty member as much as ten years to vest in this program since it requires five years of service credit. The District implements the STRS service credit, reporting changes for part-time instructional faculty accordingly, and allowing for one year of service credit for 525 hours of employment per year.

CALSTRS Cash Balance:  You can vest immediately in this program, as it is not dependent on service credit. It calls for a payroll contribution of 4% of regular salary from the employee and 4% from the District as the employer contribution. Your contributions are made on a pre-tax basis, reducing the amount of your taxable income. Upon retirement, funds can be disbursed in a lump-sum or rolled over into an annuity.  For more information, see the CalSTRS Cash Balance Benefit Program Handbook.
Application for the CalSTRS Cash Balance Retirement Benefit Program.

Social Security:  You may elect to continue with Social Security.  Due to the Windfall Elimination Provision, your SS benefits from previous employment may be reduced if you enroll in CALSTRS or other government defined benefit plans, so if you are not planning to remain a part-time faculty member until retirement, consider your options carefully.

How to apply:  On being hired, you must choose from the three retirement plans described above within 60 days of becoming employed. If you do not select a plan, you will be automatically enrolled in the CALSTRS Cash Balance plan.

You have the right to change plans. If you are interested in switching to a different plan, check with Human Resources for details and eligibility.

For more help:  Contact David Feune, Human Resources Manager, at the District Office at feune@smccd.edu or (650) 358-6775

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