Retirement
Retirement Workshop:
Pre-Retirement Workshop - Date: TBD
Pre-Retirement Workshop - Date: TBD
After attending the Retirement Conference, we are realizing that we need to put away more money before we can retire in a 403B, TSA, or some other type of holding. Please attend a Pre-Retirement conference to help plan your retirement to see what you will be getting and to help figure out how much you will need to set aside now so you will have enough when you retire. Those who are retiring soon, please make an appointment with a one on one counselor through CTA.
Side note: Starting 2014, we will no longer be getting an annual printout stating our credited services as well as how much is in our Defined Benefit Supplemental Account. You will have to log onto the CTA Website and go to MyCalStrs to get your information. However, if you would like to continue to get a printout, you will need to write CTA a letter stating you would like to receive your Annual Printout.
If interested, here is a PDF of the notes taken at the Feb 1, 2014 Retirement Workshop. Please attend conference or speak to a counselor for up-to-date info.
If interested, here is a PDF of the notes taken at the Feb 1, 2014 Retirement Workshop. Please attend conference or speak to a counselor for up-to-date info.
CTA Retirement Calculator
To get a quick idea of your monthly retirement, you are going to multiply the following: Service Credit x Age Factor x Final Compensation = Members Only Benefit
To find out about:
Service Credit - Go to CalSTRS website down below and Login, click on "My CalStrs" and go to "View Your Retirement Progress Report" to get Service Credit.
Age Factor - Click on the link below (Age Factor) and find your age and month. This will give you the percentage you use for the age factor. Remember 1.75% = .0175 on the calculator.
Final Compensation - Go to Salary Scale, Select your Salary and divide by 12 months (not 10 months). This will give you your final Final Compensation.
Side Note: When you retire, the main three items taken out of your check will be Federal Tax, State Tax and your Health Program.
To find out about:
Service Credit - Go to CalSTRS website down below and Login, click on "My CalStrs" and go to "View Your Retirement Progress Report" to get Service Credit.
Age Factor - Click on the link below (Age Factor) and find your age and month. This will give you the percentage you use for the age factor. Remember 1.75% = .0175 on the calculator.
Final Compensation - Go to Salary Scale, Select your Salary and divide by 12 months (not 10 months). This will give you your final Final Compensation.
Side Note: When you retire, the main three items taken out of your check will be Federal Tax, State Tax and your Health Program.