Retirement Plans |
Retirement Benefit Information
Retirement Plans
CalPERS was established by state law in 1932 to
provide retirement benefits for state employees. In 1939, public agency and
non-teaching school employees were allowed to participate. In 1962, state law
authorized CalPERS to provide health benefits to state employees. The
health benefits program was expanded in 1967 to include public agency and school
employees. CalPERS began offering long-term care insurance on a not-for-profit
basis in 1995. Chapter 694, Statutes of 1913 (AB 1263)
established the Public School Teachers' Retirement Salary Fund as a function of
the State Board of Education, effective July 1, 1913.The California State
Teachers' Retirement System (CalSTRS) was established by law, in 1913, to
provide California teachers with a secure financial future during their
retirement years and also to provide an incentive for them to stay in teaching
their entire working careers. Membership in the CalSTRS Defined Benefit
(DB) Program includes all employees in California public schools in
positions requiring membership, from kindergarten through community college.
With more than 605,125 active and retired members, CalSTRS is the
nation's largest public teachers' pension organization and the third largest
in terms of the Fund's market value. As of June 30, 1998, the market value of
the Fund was $88 billion. In November 1990, the federal government enacted OBRA 90, a new law that mandated Social Security coverage for previously uncovered governmental employees, such as part-time, seasonal, and temporary (PST) workers. The Accumulation Program for part-time and limited service employees, (The APPLE Plan), was established as an alternative to Social Security, to government and educational sector employees.
Social Security Online
For over 65 years, the Social Security program has been the most successful domestic government program, providing economic protection for Americans of all ages. Demographic changes confronting our Nation require the need for reforms in the Social Security program. Americans must understand the Social Security program of today, so they can make informed choices about the Social Security program of tomorrow. |
Have Questions? We Have Answers! |
