Effective June 1, 2005, certain CSU employees previously covered by the University of California's Defined Contribution Plan are now covered by the Savings Plus Program's PST Retirement Program.

 

The Part-time, Seasonal, and Temporary Employees Retirement Program (PST Program) is a savings program created by federal law for employees who are not members of a retirement system. The PST Program provides an opportunity for State and California State University (CSU) employees not covered by Social Security and by the California Public Employees’ Retirement System (CalPERS) to save for retirement.

 

The Department of Personnel Administration’s Savings Plus Program (Savings Plus) administers the PST Program for employees hired as part-time, seasonal, or temporary. The PST Program is an eligible 457 Deferred Compensation Plan (457 Plan) under the Internal Revenue Code.

 

Employees not covered by Social Security and excluded from participation in CalPERS must participate in the PST Program. Typically, these employees include as follows:

• Part-time employees who work less than one-half time
• Seasonal employees
• Temporary and permanent-intermittent employees, including members of boards or commissions, who work less than six months or 125 days, if employed on a daily basis, or less than 1,000 hours in a given fiscal year (July 1 through June 30), if employed on an hourly basis
• Half-time CSU employees who have less than one academic year of credited service

 

As an eligible PST employee, you are not covered by Social Security. You are also presently excluded from a pension through CalPERS because of your length of employment or time base.  From each paycheck that you receive, 7.5 percent of your gross wages are withheld pre-tax, deposited in your name, and invested for you.

 

Your automatic payroll deductions are deposited in your PST account.  PST assets are invested in the Dwight/SEI Stable Asset Fund or other fund selected by Savings Plus.  There are no employer contributions or matching funds in this program.  Your account balance consists of your contributions and any interest earned.

 

An administrative fee of up to 50 basis points (1⁄2 of 1 percent) a year may be assessed against program assets on a monthly basis.   Savings Plus issues annual statements reflecting your contributions, earnings, and current balance. The statement is mailed to your address on record.

 

The PST Fact Sheet explains your retirement program, including how to designate a beneficiary and important information for maintaining your PST account.  You can get more information about this investment fund by reviewing the PST Fund Profile.

 

Frequently Asked Questions

 

Savings Plus Program

• PST Program
  1800 15th Street
  Sacramento, CA 95814-6614
  Web site: www.sppforu.com

 

Voice Response System:    24 hours a day, 7 days a week,  (866) 566-4777
Customer Service:    Monday–Friday, (866) 566-4777, 8:30 a.m.–4:00 p.m. (PT),
To speak with a customer service representative, press *0.
Office:    Monday–Friday, 8:00 a.m.–5:00 p.m. (PT),    TDD: (916) 327-4266