Benefits

PST Retirement Program

CSU Part-time, Seasonal, and Temporary Retirement (PST) Program

The Federal Omnibus Budget Reconciliation Act (OBRA) of 1990 requires that public employees who are not members of a retirement system be covered by either a qualified retirement program or Social Security. This requirement applies to California State University (CSU) employees who are presently excluded from membership in the Public Employees Retirement System (CalPERS) because they do not meet eligibility requirements (i.e., work less than one half-time, are seasonal, or are employed on an intermittent or temporary basis) are required to participate.

The Part-time, Seasonal, and Temporary 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 California Public Employee’s Retirement System (CalPERS) to save for retirement. The PST Program is an eligible 457 Deferred Compensation Plan (457 Plan) under the Internal Revenue Code. Employees enrolled in the PST Program are required to contribute 7.5% of gross wages that are withheld automatically on a pre-tax basis and deposited into a qualified plan.

For the most current and detailed information, please visit the Savings Plus website at www.savingsplusnow.com or call Savings Plus at (855) 616-4776.

Please note that some part-time, seasonal and temporary employees are not eligible to participate in the prgram:

  • Full time students
  • Employees who have retired from the state or other public employment that was covered by CalPERS.
  • Authorized, nonresident aliens who have F or J visas or M teaching visas.
  • Employees who have CalPERS coverage through concurrent public agency employment.

Becoming Eligible for CalPERS

Employees who become CalPERS members due to employment status changes, no longer contribute the 7.5% to the PST Program and CalPERS and Social Security deductions begin to be taken. PST account balances are automatically transferred to the Savings Plus 457 Plan.

Employees may be able to use their 457 Plan account balances to purchase service credit with CalPERS or other public pension plans if eligible. To roll-over to Purchase CalPERS Service Credit - see the the Savings Plus Web site at www.savingsplusnow.com.

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 percent of their account balance be directly rolled over to another entity (IRA, 401K, 457 or 403B 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: Benefit Payment Booklet. The document may be accessed from the Savings Plus Web site at www.savingsplusnow.com.