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The maximum age factor with the career factor is 2.4%.
As a California public school educator, you do not pay into Social Security, so you will not receive Social Security benefits for your CalSTRS-covered position.
Teachers contribute 8% of their monthly salaries into a state pension fund, while their employers contribute an additional 8.25%. On top of these payments, the state of California contributes another 2% into the fund. As you docHub retirement, youll begin to receive these funds in lifetime monthly payments.
CalSTRS Defined Benefit Program is a traditional defined benefit plan that provides retirement, survivor and disability benefits. Your Defined Benefit retirement benefit is based on a formula set by law using your age, service credit and final compensation.
If your retirement formula is 2% at 62, for example, this means you get 2% of your pay if you retire at age 62 . Age 62 is referred to as your normal age . Local miscellaneous members receive one of six retirement formulas, with varying retirement ages and final compensation percentages .
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Retirement benefits Your CalSTRS retirement benefit is a defined benefit pension. With five years of service credit, youre eligible for a guaranteed lifetime retirement
The age factor is the percent of final compensation you are entitled to for each year of service credit. This percentage is determined by the date you were first hired to perform CalSTRS creditable activities and your age on the last day of the month in which your retirement is effective.
If your retirement formula is 2% at 62, for example, this means you get 2% of your pay if you retire at age 62 . Age 62 is referred to as your normal age . Local miscellaneous members receive one of six retirement formulas, with varying retirement ages and final compensation percentages .
Retirement benefits Your CalSTRS retirement benefit is a defined benefit pension. With five years of service credit, youre eligible for a guaranteed lifetime retirement
CalSTRS Defined Benefit Program is a traditional defined benefit plan that provides retirement, survivor and disability benefits. Your Defined Benefit retirement benefit is based on a formula set by law using your age, service credit and final compensation.

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