I plan to retire next month and have already made a request to CalSTRS to purchase service credit. Will I still have to complete my redeposit or service credit purchase by the October 23 deadline?
No. Any billing request made before your retirement date will be honored as a request from an active member and is not subject to the October 23 deadline. If you receive the billing statement after your effective date of retirement, you will have 30 days after you receive the statement to complete the purchase. We understand it can take longer than 30 days for CalSTRS to receive a rollover from your financial institution. As long as you respond back to CalSTRS within 30 days, we will accept your rollover. You will be able to roll over pre-tax funds from 401(a), 401(k), 403(b), 457 or acceptable IRA plans. Return to top I am retired and received a redeposit or service credit purchase billing, but there are not enough pre-tax funds in my 403(b) account to pay the entire amount required. Since I cannot make direct payments, can I still do a partial redeposit or purchase just a part of the available service credit? Yes. CalSTRS will prorate the equivalent amount of service credit based on
Related Questions
- I plan to retire next month and have already made a request to CalSTRS to purchase service credit. Will I still have to complete my redeposit or service credit purchase by the October 23 deadline?
- If I terminate my CalPERS membership and take a refund rather than retire, will I get my service credit purchase payments back?
- Can I change my service credit purchase and/or tier conversion payment plan?
