Your Retirement Profile |
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Retirement Date: |
10/17/2011 |
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Last Date of Work: |
08/01/2009 |
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Reduced Benefit Election: |
Yes/No |
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Other CA Public Retirement Systems: |
XXXXXX |
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Other CA Public Retirement Systems
Retirement Date: |
02/15/2002 |
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Your Option Beneficiary Information
Compound – Member-Only XXX.XX% |
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Beneficiary Option: |
100% Option |
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Name: |
John A Doe |
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Current Relationship: |
Spouse |
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Date of Birth: |
10/17/1956 |
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Social Security Number: |
xxx-xx-9104 |
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Allocation: |
50.00 % |
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Beneficiary Option: |
75% Option |
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Name: |
Jane A Doe |
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Current Relationship: |
Other |
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Date of Birth: |
10/17/1956 |
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Social Security Number: |
xxx-xx-9104 |
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Allocation: |
50.00 % |
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DB Tax Withholding Preferences |
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Federal Income Tax Withholding: |
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Filing Status: |
Married |
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Number of Allowances: |
XX |
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Additional Withholdings: |
$additional amount |
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State Income Tax Withholding: |
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Filing Status: |
Married |
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Number of Allowances: |
XX |
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Additional Withholdings: |
$ additional amount |
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Withhold Only (Per Month): |
$ amount |
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DBS Election |
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Combined Lump-Sum & Annuity Payment: |
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Lump-Sum Payment: |
$ amount |
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Annuity Payment Type: |
Annuity Type |
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DBS Payment Instructions |
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Tax-Deferred |
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After Tax |
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Rollover Election: |
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IRA |
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Roth IRA |
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Rollover Amount or %: |
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68% |
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$4,800 |
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Financial Institution Selected: |
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UBS Financial |
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AFLAC |
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Financial Institution Address: |
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3001 Douglas Blvd
Sacramento, CA 95691 |
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888 Broadway Ave
Sacramento, CA 95882 |
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Financial Institution Phone Number: |
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Account Number to Receive Rollover: |
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DBS Tax Withholding Preferences |
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Federal Income Tax Withholding: |
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Filing Status: |
Married |
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Number of Allowances: |
XX |
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Additional Withholdings: |
$additional amount |
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State Income Tax Withholding: |
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Filing Status: |
Married |
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Number of Allowances: |
XX |
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Additional Withholdings: |
$ additional amount |
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Withhold Only (Per Month): |
$ amount |
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Marital / Registered Domestic Partner (RDP) Status |
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Current Marital or RDP Status: |
Married |
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Spouse or RDP's First Name: |
Mannheim |
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Spouse or RDP's Last Name: |
Eisenschmidt-Doe |
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Date of Birth: |
02/29/1908 |
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Social Security Number: |
xxx-xx-9104 |
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Allowance / Distribution Impact |
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Member-Only Benefit |
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The Member-Only Benefit is the highest monthly benefit possible, and it will continue throughout your lifetime. However, it does not provide for a monthly income to your survivors. |
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100% Beneficiary Option |
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The 100% Beneficiary Option provides your option beneficiary with 100 percent of the amount you were receiving upon your death. If your option beneficiary predeceases you, your benefit will rise to the Member-Only benefit. |
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75% Beneficiary Option |
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The 75% Beneficiary Option provides your option beneficiary with 75 percent of the amount you were receiving upon your death. If your option beneficiary predeceases you, your benefit will rise to the Member-Only benefit. |
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50% Beneficiary Option |
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The 50% Beneficiary Option provides your option beneficiary with 50 percent of the amount your were receiving upon your death. If your option beneficiary predeceases you, your benefit will rise to the Member-Only benefit. |
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Compound Option |
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The Compound Option allows three options. In each case, if your option beneficiary predeceases you, your benefit will rise to the Member-Only benefit.
You may:
- Name one option beneficiary and keep a portion of your benefit as a Member-Only Benefit.
- Name two or more option beneficiaries, with an option choice for each and keep a portion of your benefit as a Member-Only Benefit.
- Name two or more option beneficiaries, with and option choice for each and not keep any of your benefit as a Member-Only Benefit.
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Midyear Retirement with the Reduced Workload Program |
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If you retire before the end of the school year and not fulfill your contract under the Reduced Workload Program, your Reduced Workload Program will be revoked, and you will receive credit only for the part-time service you actually performed. |
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Midyear Retirement without the Reduced Workload Program |
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If you retire before the school year is over, CalSTRS must use the current school year and the last school year to calculate your final year’s earnings, unless you have higher compensation in an earlier period. The process of averaging for mid-year retirees often results in a final compensation that is lower than expected. |
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Required Minimum Distribution (RMD) for a person over 70.5 yrs old |
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Due to the fact that you are older than 70 years and half, you are required to take a minimum distribution (RMD) and cannot roll over 100% of your Defined Benefit Supplemental lump-sum monies.
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Reduced Benefit Election |
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By making this election you agree to receive a reduced benefit equal to one-half of your monthly retirement benefit calculated as if you were age 60. The reduced benefit will continue for the same number of months after age 60 that you received benefits before age 60. After that, you will receive your normal retirement benefit. |
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