The PST Employees Retirement Program is a mandatory retirement savings program authorized by federal law for employees who are not covered by a retirement system or Social Security. The program deducts a portion of your wages and deposits it in an account for you, allowing you to build retirement savings.
For the most current and detailed information please visit the Savings Plus website at www.savingsplusnow.com or call Savings Plus at 1-855-616-4776.
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. For more information on rolling-over to Purchase CalPERS Service Credit, visit the Savings Plus website at www.savingsplusnow.com.
Upon separation, employees become eligible to withdraw money from their account 90 days after their last contribution posts. Employees may request that 100% of their account balance be directly rolled over to another entity (IRA, 401(b), 457 or 403(b) 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.