Retirement and Savings
The CSU provides employees with a number of retirement benefit plans.
Retirement program eligibility is based on appointment type, duration, full-time equivalency (FTE) and previous public agency or reciprocal agency employment. The state-mandated retirement program is the California Public Employees Retirement System (CalPERS) and is coordinated with Social Security. Employees excluded from CalPERS membership are covered by the CSU Part-time Seasonal Retirement Plan.
There are also voluntary savings options for supplementing CalPERS.
PLANNING YOUR RETIREMENT? Learn about Retirement and Separating.
California Public Employees' Retirement System (CalPERS)
CalPERS is a defined benefit plan, which provides a retirement benefit based on the employee's applicable retirement formula, age at retirement, years of service credit and compensation. Full-time employees (or part-time employees working at least half-time) are automatically enrolled in the CalPERS Retirement Plan. To be eligible, a full-time employee must be appointed for at least six months and one day, or a part-time employee must be appointed for one year or longer. Employees are required to contribute a percentage of their gross monthly salary per month. There is a cap on an annual salary that can be used to calculate retirement benefits. The contribution is not subject to federal and state taxes.
For additional information about the CalPERS-defined benefit plan, visit CSYou Systemwide Benefit Portal.
Voluntary Savings Programs
There are several avenues to save additional funds towards your retirement on a pre-tax basis. There is no employer contribution to these accounts. Your financial planner can assist you in making the decision on which plan to contribute to. The office of Human Resources does not offer investment or financial advice.
Each employee is responsible for their own calculations and to make sure the IRS limits are not exceeded.
Following is information on the programs available to employees who wish to make a contribution through payroll deduction.
CSU Supplemental Retirement Plan 403(b) and Roth IRA - Administered by Fidelity
The CSU Supplemental Retirement Plan 403(b) is a voluntary program that allows eligible CSU employees to save toward retirement by investing pre-tax contributions in tax-deferred investments in either annuities or mutual funds, under Internal Revenue Code (IRC) Section 403(b).
The Roth Contribution Option allows for after-tax contributions with a variety of investment choices. The Roth 403(b) contributions are made solely by the employee through payroll deductions, after taxes have been calculated. As such, withdrawals are tax-free if the participant has a qualified distribution. The Roth 403(b) allows an employee to defer a maximum after-tax deduction of $22,500 for 2023. This annual limit includes any contributions to a 403(b) and 401(k) combined.
To Enroll
Employees may access enrollment, view investment information or schedule a one-on-one appointment at Fidelity NetBenefits (Group Plan Number 50537) or by contacting a Fidelity Investment Counselor at 800-343-0860. All salary reduction changes (stop, start, increase and/or decrease) are managed by the employee.
Savings Plus Program (SPP) 401(k) and 457 - Administered by the Savings Plus Program (CalHR)
Savings Plus is a voluntary program offered by The State of California through CalHR (not CSU) and administered by Savings Plus. This program allows eligible state and CSU employees to save toward retirement by investing pre-tax contributions in tax-deferred investments, via two deferred compensation plans: a 401(k) and a 457. These contributions are made through payroll deductions, prior to federal and state taxes being calculated. There is also a Roth (after-tax) 401(k) plan available. Review Savings Plus Investment Guide for more information or schedule an individual phone consultation.
To Enroll
- Go to the CalHR Savings Plus Program official website to learn about the program.
- Follow the steps to enroll online.
- Enrollment and changes are handled between employees and CalHR.
ScholarShare 529 College Savings Plan
ScholarShare was created by the state of California as a tax-advantaged way to help people save for the cost of higher education. A 529 college savings plan helps you save more over time. No California or Federal taxes are applied to any earnings on qualified withdrawals.
Additional Information
For more information, visit ScholarShare529. You may open a ScholarShare account at any time and can start with as little as $25. Automatic transfer from your bank account makes contributing easy! Funds can be used at eligible schools nationwide.
529 usage covers quite a lot, including mandatory fees, books, supplies and certain room and board costs. Any U.S. citizen or resident alien over 18 years of age can open or gift a 529 account.
If there is a discrepancy between this information and the official plan documents and contracts, the official documents will always govern.
To Enroll
To open an account, visit ScholarShare529 and click on the "Open an Account" button or call 800-544-5248.
Need Help?
Erika Salcedo
Benefits Specialist
(661) 654-2606
esalcedo5@csub.edu
Tina Williams
Director of Human Resources Administration
(661) 654-3205
twilliams@csub.edu
Contact Us
HR Hours:
Monday - Friday: 8:00 am - 5:00 pm
Office Location:
Administration 104
Mailing Address:
California State University, Bakersfield
9001 Stockdale Highway
Bakersfield, CA 93311-1099
Email: hr@csub.edu
Phone: (661) 654-2266
Fax: (661) 654-2299
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