CSU employees who are hired at less than full time, and are appointed for less than 1 year are covered by the Savings Plus Program's PST Retirement Program.
The Part-time, Seasonal, and Temporary Employees Retirement Program (PST Program) is a savings program created by federal law for employees who are not members of a retirement system. The PST Program provides an opportunity for State and California State University (CSU) employees who are not enrolled in the California Public Employees’ Retirement System (CalPERS) to save for retirement.
The Department of Personnel Administration’s Savings Plus Program (Savings Plus) administers the PST Program for employees hired as part-time, seasonal, or temporary. The PST Program is an eligible 457 Deferred Compensation Plan (457 Plan) under the Internal Revenue Code.
Employees excluded from participation in CalPERS must participate in the PST Program. Typically, these employees include as follows:
As an eligible PST employee, you are not covered by Social Security. You are also presently excluded from a pension through CalPERS because of your length of employment or time base. From each paycheck that you receive, 7.5 percent of your gross wages are withheld pre-tax, deposited on your behalf, and invested for you.
Your automatic payroll deductions are deposited in your PST account. PST assets are invested in the Dwight/SEI Stable Asset Fund or other funds selected by Savings Plus. There are no employer contributions or matching funds in this program. Your account balance consists of your contributions and any interest earned.
An administrative fee of up to 50 basis points (1⁄2 of 1 percent) a year may be assessed against program assets on a monthly basis. Savings Plus issues annual statements reflecting your contributions, earnings, and current balance. The statement is mailed to your address on record.