Part-time Faculty Retirement Workshop. By Deborah Dahl Shanks FACCC Retirement Committee. What are the available options?. STRS: State Teacher’s Retirement System Cash Balance Defined Benefit Social Security IRAs, 403(b), 457(b), Tax-sheltered Annuity.
By Deborah Dahl Shanks
FACCC Retirement Committee
2. move to DB and then roll your CB money into that plan to retrieve service credit.
3. opt out of CB and move to Social Security [if offered] at the end of a semester [when “unemployed”]. Basic cash out rules apply or roll into other tax-exempt plan.
pension and want to convert unused sick leave hours.
Service Credit: history of work record based upon load.Age Factor: a factor dependent upon age at retirement as per STRS Handbook.Final Earnable/12: typically final 3 averaged years divided by 12 for monthly benefit.
Reflect % of teaching/work load history
“earnable”: FTE hours X $ hourly rate example: $22,950 [actual] div. by earnable $36,750 [525 X $70/hr] = .625 SC [ex. includes Office Hour & substitute pay]
(Earnings/earnable are reported monthly by district payroll for all creditable service.)
English Comp. = 12 FTE [525 min.] Lecture = 15 FTE  Lab/Tutorial = 20 FTE  PE = 22 FTE 
Lib./Counselor are at 1050 minimum
1. money in account buys direct SC as much as will cover [approx. ½ of actual] 2. total “permissive” SC converted to cost using CB money + secondary source or may pay in installments.
1. Change/Simplify District Reporting to require FTE compliance to law2.Improve STRS DB Statements: separate districts and classifications for ease of tracking3. Sick Leave conversion calculations: tie to the FTE classifications standards (525 min.) 4. Possible New PT only DB program
Faculty Association of
California Community Colleges