1804 - Rehired Annuitants

Category

Savings Plus

Audience List

  • Employee Benefits Officers
  • Personnel Officers
  • Personnel Transactions Staff
  • Personnel Transactions Supervisors

Synopsis

This policy

  • Provides information about Rehired Annuitants.

Introduction

State and CSU employees who separate and return to service as “Rehired Annuitants” can contribute to their existing Savings Plus 401(k) and 457 Plan accounts or establish a new account.  (The term “rehired” annuitant, used in the CSU system, is also known as “retired” annuitant among State employees.)

Statement

To Qualify for this State Benefit Rehired Annuitants must be:

  • Paid via a State Payroll System;
  • Not currently receiving periodic distributions from a Savings Plus account.

To participate, Rehired Annuitants must submit an Enrollment Agreement to start or restart contributions.  This requirement also applies to employees that have an existing account.

Contributions post to the allocation on record.  If no allocation on record exists, contributions post to aTarget Date Fund based upon the employee’s date of birth.  Other investment options are available once the account is established.  A monthly administrative fee of $1.50 is assessed against each plan account.

Rehired annuitants are not eligible for loans, hardship withdrawals, unforeseen emergencies, 457 Catch-Up, or periodic distributions.  However, they may request a Direct Payment (a 10% Federal tax penalty may apply to payments from a 401(k) plan account.)

Application

Enroll online at www.savingsplusnow.com.

Authorities

Resources

PML

  • PML 2009-021: PML 2009-021 - 4/13/2009 - Rehired/Retired Annuitant Eligibility to Participate in Savings Plus

Web Pages

Contact Person

Sarah Reeder
Participant Services Manager, Savings Plus, Savings Plus
Phone: 916-324-0519
Fax: 916-327-1885
Email: Sarah.Reeder@calhr.ca.gov

Authorized By

Michelle Berklacich
Chief, Savings Plus Division

History

View History

Table of Contents

1000 - Equal Employment Opportunity

1100 - Selection

1200 - Appointments

1300 - Exempt Employees

1400 - Benefits and Insurance

1500 - Work Schedules

1600 - Third Party Pre-Tax Parking

1700 - Compensation

1800 - Savings Plus

1900 - Bona Fide Associations

2000 - Collective Bargaining

2100 - Leave

2200 - Travel/Relocation

2300 - State Owned Housing

2400 - Employee Recognition

2500 - Discipline

2600 - Layoffs

2700 - Retirement

2800 - Training

2900 - Workforce Planning

3000 - Examination and Hiring

3100 - Drug-Free Workplace