1804 - Rehired Annuitants
- Employee Benefits Officers
- Personnel Officers
- Personnel Transactions Staff
- Personnel Transactions Supervisors
- Provides information about Rehired Annuitants.
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.)
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.)
Enroll online at www.savingsplusnow.com.
- 401(k) Plan Document
- 457(b) Plan Document
- Government Code section 19993
- Government Code section 19999.5
- Internal Revenue Code section 401(k)
- Internal Revenue Code section 457(b)
- PML 2009-021: PML 2009-021 - 4/13/2009 - Rehired/Retired Annuitant Eligibility to Participate in Savings Plus
- Savings Plus Enrollment Booklet: For State Employees who wish to contribute to a Savings Plus account
- Savings Plus Now: Savings Plus is the 401(k) or 457(b) plan available to most State of California employees
Participant Services Manager, Savings Plus, Savings Plus
Chief, Savings Plus Division