CalSTRS Pension Estimator (Beta)

Client

Client name

Client's date of birth

Current age: —

Service credit

1 · Credit so far

Work history Statement Website

Work year

10-month school year 12-month (year-round)

Credit on their statement (as of June 30)

Use the amount on their Retirement Progress Report, which is as of June 30. The calculator adds this school year onward.

2 · From now until retirement

Full-time Part-time Not working

3 · Extra at retirement

Include unused sick leave credit Optional — adds to service credit at retirement

Retirement plan

Benefit structure

2% at 60 Classic members, hired on or before 12/31/2012 2% at 62 (PEPRA) Membership on or after 1/1/2013

Age at retirement

Years

Months

Exact retirement date (optional)

Optional. Leave blank for the end of the month they reach that age.

Planned retirement date: —

Service credit at retirement: —

Pay

Gross, before deductions. Regular pay only, at the full-time rate for the position.

This number is: Ask which one

Monthly paycheck (10 a year) Monthly paycheck (12 a year)or the monthly figure on a CalSTRS statement Annual salary

Final compensation entered as

Monthly rate Annual salary

Final compensation (monthly)

Highest average monthly pay (best 12 months for 2% at 60 with 25+ years; otherwise best 36 months), at the full-time rate.

Social Security

Income now vs. in retirement

Supplemental insurance premiums ($ per month, optional)

Cancer, disability, accident or similar supplemental coverage paid through payroll.

Current 403(b) / 457(b) contributions ($ per month, optional)

Social Security benefit at Full Retirement Age ($ per month, optional)

Use the middle number on their SSA statement: the amount at Full Retirement Age.

DBS account

Include Defined Benefit Supplement (DBS) account Optional — shows lump sum and annuity options for the DBS balance

Beneficiary options

Include beneficiary option estimates Optional — adds a beneficiary option table to the results and the report

Compare ages

Other retirement ages to compare

Call notes

Saved with the estimate and shown at the top of the email.

Beneficiary talking points

Beneficiary options — talking points Reference only. Not included in the calculation or the report.

What it is

The estimate above is the Member-Only Benefit — the highest amount. It stops at the member's death.
Electing a beneficiary option permanently reduces the member's monthly benefit in exchange for a lifetime monthly benefit to a named person after the member dies.

The options

100% Beneficiary Option — beneficiary continues receiving the member's full (reduced) amount.
75% Beneficiary Option — beneficiary receives 75% of the member's reduced amount.
50% Beneficiary Option — beneficiary receives 50% of the member's reduced amount.
Compound Option — mix and match: multiple beneficiaries, different options for each, and/or keep part of the benefit as Member-Only.

How much it reduces the benefit

Set by an option factor that depends on the option chosen, the member's age and the beneficiary's age at retirement. Younger beneficiary = bigger reduction.

CalSTRS published example — member age 63, beneficiary age 60: factor 0.8572 (100%), 0.8997 (75%), 0.9340 (50%). So a $4,482 Member-Only Benefit becomes about $3,842 / $4,033 / $4,186 respectively.

Good to know

If the beneficiary dies first, the member's benefit rises back to the Member-Only amount.
Can be elected at retirement, or earlier via a Preretirement Election of an Option to protect a beneficiary if the member dies before retiring. The factor used is the better of the election date or retirement date.
Non-spouse beneficiaries have federal age-gap limits (e.g., 75% option: beneficiary can't be more than 19 years younger).
Changing or cancelling an option later can trigger an assessment that reduces the benefit for life.

Where to get the exact numbers

CalSTRS Retirement Benefits Calculator (CalSTRS.com/calculators) — enter the beneficiary's birth date; shows all three options side by side.
Retirement Progress Report — "Modified Benefit Estimates" section (only populated once an option is on file).
CalSTRS benefits specialist — 800-228-5453, option 3 — required for Compound Option estimates.

CalSTRS Pension Estimator Beta

Client

Service credit

Retirement plan

Pay

Social Security

Income now vs. in retirement

DBS account

Beneficiary options

Compare ages

Call notes

Beneficiary talking points

What it is

The options

How much it reduces the benefit

Good to know

Where to get the exact numbers

Estimated pension

Income now vs. in retirement