Savings Plus for Rehired Annuitants
Savings Plus is the name of the 401(k) Plan and 457 Plan available to most State of California employees. State and CSU employees who separate and return to work as a "Rehired Annuitant" can contribute to Savings Plus. (The term "rehired" annuitant, is also known as "retired" annuitant among State employees.)
Savings Plus Awards New Administrator Contract
Find out more about the new administrator and how this change affects you.
Rehired Annuitants Can Contribute to Savings Plus
As a working retiree, you understand firsthand the importance of financial security during retirement. It's not too late to act. As a Rehired Annuitant, you qualify for this benefit if you separated at least 180 days prior to enrolling in Savings Plus and you're paid through the State of California payroll system.
Certain CSU employees may be exempt from the 180 day waiting period if they were hired to fill a critically needed position approved by the governing body in a public meeting or if they were eligible to participate in the Faculty Early Retirement Program (FERP).
Combine Your Retirement Savings
As a working retiree, you're also eligible to combine your retirement savings into one easy to manage Savings Plus account before and after you retire as long as you have an existing account with money on deposit.
If you do not have an existing account, review the Rehired Annuitant Enrollment Booklet or call to have one mailed to you.
Retirement savings eligible for rollover to Savings Plus include 401(a), 401(k), 403(b), 457, and Pre-Tax IRA savings.
Additionally, the following retirement benefits are eligible to transfer to your Savings Plus account after you separate:
Peace Officers and Fire Fighters (POFF)
Extended Service Incentive Program (ESIP)
Deferred Retirement Option (DROP)
California State University System 403(b)
The Advantage of Combined Assets
Convenient - Manage all your retirement assets in one place
Efficient - Monitor your investment strategy effectively
Simple - Have one point of contact for all your 401(k) and 457 retirement questions
Cost-Effective – Why pay more? Reduce the number of accounts you have and you will reduce the fees you pay
Contact Savings Plus