CalPERS Unveils New Online Tool for Calculating New Service Credit Option.Business Editors SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--Dec. 19, 2003 The California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Public Employees' Retirement System (CalPERS) today rolled out a new online tool to help State and School CalPERS members determine the cost for a new service credit option that becomes available January 1, 2004. As a result of recent legislation (A.B. 719) active CalPERS members can purchase Additional Retirement Service Credit (ARSC ARSC Arctic Region Supercomputing Center ARSC Association for Recorded Sound Collections ARSC Accounting and Review Services Committee ARSC Aircraft Repair and Supply Center (USCG) ARSC Arizona Remote Sensing Center ) towards their retirement. This additional service credit is also frequently referred to as "Air Time." The CalPERS Board this week authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a range of plans. "This law gives members the opportunity to gain additional service credit towards retirement but they must pay the entire cost," said Sean Harrigan, CalPERS President. "This could be a rewarding benefit, but members need to closely evaluate the benefit and cost before making a decision. This online tool will help when trying to make that decision". "Due to high cost of this service, we recognize members will want a full variety of ways to pay for this service," said Kurato Shimada, Chair of the Benefits and Program Administration Committee. "Also under construction is a tool for public agency members to determine the cost of this new service credit option. The roll out date will be in January." CalPERS will accept rollovers from qualified 401(a), 401(k), 403(b), and governmental 457 plans. In-service in-service In-service training adjective Referring to any form of on-the-job training noun In-service training of an employee , plan-to-plan transfers from 401(a) and 401(k) plans can be accepted but transfers from 403(b) and governmental 457 plans are under consideration but not being accepted at this time. An in-service, plan-to-plan transfer occurs when your plan is sponsored by your current employer but you are not entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to a distribution (e.g., employee hasn't yet terminated employment or attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. a minimum distribution age). Some IRAs may also be acceptable. Members will need to certify cer·ti·fy v. cer·ti·fied, cer·ti·fy·ing, cer·ti·fies v.tr. 1. a. To confirm formally as true, accurate, or genuine. b. past private sector employment equal to the number of years of service that is being purchased through a lump-sum after-tax payment and/or an installment payment plan (pre-tax or after-tax). Additional information on ARSC, including a list of the most frequently asked questions, is available at CalPERS online (www.calpers.ca.gov). CalPERS is the nation's largest public employee pension system with more than $157 billion in assets. The pension system manages retirement plans and health plans for more than 1.4 million California public employees, retires, and their families. |
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