CalSTRS Cash Balance Benefits Booklet Human Ohlone College Form

Instructions and help about CalSTRS Cash Balance Benefits Booklet Human Ohlone College

Hi, I'm Kristen. If you've been an active CalSTRS member since January 2001, you have two separate accounts with CalSTRS. The defined benefit account, and the defined benefit supplement, or DBS account. Part one of this video described what your DBS account is, and how it's funded. In part two, we're going to talk about the choices you have at retirement for recieving these funds. In part three, we'll look at tax considerations. There are three main choices for disbursement of your DBS account. Lump sum, annuity payment, or a combination of lump sum and annuity. If you choose a lump-sum payment, you can have the payment paid directly to you, or have the payment rolled over into a qualified tax-deferred account, such as a 403(b) or a traditional IRA. If your DBS account balance is less than $3,500, your choice is limited to the lump-sum distribution. You would then decide between direct payment and roll over. You can find your account balance on your annual Retirement Progre