In these uncertain times, faculty have asked, “Is my pension going to be there when I retire?”
We put the question to Sharon Hendricks, 1521 Guild Treasurer and Retirement Liaison. She is also currently the Chair of the CalSTRS Retirement Board.
“Everyone’s pension is safe and secure,” Hendricks said. “CalSTRS is a long-term investor. Investment returns go up and down, but we’re able to weather the storm. In addition, pensions are backed by the State constitution. In the midst of this crisis, the CalSTRS board is navigating the challenges. The markets will rebound.”
Hendricks also wants to remind faculty that the money that goes into CalSTRS with each paycheck is actually deferred compensation, which is available to faculty as a pension when they retire.
“You can count on your CalSTRS pension,” she said.
She added that private companies have been sending emails to faculty regarding supplemental retirement plans.
“Don’t be fooled by these offers,” she warned. “These are often high-fee plans that may not be guaranteed.”
Hendricks is working with the district to try to block these companies from sending emails to your college addresses.
You can find more information and check your own account at calstrs.com.