10-08-2025, 08:20 AM
CalPERS Eligible
Employees, who become eligible for CalPERS due to a change in their employment status (length of employment or time base), are no longer eligible for the PST Program. The % deduction from their paycheck stops and all accumulated contributions and earnings in the account will automatically transfer to a Plan with Savings Plus (Welcome Kit will be sent). Savings Plus transfers the PST account to a Savings Plus Plan. If the employee doesn't have a Plan, Savings Plus will set one up. The PST Program is a type of Plan and therefore are not eligible to transfer to a Savings Plus (k) Plan.
Employees, who contribute to a Plan in the same year in which they contributed to the PST Program, must include their PST contributions in determining their total annual contributions to the Plan.
Employees, who become eligible for CalPERS, should review the Information Kit of materials they receive from Savings Plus to select investment phone number library options and manage their account. In addition, NRS certified retirement specialists are available for workshops and one-on-one assistance. The professionals at NRS can offer unbiased assistance in retirement planning, developing an asset allocation model, and the benefits of pre-tax investing. Employees may also want to seek the advice of a qualified investment advisor.
![[Image: phone-number-library-5.png]](https://i.postimg.cc/pXZBhnv0/phone-number-library-5.png)
Dormant Accounts
U "unclaimed" or dormant if no payroll deductions go into the account for three years. Once an account becomes dormant, it's transferred to the State Controller's Office (SCO), Unclaimed Property Unit. To claim escheated funds, employees may call SCO at () - (residents of CA) and () - (out-of-state or foreign). SCO requires the individual's name and SSN to confirm their funds were escheated. Upon confirmation, the employee may request a claim form. Employees may "Search for Unclaimed Property" online at sco.ca.gov.
The employee is not required to provide a receipt of a cash balance notification from U.S. Claims Service or any other private company in order to claim the money. Employees don't have to pay for a service they can perform themselves.
Legal Authority
The PST Program is governed by the Internal Revenue Service (IRS), Internal Revenue Code Section The Federal Omnibus Budget Reconciliation Act of amended the Internal Revenue Code ( U.S.C. (b)()(F) to mandate that wages of a State or local government employee (for service after July ,) shall be subject to Social Security taxes unless the employee is a member of a retirement system maintained by the employer. The PST Program satisfies this mandate.
This requirement generally applies to part-time employees who work less than half-time and to employees who are not considered permanent (e.g. seasonal, intermittent, or limited-term), who are excluded from membership with the California Public Employees' Retirement System (CalPERS) and are not covered by Social Security.
Employees, who become eligible for CalPERS due to a change in their employment status (length of employment or time base), are no longer eligible for the PST Program. The % deduction from their paycheck stops and all accumulated contributions and earnings in the account will automatically transfer to a Plan with Savings Plus (Welcome Kit will be sent). Savings Plus transfers the PST account to a Savings Plus Plan. If the employee doesn't have a Plan, Savings Plus will set one up. The PST Program is a type of Plan and therefore are not eligible to transfer to a Savings Plus (k) Plan.
Employees, who contribute to a Plan in the same year in which they contributed to the PST Program, must include their PST contributions in determining their total annual contributions to the Plan.
Employees, who become eligible for CalPERS, should review the Information Kit of materials they receive from Savings Plus to select investment phone number library options and manage their account. In addition, NRS certified retirement specialists are available for workshops and one-on-one assistance. The professionals at NRS can offer unbiased assistance in retirement planning, developing an asset allocation model, and the benefits of pre-tax investing. Employees may also want to seek the advice of a qualified investment advisor.
Dormant Accounts
U "unclaimed" or dormant if no payroll deductions go into the account for three years. Once an account becomes dormant, it's transferred to the State Controller's Office (SCO), Unclaimed Property Unit. To claim escheated funds, employees may call SCO at () - (residents of CA) and () - (out-of-state or foreign). SCO requires the individual's name and SSN to confirm their funds were escheated. Upon confirmation, the employee may request a claim form. Employees may "Search for Unclaimed Property" online at sco.ca.gov.
The employee is not required to provide a receipt of a cash balance notification from U.S. Claims Service or any other private company in order to claim the money. Employees don't have to pay for a service they can perform themselves.
Legal Authority
The PST Program is governed by the Internal Revenue Service (IRS), Internal Revenue Code Section The Federal Omnibus Budget Reconciliation Act of amended the Internal Revenue Code ( U.S.C. (b)()(F) to mandate that wages of a State or local government employee (for service after July ,) shall be subject to Social Security taxes unless the employee is a member of a retirement system maintained by the employer. The PST Program satisfies this mandate.
This requirement generally applies to part-time employees who work less than half-time and to employees who are not considered permanent (e.g. seasonal, intermittent, or limited-term), who are excluded from membership with the California Public Employees' Retirement System (CalPERS) and are not covered by Social Security.