CalSTRS Contract Base Service Days: An Overview
CalSTRS, or the California State Teachers` Retirement System, is a public pension system that provides retirement, disability, and survivor benefits to California`s public school educators. Among the various services and benefits that CalSTRS offers, one of the most important is the Contract Base Service Days (CBSD) program.
What is CBSD?
CBSD is a program offered exclusively to California public school districts and educational agencies. It is a tool that helps these entities calculate their CalSTRS contributions based on the number of days their employees work. It is designed to ensure that funds are available to pay the promised benefits to CalSTRS members.
How does CBSD work?
Under the CBSD program, each employee`s CalSTRS contributions are based on the number of days they work. This includes both regular working days and non-work days, such as holidays and weekends. The program requires public school districts and educational agencies to report the number of CBSD worked by their employees each fiscal year. This information is used to calculate the CalSTRS contributions that need to be made for each employee.
Why is CBSD important?
The CBSD program is critical to ensuring the sustainability of the CalSTRS pension system. Without it, the system would be vulnerable to unfunded liabilities, which could threaten the retirement security of California`s public school educators. The program provides a transparent and reliable way to track and report employee work days, which helps to ensure that the necessary contributions are being made.
In conclusion, the CBSD program is an essential tool for ensuring the long-term sustainability of the CalSTRS pension system. It provides a transparent and reliable way to track and report employee work days, which helps to ensure that the necessary contributions are being made. As a public school educator in California, it is important to understand the CBSD program and the role it plays in supporting your retirement security.