Issue link: http://educator.cta.org/i/830448
about 403(b) plans and vendors can be found on the CalSTRS website. The CTA Retirement Savings Plan, a best-in-class 403(b) plan, was developed last year by CTA. To learn more, visit CTAMemberBenefits.org/rsp. When speech-language therapist/special education teacher Marc Sternberger was considering retirement from Pittsburg Unified School District, he contacted a CalSTRS counselor to see what income he would receive after 38 years of working in California public schools and contrib- uting to CalSTRS. "I had enough years of service, but would get the max- imum if I waited until I was one year older," he recalls. "But then my district of fered a retirement incentive, which was negotiated by our chapter's bargaining team, which I just happened to chair. So I helped negotiate an attractive retirement package, then retired along with 28 other members." e former Pittsburg Education Association member was pleased to learn from his investment counselor that he would be bringing home $7 more per month if he retired than he was currently making while working full time, based on his pension, the retirement incentive, and the 403(b) he'd been contributing to since his early 30s. Since retiring six years ago, he's traveled to Africa on safari and recently went to Machu Picchu and the Galapagos Islands, where he indulged his passion, pho- tography. Sternberger also volunteers weekly in a friend's elementary school carpentry class. "It's my way of staying connected to the educa- tion profession — minus the stress and paperwork." As president of CTA/NEA-Retired, he's busy organizing events, workshops and meetings. His goals — and those of CTA's retiree affiliate — include helping members man- age their retirement while continuing their involvement in CTA. (See more on CTA/NEA-Retired on page 49.) "I'm having fun and staying involved in CTA and the pol- itics that impacts retirees and public education," he beams. "I make myself available to answer questions from retirees and active CTA members planning to retire. You might say I'm the 'Dear Abby' of retirement." Make sure you have health care "Just as important as determining whether you' ll have a livable income is whether you will have adequate health insurance, because teachers tend to retire before age 65, when Medicare kicks in," says Sternberger. Some locals' contracts include health care until 65, and there are still a few that have lifetime coverage. Contact your local chapter or employer to learn if you will have any health benefits in retirement, and if so, whether benefits continue once you are eligible for Medicare. I f y o u'r e n o t c o v e r e d , t h e r e a r e s t i l l o p t i o n s . Beware the Social Security offsets As a California public school educator, you do not contribute to Social Security, so you will not receive a Social Security benefit for your CalSTRS-covered employment when you retire. If you are counting on Social Security through your spouse or other employment, learn the facts. Two federal rules, the Windfall Elimination Provision and the Government Pension Offset, may leave you with a smaller Social Security check or possibly no check at all. These rules affect only your Social Security bene- fit. Your CalSTRS retirement benefit will not change. To learn all the facts about this, visit calstrs.com/sites/main/files/socialsecurity2016_15.pdf. Lois Hale retired seven years ago from Compton. Now she rises early every day for power walks with friends. 50 cta.org CTA & You