Part-Time, Seasonal, and Temporary Employee Retirement Plan
Fellows are not members of the Public Employees' Retirement System (PERS). However, federal law mandates that Fellows participate in a retirement plan. The appropriate public retirement plan is the Part-Time, Seasonal, and Temporary Employee Retirement Plan (PST). Participation requires that 7.5% of the monthly stipend be retained as deferred compensation. Ninety days following the conclusion of the fellowship, Fellows may rollover their plan contribution to an IRA. If the funds are not deposited in an IRA, they will be refunded and taxed as current income. There is also an early withdrawal penalty.
For additional information please see the Savings Plus website: www.sppforu.com or call (866) 566-4777.