End of Year Fact Sheet for Capital Fellows
- Continuation of Benefits, COBRA-COBRA Group Continuation Rates sheet - Jan 2012. (The Benefits Office will also send you information at the end of the fellowship.)
- At the end of your Fellowship your benefits continue through the end of the month following your final date. For example, if you separate on September 3, your benefits continue through October 31.
- At the end of this period, you are eligible for up to 18 months of continued health, dental and/or vision coverage.
- You have at least 60 days from the date you lose coverage to inform the Benefits Office that you would like to continue coverage.
- If you have any additional questions, please call the Sacramento State Benefits Office at (916) 278-6213.
PST- Part-time Seasonal Retirement Plan (Fact Sheet and Benefits Payment Booklet attached. For additional information please see the Savings Plus website: www.sppforu.com or call (866) 566-4777).
- You are eligible for a distribution of your funds after you retire or separate from all state employment, or have attained CalPERS (California Public Employees' Retirement System) eligibility. Your eligibility will be verified prior to payment being issued. Payments will be issued 90-120 days after your last contribution posts and an application has been received. Your payment will be mailed to the address you provide on the application. The application is in the Benefit Payment Booklet attached.
- Payment Methods (Please see the attached booklet for additional information):
- Direct Payment: This payment method allows you to receive your entire account balance. This payment will be reported to the Internal Revenue Service (IRS) as ordinary income. If your account balance is less than $200, federal and state income taxes will not be withheld. There will be a mandatory 20% withholding for federal income tax on amounts of $200 or more. No state income taxes will be withheld unless you request otherwise by completing a California State Withholding Certificate for Pension or Annuity Payments (DE 4P). A 1099-R will be issued by January 31 of the following year for tax reporting purposes.
- Direct Rollover to Savings Plus 457 Deferred Compensation Plan (DCP): As a member of Cal PERS, you are allowed to roll over funds from your PST account to the Savings Plus Program 457 DCP Savings Pool or to another fund selected by Savings Plus.
- Direct Rollover to another Entity: This option allows you to roll over funds from your PST Program account to an Individual Retirement Account (IRA), 401(k) Plan, or 403(b) Tax Sheltered Annuity as long as the entity sponsoring the plan accepts 457 funds. A certification from the receiving entity must be attached to the PST Benefit Payment Application.
- To request your PST funds, complete the attached Benefit Payment Application and mail it to the Savings Plus Program, PST Program, 1800 15th Street, Sacramento, CA 95814-6614.
- If you do not withdraw or rollover the money and there is no activity on your account for three years after you leave the fellowship, the money will be rolled over to unclaimed property at the California State Controller's Office.
Change of address for W2's Employee Action Request Form (EARF).
- If you have a change of address before W2's are sent out at the beginning of next year, please complete an Employee Action Request Form and send it to Sacramento State, Payroll Services, 6000 J Street, Sacramento, CA 95819-6006.
- NOTE: If you only update your department and/or the Benefits Office, this will not affect the payroll system.
December 1 is the final date to submit a change of address (EARF) to ensure delivery of your W2.
- If you do not update your address and your W2 is sent to the wrong address, you will have to pay $8.50 to the State Controller's Office to receive a duplicate.
You can download a Standard Form 436 here (Request for Duplicate Wage and Tax Statement).
If you have any additional questions regarding lost W2s, please call the Sacramento State Payroll Office at (916) 278-6211.