Business & Real Estate

New law allows online-only CalSTRS member statements

Effective Wednesday, the California State Teachers’ Retirement System will provide retirement progress reports to members exclusively online, unless they request a paper version.

The change results from a new law, AB 989.

CalSTRS is encouraging members to create a secure online profile at https://mycalstrs.com. Once logged in, members will be able to view current and past reports, plus do procedures such as changing beneficiary designations and updating contact information.

CalSTRS retirement progress reports are distributed annually to more than 628,000 members. The reports include a summary of benefit program transactions during the prior year, accumulated service credit, contribution/interest balances, death benefit recipient/beneficiary information and projections of retirement benefits for members at least 45 years of age.

“The move to online-only access will mean lower mailing and administrative costs while also adhering to CalSTRS’ commitment to sustainability efforts to conserve environmental resources,” said Cassandra Lichnock, CalSTRS chief operating officer.

CalSTRS members who prefer to receive paper copies can make that request starting Feb. 1. More information can be found on the CalSTRS website.

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