CalSTRS Benefit Termination Form

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For one year, from 2004 through 2005, I was an adjunct philosophy instructor at Evergreen Valley College in San Jose, CA. While teaching there, I was enrolled in the California State Teachers' Retirement System (CalSTRS). Although I was an instructor for several more years at Cabrillo College in Aptos, CA, only at Evergreen Valley College was I enrolled in CalSTRS; at Cabrillo College I used Social Security instead. During the single year at Evergreen Valley College, I accumulated around $1,200 in my CalSTRS cash balance account, which has been sitting there ever since 2005.

Tomorrow I am mailing in the required form to terminate my enrollment to CalSTRS and withdraw the funds from my cash balance benefit account. My current financial road map is to pay off my high-interest credit card debt, which is now approximately $4,500. Upon receipt of the balance of my CalSTRS account (less 20% for taxes), I plan to apply the balance to help reduce my credit card debt.

My credit card debt has held me back financially for some time. The combination of credit card debt without an adequate emergency fund has kept me living month-to-month despite my relatively stable income, which is significantly higher than my income while I was teaching. Terminating my pointless CalSTRS retirement benefit plan is one little baby step away from living month-to-month.