State of California

  M E M O R A N D U M

  REFERENCE CODE:
  2003-011

  DATE:
  March 5, 2003

  TO:
  Employee Benefit Officers
  Personnel Officers
  Personnel Transactions Supervisors
  Personnel Transactions Staff

  FROM:
  Department of Personnel Administration
  Savings Plus Program

  SUBJECT:
  Part-time, Seasonal, and Temporary Employees Retirement 
  Program (PST Program) Investment Fund Change and Transfer 
  of all PST Program Assets

  CONTACT:
  Carroll Wunsch
  (916) 324-3216, CALNET 8-454-2701
  FAX: (916) 327-1885
   
  Email: carrollwunsch@dpa.ca.gov


  This notice provides important information for all PST 
  Program employees.  Effective March 6, 2003, all PST 
  Program assets will be automatically transferred from the 
  Vanguard Total Bond Market Index Fund and re-invested in 
  the Dwight/SEI Stable Asset Fund.
  
  Current assets and all future PST Program employee 
  deductions will be invested in the Dwight/SEI Stable Asset 
  Fund.  The Dwight/SEI Stable Asset Fund is a conservative 
  stable value fund that preserves capital and provides a 
  stable rate of return.  
  
  The PST Program Fact Sheet and Benefit Payment Application 
  (BPA) will be revised by March 31, 2003.  To print the Fact 
  Sheet and BPA go to Saving Plus Program Web site 
  (www.sppforu.com), click on Plan Info & Forms, then Forms 
  and Publications.  Please destroy all previous versions of 
  the Fact Sheet and BPA on/after April 1, 2003.
  
  Employees with questions about the transfer of their PST 
  assets from the Vanguard Total Bond Market Index Fund to 
  the Dwight/SEI Stable Asset Fund should call the Savings 
  Plus Program toll-free at 1-866-566-4777, Press 3 (for 
  PST), then *0, to speak with a customer service 
  representative.
  
  Additional information regarding the PST Investment Fund 
  change is available on the Savings Plus Program Web site 
  under the Employee Services Page. 
  
  
  
  
  
  Lura Franzella
  Acting Administrator