Street was traded to Los Angeles from the San Diego Padres in July. He went on to save 17 games for the Angels with a 1.71 ERA, and finished the year with 41 total saves, a 1.37 ERA and 57 strikeouts in 59.1 innings.
The 31-year-old will make $7 million in 2015.
Street spent the first four seasons of his career with the Oakland Athletics and was named the AL Rookie of the Year in 2005. He was named an All-Star in both 2012 and 2014 while with the Padres.
The Angels also announced that they declined the 2015 option on left-handed pitcher Sean Burnett, making him a free agnet. Burnett made just three appearances in 2014 before tearing his UCL, causing him to miss the remainder of the season.
Los Angeles finished a major league-best 98-64 in the regular season, but lost in three games to the Kansas City Royals in the ALDS.
- Molly Geary