Retirement - CalPERS

Retirement - CalPERS

CalPERS Membership

The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that manages pension and health benefits for more than 1.6 million California public employees, retirees, and their families.

Membership with CalPERS is based on full-time employment for more than six months or half-time employment for more than one year. Lecturers become members at the beginning of their third consecutive semester at half-time or more, (7.5 units).

Membership is mandatory for qualifying employees. Employees excluded from CalPERS membership are covered by the Part-Time, Seasonal and Temporary Retirement Plan ("PST") administered through SavingsPlus.

CalPERS members pay into Social Security. Those enrolled in SavingsPlus PST do not pay into Social Security.

CalPERS Retirement Pension

You can track your retirement funds and get pension estimates by logging in your MyCalPERS account.

CalPERS is a defined benefit retirement plan. It provides benefits based on members' years of service, age, and highest consecutive 12 months or consecutive 36 months compensation. In addition, benefits are provided for disability, death, and to survivors or beneficiaries of eligible members. Note: Some members are subject to Compensation Limits**

The vesting period is calculated by CalPERS and includes credit earned at any CalPERS public agency including the State of California (including CSU) and public contracting agencies.

CalPERS Retirement Formulas

State Misc Tier 1: All except State Public Safety

STATE MISC TIER 1 (EXCEPT STATE PUBLIC SAFETY)

PEPRA Membership

Classic Membership

Classic Membership

Employment and Membership

Hired by State And new CalPERS member on or after January 1, 2013

Hired by State And new CalPERS member between January 15, 2011 and December 31, 2012

Hired by State And new CalPERS member prior to January 15, 2011

Employee Contribution*

7.25% of gross pay

5% of gross pay
with $513 exclusion

5% of gross pay
with $513 exclusion

CSU Contribution

30.817% of gross pay

30.817% of gross pay

30.817% of gross pay

Retirement Formula

2% at 62 (2N)

2% at 60 (2Z)

2% at 55 (08)

Minimum Retirement Age

52 years

50 years

50 years

Highest Benefit Factor

2.5% at 67+

2.418% at 63+

2.5% at 63+

Salary Used to
Calculate Pension (Subject to Cap)

Highest average 36 consecutive month compensation rate

Highest average 36 consecutive month compensation rate

Highest average 12 consecutive month compensation rate

Compensation Limits**

2020 - $126,291

2020 - $285,000

2020 - $285,000


The Retirement CalPERS Formula Chart is also available to download by clicking here.

State Public Safety Officers & Management

STATE PUBLIC SAFETY

PEPRA Membership

Classic Membership

Classic Membership

OFFICERS Employment and Membership

Hired by State And new CalPERS member on or after January 1, 2013

Hired by State And new CalPERS member on or after July 1, 2011

Hired by State And new CalPERS member prior to July 1, 2011

MANAGEMENT Employment and Membership

Hired by State And new CalPERS member on or after January 1, 2013

Hired by State And new CalPERS member on or after January 15, 2011

Hired by State And new CalPERS member prior to January 15, 2011

Employee Contribution*

12% of gross pay

8% of gross pay
with $238 exclusion

8% of gross pay
with $238 exclusion

CSU Contribution

47.382% of gross pay

47.382% of gross pay

47.382% of gross pay

Retirement Formula

2.5% at 57

2.5% at 55

3.0% at 50

Minimum Retirement Age

50 years

50 years

50 years

Highest Benefit Factor

2.5% at 57+

2.5% at 55+

3.0% at 50+

Salary Used to
Calculate Pension (Subject to Cap)

Highest average 36 consecutive month compensation rate

Highest average 36 consecutive month compensation rate

Highest average 12 consecutive month compensation rate

Compensation Limits**

2020 - $151,549

2020 - $285,000

2020 - $285,000

*As required by PEPRA (Public Employees Pension Reform Act), reflects a portion of the current "normal" cost rate. Normal cost rates are determined annually and subject to change.

**Compensation limits for both classic and new members do not limit the salary an employer can pay, but rather limits the amount of compensation taken into account under the defined benefit plan. These limits will affect your monthly pension retirement calculation.

The Public Employees' Pension Reform Act of 2013 ("PEPRA") provides that the new pension formula be offered to new members. The CSU's understanding is that an employee who previously worked for a CalPERS-covered employer would be considered a "new member" if the employee changes public employers and the separation between employers is greater than six months, unless the change of employment is between state entities or schools.

CalPERS Retirement: Vesting Requirement for Health/Dental Benefits

In order to qualify for health/dental in retirement, you must retire from a benefit eligible position within 120 days of separation from the CSU AND meet either the five year or ten year vesting requirement. (see chart below).

  • Retirees pay the same health contribution as active CSU employees.
  • Dental Retiree plan premium is paid by CalPERS.
  • The vision benefit can be continued at the retiree's expense.

In addition, benefits are provided for disability, death, and to survivors or beneficiaries of eligible members. Exception to Ten Year Vesting Requirement: Disabled employees would receive the full state health contribution if they separate and retire with a disability retirement within 120 days from a benefits eligible appointment.

CALPERS HEALTH/DENTAL VESTING REQUIREMENTS

Employee Group / Bargaining Unit

First hired by CSU And new CalPERS member on or after July 1, 2018

First hired by CSU And new CalPERS member on or after July 1, 2017

Hired by CSU And new CalPERS member prior to July 1, 2017

R03

No Change

10 years

5 years

M98, M80, C99, E99

10 years

5 years

5 years

R01, R02, R04, R05, R06, R07, R09

10 years

5 years

5 years

R08

No Change

No Change

5 years

The Retirement CalPERS Vesting Chart is also available to download by clicking here

What is Reciprocity?

As a member of CalPERS you may be eligible for the benefits of reciprocity. Reciprocity is an agreement among public retirement systems to allow members to move from one public employer to another public employer within a specific time limit without losing valuable retirement and related benefit rights. Reciprocal form.

Detailed information about establishing reciprocity can be found in the CalPERS publication "When You Change Retirement Systems" (PUB-16)

Purchasing CalPERS Service Credit

As a member of CalPERS you may be eligible to purchase additional service credit such as service prior to membership, military service, and for certain types of leaves of absence.

More information can be found in "Service Credit Purchase Options" "PUB-12) and "Military Service Purchase Options" (PUB-15)

More Information:

Request for Service Credit-Military Service
Request for Service Credit-Service Prior to Membership
Request for Service Credit-Leave of Absence