CalPERS (California Public Employee Retirement System) is a defined benefit plan funded by employee contributions, employer contributions, and earnings made on CalPERS investments Most employees contribute a percentage of their salary, which accrues interest under their individual CalPERS account. As a member, you may choose to withdraw our contributions and interest if you no longer work for a CalPERS-covered employer, or you may apply for a lifetime monthly retirement allowance once you become eligible.
Classic Members (members with a membership date of December 31, 2012 or before) have a retirement formula of 2% @ 55 (7% member contribution paid by employee). PEPRA Members (members with a membership date on or after January 1, 2013) have a retirement formula of 2% @ 62 (7.75% member contribution paid by employee).
Retirement from your working career is one of the most important decisions of your life. Watch the video below to learn more about CalPERS Retirement Calculations or click the following link to learn about Planning Your Service Retirement.