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Retirement Benefits


YOUR CALPERS PENSION IS ON A VESTING SYSTEM. HERE’S WHAT THAT MEANS.

4 weeks ago


To receive a pension from CalPERS, you must work a certain number of years. For
most people, that amounts to at least five years of CalPERS-credited service.
But there are a few other factors involved.

To be vested, you must actually meet two requirements: age and service credit.
In other words, you have to reach a certain age and have enough working years
under your belt to collect your pension.

 1. Age: Depending on your retirement formula, your minimum retirement age could
    be 50, 52, or 55. (Note: If you have a combination of Classic and PEPRA
    service, you may be eligible to retire at age 50.)
 2. Service Credit: You must have at least five years of CalPERS-credited
    service, or 10 years if you are a State of California Second Tier member.
    (There are exceptions to the minimum service requirement: If you are
    employed on a part-time basis and have worked at least five years, or you
    are also a member of a reciprocal retirement system, contact us to find out
    if an exception applies to you.)

Let’s look at a few scenarios:

 * Kristen is a 28-year-old PEPRA member and began her first CalPERS-covered job
   three years ago. She has not yet met either vesting requirement because she
   hasn’t worked five years, but she’s on her way!
 * Sasha is a 45-year-old Classic member and has worked for a CalPERS employer
   for 12 years. She’s vested in terms of service credit but must wait until at
   least age 50 to apply for retirement (depending on her retirement formula).
 * Alejandro is a 58-year-old PEPRA member with six years of CalPERS-covered
   employment. He may choose to retire and begin collecting his pension!


HOW DO I KNOW WHEN I’M VESTED AND ELIGIBLE TO RETIRE?

We mail most members a postcard once these two requirements are met. In the
meantime, your myCalPERS account and Annual Member Statement also estimate when
you’ll be eligible to retire.

Refer to this chart for eligibility by formula type. It shows your minimum age
and service credit needed to retire.




WHAT IF I DON’T KNOW MY RETIREMENT FORMULA AND SERVICE CREDIT?

Generally, if you were hired before January 1, 2013, you are a Classic member.
If you were hired on or after, you are likely a PEPRA member. Log in to
myCalPERS to view your Account Summary and latest Annual Member Statement. You
can also check with your personnel office.


IF I LEAVE CALPERS-COVERED EMPLOYMENT BEFORE REACHING FIVE YEARS OF SERVICE
CREDIT, WHAT HAPPENS TO MY MONEY?

If you separate from a CalPERS-covered employer, your benefits may be impacted.
Generally, you may choose to leave your accumulated contributions in your
account even if you work elsewhere. If you leave before achieving five years of
service credit and you don’t meet any exceptions, you may be eligible for a
refund. However, electing a refund terminates your CalPERS membership; if you
decided to return to a CalPERS-covered employer later in life, your service
credit vesting would start over.

To learn more about your CalPERS benefits and planning for retirement, review
the Planning Your Service Retirement publication (PUB 1) (PDF).


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ABOUT PERSPECTIVE

PERSpective provides information for members of the retirement and health
programs of the California Public Employees’ Retirement System. If you would
like to give us feedback or suggest future topics, send us an email.

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California Department of Aging @calaging ·
2 Nov


November is National Family Caregiver’s Month, which recognizes & celebrates one
of the most difficult jobs anyone can have.

Follow @CalAging this month as we post #tips for family caregivers.

For more info:
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#CaregiversMonth @CaregiverAction

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Voting Begins for CalPERS Special Retired Member Board Election Runoff:
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