news.calpers.ca.gov
Open in
urlscan Pro
104.196.55.129
Public Scan
Submitted URL: https://t.e2ma.net/click/tcbl7p/1eq4w3p/1u2844c
Effective URL: https://news.calpers.ca.gov/your-calpers-pension-is-on-a-vesting-system-heres-what-that-means/?utm_source=newsletter&utm_med...
Submission: On November 04 via manual from US — Scanned from DE
Effective URL: https://news.calpers.ca.gov/your-calpers-pension-is-on-a-vesting-system-heres-what-that-means/?utm_source=newsletter&utm_med...
Submission: On November 04 via manual from US — Scanned from DE
Form analysis
2 forms found in the DOMGET https://news.calpers.ca.gov/
<form class="vce-search-form" action="https://news.calpers.ca.gov/" method="get">
<label class="hidden">Search</label>
<input name="s" class="vce-search-input" size="20" type="text" value="Search" onfocus="(this.value == 'Search') && (this.value = '')" onblur="(this.value == '') && (this.value = 'Search')" placeholder="Search">
<button type="submit" class="vce-search-submit"><span class="fa fa-search"></span></button>
</form>
GET https://news.calpers.ca.gov/
<form class="search-header-form" action="https://news.calpers.ca.gov/" method="get">
<label class="hidden">Search</label>
<input name="s" class="search-input" size="20" type="text" value="Search" onfocus="(this.value == '') && (this.value = '')" onblur="(this.value == '') && (this.value = 'Search')" placeholder="Search">
<button type="submit" class="vce-search-submit" title="Search"><span class="fa fa-search"></span></button>
</form>
Text Content
Skip to Main Content Search * Contact Us * myCalPERS * Search * Home * Retirement Benefits * Health Benefits * Investments * News & Events 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). RELATED POSTS: How Do ‘Birthday Quarters’ Affect My Retirement Benefit? Be Retirement Ready: Have More Money in Your Nest Egg Active Members Pensions PEPRA Reciprocity Retirement Benefits Retirement Planning Service Credit FacebookTwitterLinkedInEmail CalPERS Social Networks * * * * * * MOST VIEWED ARTICLES * Simplify Your Life: Switch to Paperless Tax Forms * Did You Serve in the Military? You May Be Eligible... * Getting Married After Retirement? * Hit Me With Both Shots! POPULAR TOPICS CalPERS Board Health Plans News & Events Retirement Planning Health Benefits myCalPERS Member Education Retirement Benefits Retirees Active Members * FEATURED CALPERS VIDEO 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. GET ANSWERS TO YOUR QUESTIONS Use our online form for Questions, Comments, & Complaints about CalPERS programs and services. For personal account questions, log in to myCalPERS and send your questions through our secure Message Center. @CALPERS INSTAGRAM This week we held our 2022 CalPERS Educational For Congratulations to our 2022 Spotlight on Excellenc To those on the front lines, we thank you. #CALF Yesterday we celebrated Our Promise with a lunchti Load More... Follow on Instagram CalPERS Social Networks * * * * * * @CALPERS TWITTER Retweet on Twitter CalPERS Retweeted 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: https://www.caregiveraction.org/national-family-caregivers-m... #CaregiversMonth @CaregiverAction Reply on Twitter 1587887537992871936 Retweet on Twitter 1587887537992871936 6 Like on Twitter 1587887537992871936 6 Twitter 1587887537992871936 CalPERS @calpers · 7h Voting Begins for CalPERS Special Retired Member Board Election Runoff: https://www.calpers.ca.gov/page/newsroom/calpers-news/2022/v.... #CalPERSBoard Reply on Twitter 1588569473292066816 Retweet on Twitter 1588569473292066816 Like on Twitter 1588569473292066816 Twitter 1588569473292066816 Load More We serve those who serve California. © Copyright 2022 California Public Employees' Retirement System (CalPERS) | State of California * Contact * Job Opportunities * Subscribe * Privacy Policy * Conditions of Use * Accessibility * Bilingual Services * Site Map * Home * Retirement Benefits * Health Benefits * Investments * News & Events