Retirement Rules For Central Government Employees In Alameda
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The WEP may apply if you receive both a pension and Social Security benefits. In that case, the WEP can reduce your Social Security payments by up to 50% of your pension amount. This reduction is known as the WEP PIA.
The law limited benefits for anyone in a “non-covered” position unless they had 30 or more years of “substantial earnings” from a different job where Social Security taxes had been collected. (No matter your work history, Social Security has no impact on your CalPERS pension).
If you move to another California public employer within 6 months, you retain classic member status and are under the benefits that were in place prior to January 1, 2013.
To be eligible for service retirement, you must have at least five years of CalPERS-credited service and be at least age 50, 52, or 55 depending on your retirement formula . If you have a combination of classic and PEPRA service, you may be eligible to retire at age 50 . (See page 12 for more about PEPRA .)
FERS Retirement Eligibility Types of RetirementAgeYears of Service Optional (Voluntary) MRA 60 62 30 20 5 Early Out (Voluntary) 50 Any 20 25 Discontinued Service (Involuntary) 50 Any 20 25 Disability Any 18 months
There is no reduction to your CalPERS retirement benefits because you're receiving Social Security benefits, but the reverse is not always true.
How much will my Social Security benefits be reduced? We'll reduce your Social Security benefits by two- thirds of your government pension. For example, if you get a monthly civil service pension of $3,000, two-thirds of that, or $2,000, must be deducted from your Social Security benefits.
We can't accept your online or paper retirement application more than 120 days prior to your retirement date. Once you log in to your myCalPERS account, there are two ways to access your online service retirement application. 1. Select the Apply for Retirement link shown in the blue Retirement block.
Federal Employees Retirement System (FERS) Forms (SF-3107), Application for Immediate Retirement (FERS) SF-3107-2, Spouse's Consent to Survivor Election This form is only required if you do not elect the full survivor benefit for your current spouse. (SF-2818), Continuation of Life Insurance Coverage.
In addition, you must submit your retirement application within nine months of leaving CalPERS employment or separating from another California public retirement system. Otherwise, the retirement date can be no earlier than the first of the month in which CalPERS receives your application.
