21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
California Retirement Benefits Plan
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US-CC-21-166
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Retirement Eligibility 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 .
The California Rule is a legal doctrine requiring that government workers throughout the state of California receive the pension benefits that were in place on the day they were hired, and that those benefits cannot be reduced (though they can be increased); meaning that mandatory employee contributions cannot be ...
Service retirement is a lifetime benefit. In most cases, the employee can retire as early as age 50 with five years of service credit. If the employee became a member on or after January 1, 2013, they must be at least 52 years old to retire.
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 .
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Your CalPERS retirement benefits can work very well in tandem with Social Security to provide you the income you will need during retirement.
As a member, you may choose to take a refund of your member contributions and interest if you no longer work for a CalPERS-covered employer. Taking a refund terminates your CalPERS membership and you forfeit your right to future benefits.
CalPERS offers a defined benefit plan where retirement benefits are based on a formula, rather than contributions and earnings to a savings plan. Retirement benefits are calculated based on a member's years of service credit, age at retirement, and final compensation (average salary for a defined period of employment).
