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calPERS Retirement Program

calPERS RETIREMENT PROGRAM

CalPERS:

Full-time appointments that exceed six months and half-time appointments averaging 20 hours per week for one year or longer require membership in the California Public Employees Retirement System (CalPERS). CSU employees who are members of the CalPERS system are in the "State Miscellaneous, First Tier" plan, or one of the Public Safety plans, depending on classification.

Employees excluded from CalPERS membership are covered by the CSU Part Time Retirement Plan.

Due to recent Pension Reform legislation that went into effect on January 1, 2013, please note the previous and new retirement formulas that are applicable to CSU employees:


CSU EMPLOYEES

Retirement Plans:
Hired prior to 1-15-11
Hired on or after 1-15-11
Hired on or after 1-1-13 as a new CalPERS member
State Misc. Tier 1

(all eligible employees except Public Safety)
2% at 55 (one year highest compensation)

Highest Benefit Factor 2.500% at age 63+
2% at 60 (36 month average compensation)

Highest Benefit Factor 2.418% at age 63+
2% at 62 (consecutive 36 month subject to cap)

Highest Benefit Factor 2.500% at age 67


PUBLIC SAFETY

Retirement Plans:
Hired prior to 1-15-11
Hired on or after 1-15-11
Hired on or after 1-1-13 as a new CalPERS member
PO/FF (MPP Public Safety)
3% at 50 (one year highest compensation)

Highest Benefit Factor 3.000% at age 50+
2.5% at 55 (36 month average compensation)

Highest Benefit Factor 2.500% at age 55+
2.5% at 57 (consecutive 36 month subject to cap)

Highest Benefit Factor 2.500% at age 57+
State Safety
(limited to Intermittent Peace Officer)
2.5% at 55 (one year of highest compensation

Highest Benefit Factor 2.500% at age 55+
2% at 55 (36 month average compensation

Highest Benefit Factor 2.000% at age 55+
2% at 57 (consecutive 36 month subject to cap)

Highest Benefit Factor 2.000% at age 57+
 
Hired prior to 7-1 -11
Hired on or after 7- 1-11
Hired on or after 1-1-13 as a new CalPERS member
PO/FF (Unit 8)
3% @ 50 (one year highest compensation)

Highest Benefit Factor 3.000% at age 50+
2.5% at 55 (36 month average compensation)

Highest Benefit Factor 2.500% at age 55+
2.5% at 57 (consecutive 36 month subject to cap)

Highest Benefit Factor 2.500% at age 57+


Please note: Employees who became members of CalPERS on or after 7/1/1996, are subject to the IRC 401(a) (17) limit, which restricts the amount of compensation that can be used to calculate the CalPERS retirement benefit. For 2013, the limit is $255,000.

Employees who become new members of CalPERS on or after 1/1/2013, are subject to a compensation cap of $113,700 if participating in Social Security or $136,440 if not participating in Social Security (such as Public Safety employees). These amounts represent the maximum salary that can count toward final compensation and calculation of retirement benefits for employees that are placed in the 2% at 62, 2.5% at 57, or 2% at 57 retirement formulas.

In addition, once an employee's salary reaches the compensation cap during the year, the employee's retirement contributions will be stopped and restarted in January of the following year.



CalPERS Retirement Contributions:



CalPERS Retirement Benefits:



Applying for CalPERS Service Retirement:

Employees should begin their retirement planning at least one year before their retirement date. However, they should not submit their application to CalPERS sooner than 90 days prior to their retirement date. Completed applications should be mailed to the CalPERS address at the bottom of page 8 of the application.

Application Resources: Regional Offices



CalPERS Power of Attorney:

The CalPERS Special Power of Attorney allows the member to designate a representative or agent to conduct their retirement affairs if they are unable to act on their own behalf. More information.



CalPERS Beneficiary Designation:

The CalPERS Beneficiary Designation form allows the member to designate Primary and Secondary Beneficiaries for payment of specific Death Benefits in the event the member dies before retirement. More information.



Social Security:

As a member of CalPERS, employees also participate in Social Security.



Social Security Resources:



Other Retirement Resources: