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Retirement |
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). Chancellor's Office
employees who are members of the CalPERS system are in the "State
Miscellaneous, First Tier" plan.
Employees excluded from CalPERS membership are covered by the
CSU Part Time
Retirement Plan.
CalPERS Retirement Contributions
- Employees contribute 5 percent of gross monthly income in excess of
$513.00 (Gross Income - $513 x 5%).
- The contribution is not subject to federal and state taxes.
- The CSU also contributes to CalPERS.
CalPERS Retirement Benefits
- The plan is a defined benefit plan with retirement benefits calculated
based on age at retirement, years of service and compensation.
- Plan vesting is at five years of PERS credited service.
- Employees are eligible to retire and receive a monthly pension
benefit when they are at least age 50 and have a minimum of five
years of CalPERS-credited service.
- The benefit formula is called “2% at Age 55” for employees (except Public Safety employees) hired prior to January 15, 2011. The final compensation is based on the highest average compensation during a one (1) year period. Employees can estimate their retirement benefit by using the CalPERS Table
(.pdf)
The benefit formula is called “2% at Age 60” for newly hired CSU employees (except Public Safety employees) employed for the first time on or after January 15, 2011. The final compensation is based on the highest average compensation during a three (3) year period. Click here for the CalPERS Table(.pdf)
- To determine years of service, employees should refer to their CalPERS member statement and add any planned future service.
- To determine age, use age at expected date of retirement.
- The percentage derived from the table is multiplied by "final compensation", which is the average monthly pay for the last consecutive 12 or 36 months of employment, or another consecutive 12-month or 36 period when average monthly pay was higher.
- CSU retiree medical, dental and vision benefits are available to employees (and their eligible dependents) who retire within 120 days from the date of separation from employment. More information.
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 returned to the CalPERS Regional Office
closest to the employee.
Application Resources:
Regional Offices |
Calculator
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
Social Security
As a member of CalPERS, employees also participate in Social Security.
- Social Security and Medicare taxes are withheld from your paycheck.
- 2013 withholding rates are 7.65 percent for Social Security and 1.45 percent for Medicare.
- Social Security maximum taxable earnings is $113,700, effective January 1, 2013.
- There is no limit for Medicare.
Social Security Resources
Other Retirement Resources
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Last Updated:
February 15, 2013
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