4 ms·
The most common CALPERS retirement formula is 2% at 62. If you retire at 52, you will get 1%. The formula would be: 0.01 * (years of service) * (final compensa
by whyenot 3y ago
The most common CALPERS retirement formula is 2% at 62. If you retire at 52, you will get 1%. The formula would be:
0.01 * (years of service) * (final compensation)
Where final compensation is usually an average over your last 36 months.
If your final compensation is 120k, and you have worked in a state job for 30 years, your annual pension would be $36,000
Pay raises are NOT guaranteed. The last general salary increase I had was in 2021. There can be layoffs, although they are rare, and in some cases you may have retreat rights. There were layoffs during the 2008-2009 budget crisis.
I don't know what article you read, but it doesn't seem very accurate to me.