CalPERS Retirement Formulas
Your benefit factor is the percentage of pay to which you are entitled for each year of service. It’s determined by your age at retirement and the retirement formula based on your membership date with each employer.
Note: There are exceptions to CalPERS membership benefit formula eligibility for employees with previous public agency or reciprocal agency employment.
| PEPRA Membership | Classic Membership | Classic Membership | |
|---|---|---|---|
| Employment and Membership | Hired by State And new CalPERS member on or after January 1, 2013 | Hired by State And new CalPERS Member between January 15, 2011, and December 31, 2012 | Hired by State And new CalPERS Member prior to January 15, 2011 |
| Retirement Formula | 2% at 62 | 2% at 60 | 2% at 55 |
| Highest Benefit Factor | 2.5% at 67+ | 2.418% at 63+ | 2.5% at 63+ |
| Pension Vesting | 5 Years | 5 Years | 5 Years |
| Minimum Retirement Age | 52 Years | 50 Years | 50 Years |
| Salary Used to Calculate Pension (Subject to Cap) | Average highest 36 consecutive months | Average highest 36 consecutive months | Average highest 12 consecutive months |
| PEPRA Compensation Cap |
2022- $134,974 for Social Security participants $161,969 for Social Security nonparticipants |
N/A | N/A |
| 401(a)(17) Compensation limit |
N/A |
2022:$305,000 |
2022:$305,000 Not applicable to employees with CalPERS membership prior to 7/1/1996 |
For more information, review the CalPERS Benefits Guide for State Members or call CalPERS at (888) 225-7377
| PEPRA Membership | Classic Membership | Classic Membership | |
|---|---|---|---|
| Employment and Membership | Hired by State And new CalPERS member on or after January 1, 2013 | Hired by State And new CalPERS Member on or after July 1, 2011 | Hired by State And new CalPERS Member prior to July 1, 2011 |
| Retirement Formula | 2.5% at 57 | 2.5% at 55 | 3.0% at 50 |
| Highest Benefit Factor | 2.5% at 57+ | 2.5% at 55+ | 3.0% at 50+ |
| Pension Vesting | 5 Years | 5 Years | 5 Years |
| Minimum Retirement Age | 50 Years | 50 Years | 50 Years |
| Salary Used to Calculate Pension (Subject to Cap) | Average highest 36 consecutive months | Average highest 36 consecutive months | Average highest 12 consecutive months |
| PEPRA Compensation Cap | 2022- $161,969 | N/A | N/A |
| 401(a)(17) Compensation limit | N/A | 2022- $305,000 |
2022-$305,000 Not applicable to employees with CalPERS membership prior to 7/1/1996 |
For more information, review the CalPERS Benefits Guide for State Members or call CalPERS at (888) 225-7377