As a full-time employee (or part-time employee working at least half-time), you are automatically enrolled in the CalPERS Retirement Plan. To be eligible, if you are full-time, you must be appointed for at least six months; if you are part-time, you must be appointed for at least one year.
Employees excluded from CalPERS membership are covered by the Part-time, Seasonal and Temporary Retirement Program (PST Program).
CalPERS Retirement Contributions
- Most employees contribute 5 percent of gross monthly income in excess of $513.00 (Gross Income - $513 x 5%).
- State Miscellaneous 2% @55 (if hired prior to 01/15/11)
- State Miscellaneous 2% @60 (if hired on or after 01/15/11)
- Peace Officer/Firefighters POFF (Public Safety R08) contribute 8 percent of gross monthly income in excess of $238 (currently the CSU pays this contribution on your behalf).
- POFF 3% @ 50 (if hired prior to 07/01/11)
- POFF 2.5% @ 55 (if hired on or after 07/01/11)
- Peace Officer/Firefighters POFF Non-Unit 8 Public Safety Management (M80) contribute 8 percent of gross monthly income in excess of $238 (Gross income - $238 x 8%).
- POFF 3% @ 50 (if hired prior to 01/15/11)
- POFF 2.5% @ 55 (if hired on or after 01/15/11)
- The contribution is not subject to federal and state taxes.
- The CSU also contributes to CalPERS (the employer contribution is set annually by 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 CalPERS 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 final compensation is based on the highest 12 or 36 months of consecutive employment.
- CSU retiree medical, dental and vision benefits are available to eligible employees (and their eligible dependents) who retire within 120 days from the date of separation from employment.
For additional information please visit the CalPERS website at http://www.calpers.ca.gov.
If you are thinking about retiring, visit the Steps to Retirement page for helpful information regarding the retirement process.