Explore Retirement

Enjoy a secure future with CalPERS retirement benefits, offering stability and peace of mind. Start planning today and build a strong foundation for life beyond your career.

Available Resources

Retirement Estimate Calculator - Plan for Your Future with an Estimate

The Retirement Estimate Calculator is a helpful tool designed to give you an approximate calculation of your future retirement allowance. By entering your information, you can explore different retirement scenarios and gain insight into your potential benefits.

 

Important Disclaimer

  • The estimate provided by this calculator is for informational purposes only and does not constitute an official CalPERS retirement allowance.
  • Your actual retirement benefits will be determined by CalPERS after you formally apply for retirement.
  • All estimates are non-binding and subject to change based on CalPERS policies and California Public Employees' Retirement Law.
  • In the event of any discrepancy between your estimate and state law, the law will take precedence.

Employee Contribution Rate Calculator - Make Informed Decisions About Your Benefits

The Employee Contribution Rate Calculator is a simple and efficient tool designed to help you determine your contribution rates for health, dental, and vision benefits. By comparing plans, you can make informed financial decisions that best suit your needs.

Deferred Compensation Plan

CalPERs deferred compensation plans include the 457 Plan and Supplemental Contributions Plan.

 

CalPERS 457 Plan

The CalPERS 457 Plan is a voluntary deferred retirement savings plan that allows employees to defer any amount, subject to annual limits, from their paycheck on a pre-tax and/or Roth after-tax basis. Roth contributions, and their earnings, can benefit from the power of tax-deferred compounding.

 

Supplemental Contributions Plan

The Supplemental Contributions Plan is another deferred compensation option offered by CalPERS. This plan allows members to make additional contributions to their retirement savings, providing an opportunity to enhance their financial security in retirement.

 

Participating in these deferred compensation plans can be a strategic way to bolster your retirement income, complementing your CalPERS pension and personal savings. It's advisable to consult with your employer or a financial advisor to determine the best approach for your individual retirement planning needs.

 

Health Benefits into Retirement

As a retiree from the State of California, you have access to comprehensive health benefits administered by the California Public Employees' Retirement System (CalPERS). These benefits are designed to provide you with a broad selection of health insurance plans, with the state covering a significant portion of the premiums.

 

Eligibility & Retiree Health Benefits

 

Eligibility

As a retiring employee, you may have the option to enroll in or continue your health coverage through the CalPERS Health Benefit Program. To be eligible, you must meet the following requirements:

 

  • Retire within 120 days from your separation date.
  • Receive a monthly retirement allowance from CalPERS.
  • Be eligible for health benefits on the date of your separation.
  • Retire from an eligible employer, such as:
    • The State of California
    • California State University (CSU)
    • A public agency or school that contracts with CalPERS for health benefits for your specific bargaining unit.

Continuing Health Benefits into Retirement

If you are already enrolled in a health plan as an active employee, your health benefits will automatically continue into retirement if:

  • Your separation date and retirement date are within 30 days of each other.

Retirement Benefits

The California Public Employees' Retirement System (CalPERS) provides a defined benefit plan, ensuring lifetime retirement benefits for its members. These benefits are calculated based on a specific formula that considers your years of service, age at retirement, and final compensation.

 

Cost-of-Living Adjustments (COLA)

CalPERS provides an annual cost-of-living adjustment to your retirement benefits, helping to maintain your purchasing power in the face of inflation. The COLA is based on the Consumer Price Index and your employer's contract provisions.

 

Planning for Retirement

To assist in your retirement planning, CalPERS offers various resources:

  • myCalPERS Account: An online portal where you can access personalized information, including service credit, retirement estimates, and more.
  • Retirement Estimate Calculator: A tool to project your future retirement benefits based on different scenarios.
  • Educational Workshops: CalPERS conducts workshops and webinars to help you understand your benefits and plan effectively for retirement.

 

For a comprehensive overview of retirement benefits and planning resources, visit the CalPERS Retirement Benefits page.

 

By understanding these aspects of your CalPERS retirement benefits, you can make informed decisions to secure a comfortable and financially stable retirement.

 

Savings Plus

About Savings Plus

 

What is Savings Plus?

Savings Plus is a voluntary long-term retirement savings program for most State of California employees. Established in 1974, it includes both 401(k) and 457(b) Plans, which are named after their respective sections of the Internal Revenue Code (IRC).

 

Savings Plus refers to these accounts as "main plan" accounts to differentiate them from the Part-Time, Seasonal, and Temporary (PST) Employees Retirement Program.

 

Who is Eligible?

You are eligible to contribute to a Savings Plus main plan account if you are:

  • A permanent State of California employee.
  • A Rehired Annuitant.
  • An active participant in the PST Program.

How Savings Plus Works

  • Contributions are made through automatic payroll deductions.
  • Employees can contribute to a 401(k) Plan, a 457(b) Plan, or both.
  • Contributions can be made on either a pre-tax or Roth (after-tax) basis.

Why Savings Plus is Important

While CalPERS pensions and Social Security provide retirement income, they may not be enough to maintain your standard of living in retirement. Savings Plus allows employees to:

✔ Supplement retirement income beyond pension and Social Security.
✔ Choose from a variety of investment options to meet their financial goals.
✔ Tailor a retirement plan to their unique needs.

 

For more details, visit savingsplusnow.com.

 

Not an Ordinary Savings Account

While employees can start and stop contributions without penalty, it’s important to leave funds invested until retirement to maximize long-term benefits.

  • Employees should consider their monthly budget before deciding how much to contribute.
  • Federal regulations restrict access to funds before retirement unless the employee qualifies for a distributable event as defined by federal guidelines.

By participating in Savings Plus, employees can take control of their financial future and build a more secure retirement.

Social Security

Social Security & Your CalPERS Pension

 

Understanding Social Security and CalPERS

Not all CalPERS members have the same access to Social Security benefits during retirement. Your eligibility for Social Security benefits depends on whether your employer withheld Social Security taxes from your salary during your employment.

 

Some CalPERS members worked in what are known as “non-covered” positions, meaning they did not have Social Security taxes withheld. These positions often include safety personnel and other state or local government employees in California.

 

Regardless of your Social Security status, it’s important to note that Social Security does not impact your CalPERS pension benefits.