• Age 50 with at least 5 years of service for miscellaneous/safety Classic members.
• Age 52 with at least 5 years of service for miscellaneous/safety PEPRA members.

You must submit a retirement application to CalPERS directly online. Visit CalPERS Service & Disability Retirement webpage for more information.

The answer is always, “Let’s run an estimate and find out.” Since you are basing life decisions on these numbers, it is a good idea to use the myCalPERS retirement estimate calculator, which will give estimates based on your specific information.

How to Use the Retirement Estimate Calculator

1. Log in to your myCalPERS account to get started.
2. Find the Retirement Estimate Calculator link under the Retirement tab and then Start an Estimate.
3. Choose how you want to calculate: by earliest date, age, or a specific date.
4. Enter your work status.
5. Choose to include unused sick leave hours.
6. Follow prompts to indicate a survivor and number of beneficiaries.
7. Select the Calculate button.
8. Select a monthly payment option for your beneficiary or beneficiaries. You can use different options to see how your choice affects your benefit.

The basic retirement calculation is as follows:

Service Credit x Benefit Factor x Final Compensation = Highest Pension Benefit

• Service credit is the number of years you work as a CalPERS member. You earn these service credit years on a fiscal year basis (July to June), and there are certain parameters and limitations to how they accrue.
• Benefit factor is the percentage of pay you’re entitled to at the age you retire. This figure is determined by several variables, including your employer and when you became a CalPERS member, among other elements.
• Final compensation is the highest monthly salary you earn for a defined period before retirement. The defined period depends on if you are a Classic or PEPRA member.

We encourage you to take a retirement planning class to understand each element. For a quick overview, watch the retirement calculation factors video on the CalPERS YouTube channel.

Generally, if you were hired before January 1, 2013, you are a classic member. If you were hired on or after, you are likely a PEPRA member. Log in to myCalPERS to view your Account Summary and latest Annual Member Statement. You can also check with Human Resources.

You will receive a check at the beginning of each month for the previous month’s benefits. The State Controller’s Office issues the checks and determines the mailing dates.  For tax purposes, your December check is always dated the first day of the new year.

View CalPERS Pay Days ->

For each person, that magic date varies. There are three dates that may have a financial impact: fiscal year, birthday quarter, or cost-of-living adjustment (COLA). You will want to pick the one that best suits your needs:

• Fiscal year: If you start working in July, it’s possible to earn one year of service credit by the end of April (10 months), as service credit is earned in tenths, not twelfths.
• Birthday quarter: For example, based on the classic 2% at 55 formula, you are eligible to retire at age 50 with a multiplier of 1.1. That multiplier increases every three months after your birthdate; at age 63 it reaches the maximum of 2.5%. In this example, if you are under 63, a birthday quarter may help to increase your benefit payment.View the benefit factor chart for your formula to get more details.

• COLA: The exact percent is based on the annual calculation of the Consumer Price Index (CPI) for all U.S. cities the year following your retirement, up to a set limit based on your contract. For example, if you retire on December 31, 2023, your COLA would be based on the CPI for 2024, and you would receive your first COLA May 1, 2025. If you retire instead on January 1, 2024, that single day’s difference can delay the first eligibility by up to one year.

Survivors are set by law and are funded by the employer. Beneficiaries may be anyone you assign, and they receive part of your benefit. When you use the Retirement Estimate Calculator in myCalPERS, you can see the estimated amount both you and your beneficiary will receive, according to the option you choose. Running different estimates based on different options can help you understand how your choices will affect your retirement benefits.

We recommend that you watch the CalPERS video Understanding Your Retirement Benefit Options. As your pension is just one element of your retirement picture, you may want to meet with a personal financial planner and determine an overall strategy based on all your income.

Health premiums will be deducted from the retiree’s retirement check.

The County provides up to 18 months of COBRA continuation for dental and vision. After 18 months you will need to find other coverage.

Directly to HR, payment is due the first week of the month.

Upon retirement you will have your vacation, holiday, and comp time paid out on your final check. Sick hours are converted into service credit upon retirement.

Your account will be updated once you retire, and you can request a one-time payment or installments.

Yes, in lieu of receiving a post-tax payout for your vacation, holiday, and comp time, you may defer these funds into your deferred compensation plan. A form should be submitted in NeoGov a month prior to your last paycheck. We will reach out to confirm the amount you would like to defer.