CalPERS Retirement Benefit Estimator
Use this calculator to get an estimated monthly retirement benefit from CalPERS. Please note that this is an estimate based on common formulas and simplified benefit factors. Your actual benefit may vary based on your specific employer, membership category, and other factors.
Classic 2% at 60 Classic 2.5% at 55 PEPRA 2% at 62
Understanding Your CalPERS Retirement Benefit
The California Public Employees' Retirement System (CalPERS) provides retirement and health benefits to over 2 million public employees, retirees, and their families. Your CalPERS retirement benefit is generally calculated using a formula that considers three main factors:
- Service Credit: This is the total number of years and fractions of years you have worked for a CalPERS-covered employer and for which you have received service credit. More service credit generally means a higher benefit.
- Benefit Factor: This is a percentage based on your age at retirement and your specific CalPERS membership formula. The benefit factor increases with age up to a certain point, rewarding those who work longer.
- Final Compensation: This is your highest average monthly pay during a specific period, typically 12 or 36 consecutive months, depending on your employer and membership date.
The Basic CalPERS Retirement Formula:
Monthly Benefit = Service Credit × Benefit Factor × Final Compensation
Classic vs. PEPRA Members
The Public Employees' Pension Reform Act of 2013 (PEPRA) created two distinct membership categories:
- Classic Members: Generally, employees hired before January 1, 2013, or those who meet specific criteria for reciprocity. Classic members typically have more generous benefit formulas.
- PEPRA Members: Generally, employees hired on or after January 1, 2013, or those who do not meet the criteria for Classic membership. PEPRA formulas often have a higher minimum retirement age and a lower benefit factor at younger ages.
The calculator above includes common formulas for both Classic (e.g., 2% at 60, 2.5% at 55) and PEPRA (e.g., 2% at 62) members. Your specific formula is determined by your employer, job classification, and hire date.
How the Calculator Works (Simplified Benefit Factors):
This calculator uses simplified benefit factor tables for the selected formulas. These factors are approximations and may not perfectly match the exact factors used by CalPERS, which can vary by employer and specific plan details. The calculator provides an estimate to help you understand the potential impact of your service years, retirement age, and final compensation.
Examples:
Let's look at a few examples using the calculator's logic:
- Classic Member (2% at 60):
- Years of Service: 30
- Age at Retirement: 60
- Highest Average Monthly Salary: $6,500
- Benefit Factor (2% at 60, age 60): 2.0%
- Estimated Monthly Benefit: 30 × 0.020 × $6,500 = $3,900.00
- PEPRA Member (2% at 62):
- Years of Service: 25
- Age at Retirement: 62
- Highest Average Monthly Salary: $5,800
- Benefit Factor (PEPRA 2% at 62, age 62): 2.0%
- Estimated Monthly Benefit: 25 × 0.020 × $5,800 = $2,900.00
- Classic Member (2.5% at 55):
- Years of Service: 28
- Age at Retirement: 55
- Highest Average Monthly Salary: $7,200
- Benefit Factor (2.5% at 55, age 55): 2.5%
- Estimated Monthly Benefit: 28 × 0.025 × $7,200 = $5,040.00
Remember, these are estimates. For a precise calculation of your CalPERS retirement benefit, you should consult your annual CalPERS statement, use the official CalPERS retirement estimate tools on their website, or contact CalPERS directly.
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