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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.

State Misc Tier 1 (Except State Public Safety)
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

State Public Safety
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