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To be eligible for service retirement, you must have at least five years of CalPERS-credited service and be at least age 50, 52, or 55 depending on your retirement formula . If you have a combination of classic and PEPRA service, you may be eligible to retire at age 50 .

The average annual CalPERS pension for all retirees who retired with a service retirement is $42,516, which breaks down to more than $3,500 per month. Overall, 61.6% of all CalPERS service retirees receive $3,500 a month or less, while only 6.4% receive more than $9,000 per month.

Your CalPERS pension provides a stable and predictable income stream throughout your retirement years. Unlike other retirement plans that are subject to market fluctuations, like a 401(k), you don't have to be an investment expert.

Your retirement benefit is calculated using a formula with three factors: Service credit (Years) multiplied by your benefit factor (percentage per year) multiplied by your final monthly compensation equals your unmodified allowance. Service Credit - Total years of employment with a CalPERS employer.

When you retire, become eligible, and enroll in Medicare Parts A and B, we'll enroll you in the CalPERS Medicare plan of your choice. We offer Managed Medicare plans, also known as Medicare Advantaged plans, and Medicare Supplement plans. Find the available plans on our Retiree Plans & Rates page.

All members fall into one of two categories, Safety or Miscellaneous, and each category has its own distinct benefit formulas. Under most benefit plans, members become vested after 5 years.

CalPERS is a 401(a) Defined Benefit Plan. This means that your benefit amount is determined by a formula and not what you contribute to the plan. Once you're eligible and you retire, your benefit is payable for life.

CalPERS is a 401(a) Defined Benefit Plan. This means that your benefit amount is determined by a formula and not what you contribute to the plan. Once you're eligible and you retire, your benefit is payable for life. service credit, you still may be eligible to apply for a service retirement.