CalPERS Pension Plan
Regular, benefited employees are members of the California Public Employees’ Retirement System (CalPERS). Both the employee and the employer contribute to the CalPERS pension plan. The amount of the CalPERS employee deduction for new hires (hired after 1/1/13) is seven percent and is taken pre-tax. Employees are eligible to retire at age 52 with five years of service. Normal retirement age for new employees is considered to be age 62 when an employee would be eligible to receive two percent of their average monthly final compensation for every year of service as a monthly pension. Employee contributions to the CalPERS system can be refunded if the employee terminates prior to retirement.