Teammate Handbook Cover

In some cases, you may be eligible for other types of service credit that can help you maximize your retirement benefts. Other types of service include: • Unused sick leave at retirement • Redeposit of contributions you previously withdrew from CalPERS • Service with a CalPERS-covered employer prior to your date of membership • Service with a public agency prior to the date of that agency’s agreement with CalPERS • Certain types of leaves of absence, Peace Corps, AmeriCorps VISTA, AmeriCorps, or military service For more information about service credit, refer to the CalPERS publications A Guide to Your CalPERS Service Credit Purchase Options (PUB 12) and A Guide to Your Military Service Credit Options (PUB 15). Beneft Factor Your beneft factor is the percentage of pay to which you are entitled for each year of service. It is determined by your age at retirement and the retirement formula based on your membership date with each employer. This publication explains the following local miscellaneous retirement formulas: 2 percent 55 2 percent 2 percent * percent @ @ 60 @ 62 55 25 . @ percent 55 @ 2 . 7 @ 3 percent 60 Refer to your CalPERS Annual Member Statement to verify your retirement formula(s). Understanding Your Retirement Formula Starting on page 24, you’ll fnd two charts for each of the local miscellaneous retirement formulas. The frst chart shows how the beneft factor increases for each quarter year of age. The second chart shows the percentage of fnal compensation you will receive. If you became a member prior to January 1, 2013, but you permanently separate from employment and return to membership after a break in service of more than six months, you are subject to the retirement formula in place on January 1, 2013, for any service credit earned after that date. This does not apply if you return to the same employer. The same employer does not necessarily mean the employer you last worked for. For example, if you worked for a public agency and then left to work for a state agency or school, you can return to the same public agency you previously worked for and it would be considered the same public agency employer.

Pay Rate Pay rate is your base pay, paid on a full-time basis during normal working hours.

* Membership date on or after January 1, 2013.

C a l P E RS Memb e r P u b l i c a t i o n | L o c a l M i s c e l l a n e o u s

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