Teammate Handbook Cover

If you work for other employers throughout your CalPERS career, such as the State of California or schools, those employers provide for a maximum of 2 percent COLA. If you have multiple employers with different contracted COLA percentages, we calculate the adjustment based on the contracted percentage for each of your employers, and then add them together.

Inflation Protection

Added protection against infation is provided by the Purchasing Power Protection Account (PPPA), created to restore your monthly allowance to 80 percent of its original purchasing power. You will automatically receive PPPA supplemental payments on a monthly basis if your allowance falls below the 80 percent purchasing power level. The additional allowance would start, and adjustments to the allowance would occur, in May of each year. Talk to your employer to fnd out if they have contracted for this beneft. At retirement, any unused sick leave you have may be converted to additional service credit. (The sick leave credit only increases your service credit, not your age.) You will receive credit for unused sick leave as certifed by your employer. It takes 250 days of sick leave to receive one year of service credit. For example, if your employer certifed 120 days of sick leave, your additional service credit would be 0.480 (120 x 0.004 = 0.480) of a year’s service credit. If your employer submits this information prior to CalPERS processing your retirement application, we will include the additional service credit in your initial retirement beneft. Otherwise, we will adjust your account to refect a change in service credit at the time your employer submits it. To receive sick leave credit, your employer must contract for this beneft. If it is contracted, your retirement date must be within 120 days of the date of separation from employment. Your employer will divide your unused hours of sick leave by eight to determine the number of days to report to CalPERS. Sick Leave Credit

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