2/17/2005
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Example CalPERS Pension Benefit
Common plan: State Miscellaneous, 2% at age 55
Assume 30 years of service, age 63 at retirement and final salary of $6,000 per month.
“Standard” retirement benefit is almost 75% (=30 years times age factor of 2.5%) of final salary.
Pension = 75% * ($6,000 - $133) = $4,400.
Formula: Yrs * Age Factor * (Highest Salary - $133)