New Calpers formula for new job

[[email protected] Forum Member Find all posts View Profile Close [email protected]]

Hello All,

I am currently about a 9 year cop under [email protected] through a local PD. I am considering a taking a job with the state which earns a [email protected] retirement. Does anybody have experience switching CALPERS retirement formulas mid career?? I am wondering if I will lose the higher pension amount I’ve earned over the last 9 years. I’m ok earning 2.5% a year going forward and I know it’s a small amount given I’ve only worked 9 years but I’m curious how it all will work out.

[CCCSD Shadowman Find all posts View Profile Close CCCSD]

You should keep your original years, then be changed.

[L-1 Find all posts View Profile Close L-1]

You will not lose what you have earned. It will all be computed separately and then combined at retirement time to formulate you final pension. Now, here's the good news. Do you remember the 90% cap on pensions? That only applies to the particular pension formula you are in. (2.7% @ 57, 2.7% @ 55) You can combine the money earned under each pension formula to exceed 90%. I worked under three different formulas (2% @ 55, 3% @ 55 and 3% @ 50). I never exceeded the 90% cap under any one retirement formula, but my combined time totaled 111% when I went out and in retirement, I am still making almost as much as I would be if I was still working. Of course, pension rules have changed since I retired and things are a bit tighter now, but you may wind up coming out ahead.

[[email protected]]

Thank you so much for your input. You are a wealth of knowledge! I look forward very much to starting a position with the state.

[BNWS Forum Member Find all posts View Profile Close BNWS]

You will not lose what you have earned. It will all be computed separately and then combined at retirement time to formulate you final pension. Now, here's the good news. Do you remember the 90% cap on pensions? That only applies to the particular pension formula you are in. (2.7% @ 57, 2.7% @ 55) You can combine the money earned under each pension formula to exceed 90%. I worked under three different formulas (2% @ 55, 3% @ 55 and 3% @ 50). I never exceeded the 90% cap under any one retirement formula, but my combined time totaled 111% when I went out and in retirement, I am still making almost as much as I would be if I was still working. Of course, pension rules have changed since I retired and things are a bit tighter now, but you may wind up coming out ahead.

Guys who do things like this are my hero's. I love hearing stories of guys maximizing or getting multiple pensions. Well Done L-1.

[L-1 Find all posts View Profile Close L-1]

Guys who do things like this are my hero's. I love hearing stories of guys maximizing or getting multiple pensions. Well Done L-1.

But you guys have other benefits. If only cooping and lists of cooping spots were an unspoken benefit out here. (GD&R)

[BNWS]

Alas, GPS eliminated that "benefit".