Leader

Collapse

Announcement

Collapse
No announcement yet.

New Calpers formula for new job

Collapse

300x250 Mobile

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • New Calpers formula for new job

    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.


  • #2
    You should keep your original years, then be changed.

    Comment


    • #3
      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.
      Going too far is half the pleasure of not getting anywhere

      Comment


    • #4
      Originally posted by L-1 View Post
      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.

      Comment


      • #5
        Originally posted by BNWS View Post

        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)
        Going too far is half the pleasure of not getting anywhere

        Comment

      MR300x250 Tablet

      Collapse

      What's Going On

      Collapse

      There are currently 4156 users online. 221 members and 3935 guests.

      Most users ever online was 158,966 at 05:57 AM on 01-16-2021.

      Welcome Ad

      Collapse
      Working...
      X