CalPERS releases the annual Facts at a Glance at the end of each fiscal year to provide members, stakeholders, and the public with a wide range of data and information about the state of the pension system.
Here are five facts to know:
- The average pension for all service retirees is $37,008 per year, while a new retiree who retired in fiscal year 2018-19 receives $41,556 per year.
- Overall 61% of all CalPERS service retirees receive less than $3,000 a month. And only 4.1% of CalPERS service retirees receive pensions of $100,000 per year or more; they are usually executives who hold seats in either city or county offices, or are physicians, or senior managers for police and fire departments.
- Unlike the private sector, about 33% of CalPERS retirees don’t coordinate with Social Security for benefits. Their CalPERS pension may be their sole source of retirement income.
- The average retirement age for all service retirees is nearly 60, while the average years of service is more than 20.
- Pensions are funded by both the employees who contribute every month out of their paycheck and the employer contributions, which are invested for fund growth over time. Some workers currently contribute up to 15.25% of their paycheck.