How schooled are you on your pension system?
We’ve gathered a few CalPERS facts and figures to test your knowledge. We hope you enjoy and learn something. (Answers are at the bottom — make a reference of your answers to check against.)
- The retirement system that grew into what is now the California Public Employees’ Retirement System (CalPERS) was established in ____.
A. 1923
B. 1928
C. 1934
D. 1932 - CalPERS is the nation’s ____ public pension fund.
A. first
B. largest
C. finest
D. simplest - CalPERS offers a _______ where retirement benefits are based on a formula, rather than contributions and earnings to a savings plan.
A. 401(k)
B. Social Security plan
C. defined benefit plan
D. 457(b) - The average monthly retirement allowance is ____ and the average CalPERS member retires at age 58.9 with 20.2 years of service.
A. $3,543
B. $5,182
C. $4,531
D. $3,812 - ___ of CalPERS retirees do not receive Social Security.
A. 13%
B. 33%
C. 43%
D. 23% - You can retire as early as age ___ with five years of service credit as a classic member, unless all service was earned on or after January 1, 2013, as a Public Employees’ Pension Reform Act (PEPRA) member. Then you must be at least age ___ to retire.
A. 50, 50
B. 50, 62
C. 52, 50
D. 50, 52 - Each May, most state retirees and all school retirees receive a ___ cost-of-living adjustment (COLA), and most public agency retirees receive a 2%, 3%, 4%, or 5% COLA.
A. 1.75%
B. 2%
C. 2.25%
D. 3% - If you retire within 30 days of your employment separation date, your health coverage will automatically continue into retirement. If the gap between your separation and retirement dates is more than __ days, you won’t be eligible for health benefits in retirement.
A. 30
B. 60
C. 90
D. 120 - All CalPERS health plans offer a ______ prevention program at no cost to eligible members.
A. aging
B. heart disease
C. diabetes
D. stress - Active and retired members can choose health plans using either their work or home ________.
A. ZIP code
B. area code
C. phone number
D. email address - The CalPERS Board of Administration consists of ___ members who are elected, appointed, or hold office ex officio.
A. 12
B. 15
C. 11
D. 13 - We have eight ________ located throughout the state where staff can assist you with a variety of services and educational events.
A. regional offices
B. CBEEs
C. headquarters
D. educational forums
And Now for Your Answers
We hope you didn’t skip forward and peek!
- D. 1932. In 1932, the nation was in the grips of the Great Depression, Franklin Roosevelt was elected to the first of his four terms as president of the United States, Babe Ruth roamed the outfield for the world champion New York Yankees, and a retirement system for state employees was established in California. The retirement system grew into what is now the California Public Employees’ Retirement System (CalPERS).
- B. Largest. We serve over 2 million members in the retirement system and administer benefits for more than 1.5 million members and their families in our health program.
- C. Defined benefit plan. CalPERS offers a defined benefit plan where retirement benefits are based on a formula, rather than contributions and earnings to a savings plan. Retirement benefits are calculated based on a member’s years of service credit, age at retirement, and final compensation (average salary for a defined period of employment).
- A. $3,543. And the average CalPERS member retires at age 58.9 with 20.2 years of service. Get more information in our annual Facts at a Glance (PDF).
- B. 33%. One-third of CalPERS retirees do not receive Social Security in retirement.
- D. 50, 52. You can retire as early as age 50 with five years of service credit as a classic member, unless all service was earned on or after January 1, 2013, as a Public Employees’ Pension Reform Act (PEPRA) member. Then you must be at least age 52 to retire. Read Planning Your Service Retirement (PDF) to learn more about your retirement details.
- B. 2%. Learn more on our Cost-of-Living Adjustment (COLA) page.
- D. 120 days. Learn more about health benefits in retirement.
- C. diabetes. The CalPERS Diabetes Prevention Program is designed to slow and prevent type 2 diabetes among CalPERS members who have prediabetes — a condition in which a person’s blood sugar level is higher than normal, but not yet high enough for the individual to be considered diabetic.
- A. ZIP code. Our Health Plan Search By ZIP Code lets you search for a doctor or medical group, and more.
- D. 13 members. The board is responsible for the management of CalPERS and controls the administration and investment of funds. Learn more about the CalPERS Board of Administration.
- A. regional offices. Our headquarters (and a regional office) is in downtown Sacramento, with regional offices in Fresno, San Diego, Walnut Creek, and other locations.