How well do you know your benefits?
Regardless of how long you’ve been employed by a CalPERS-covered organization, understanding the fundamentals of your benefits is key to building a more secure retirement.
The answers are at the end of the quiz, and six correct answers is considered passing.
- What is the minimum age for most CalPERS Classic members to be eligible to receive CalPERS retirement benefits?
- 50
- 52
- 53
- 55
- What is the minimum age for most CalPERS Public Employees’ Pension Reform Act (PEPRA) members to be eligible to receive CalPERS retirement benefits?
- 50
- 52
- 53
- 55
- As a general rule, how many years of service credit do I need to be eligible for CalPERS retirement benefits?
- 3
- 5
- 7
- 10
- What factors determine how much I will receive?
- Age at retirement
- Years of service
- Highest average annual compensation
- Retirement benefit formula
- All of the above
- The majority of funding for my retirement benefit comes from:
- My employee contributions
- My employer’s contribution
- CalPERS investment earnings
- State of California
- My CalPERS retirement benefits are subject to community property division, meaning they can can be divided in a divorce or legal separation. True or false?
- True
- False
- California law defines who survivor benefits are paid to first. True or false?
- True
- False
- If my employer contracts to provide retiree health benefits, I must retire within 120 days of leaving employment to be eligible to receive them. True or false?
- True
- False
Retirement Benefits Quiz: Answers
- Answer a: Age 50. For most Classic members, the earliest age for a service retirement is age 50. If you are a PEPRA (Public Employees’ Pension Reform Act) member, meaning you became a member on or after January 1, 2013, you must be age 52.
- Answer b: Age 52. For PEPRA members, the earliest age for a service retirement is age 52.
- Answer b: 5 years. Most members, Classic or PEPRA, need five years of service credit to be eligible to retire.
- Answer e: All of the above. Your age, years of service, highest 12- or 36-month period of compensation, and your retirement formula are all factors in your CalPERS retirement benefits calculation.
- Answer c: CalPERS investment earnings. As of June 30, 2024, CalPERS’ income over the last 20-plus years demonstrates that 55 cents of every dollar spent on employee pensions comes from investment earnings.
- Answer a: True. Your nonmember spouse or registered domestic partner is entitled to receive up to one-half of the benefits you earned under CalPERS-covered employment during your marriage or registered domestic partnership, depending on the court order. Read more about Divorce, Your Pension, and Community Property.
- Answer a: True. Your survivor is defined by law, not chosen by you. The first-level survivor would be your surviving spouse or registered domestic partner.
- Answer a: True. You need to retire within 120 days of separation to be eligible for health coverage into retirement.