Can You Pass Our Benefits Basics Quiz?

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.

1. What is the minimum age for most CalPERS Classic members to be eligible to receive CalPERS retirement benefits?
   1. 50
   2. 52
   3. 53
   4. 55
2. What is the minimum age for most CalPERS Public Employees’ Pension Reform Act (PEPRA) members to be eligible to receive CalPERS retirement benefits?
   1. 50
   2. 52
   3. 53
   4. 55
3. As a general rule, how many years of service credit do I need to be eligible for CalPERS retirement benefits?
   1. 3
   2. 5
   3. 7
   4. 10
4. What factors determine how much I will receive?
   1. Age at retirement
   2. Years of service
   3. Highest average annual compensation
   4. Retirement benefit formula
   5. All of the above
5. The majority of funding for my retirement benefit comes from:
   1. My employee contributions
   2. My employer’s contribution
   3. CalPERS investment earnings
   4. State of California
6. 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?
   1. True
   2. False
7. California law defines who survivor benefits are paid to first. True or false?
   1. True
   2. False
8. 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?
   1. True
   2. False

Retirement Benefits Quiz: Answers

1. 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.
2. Answer b: Age 52. For PEPRA members, the earliest age for a service retirement is age 52.
3. Answer b: 5 years. Most members, Classic or PEPRA, need five years of service credit to be eligible to retire.
4. 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.
5. 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.
6. 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.
7. 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. Want your benefits to go exactly where you want, regardless of legal survivor order? Name a beneficiary.
8. Answer a: True. You need to retire within 120 days of separation to be eligible for health coverage into retirement.