Retirement Benefits

Did You Know? 5 Fast Facts About CalPERS Pensions

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Today, we are sharing the first post in a series of Fast Facts for CalPERS members.

After the close of each fiscal year, CalPERS releases its annual “Facts at a Glance.” These helpful fact sheets provide a wide range of information benefiting our members.

Here are five facts about CalPERS pensions:

  1. The average pension for all service retirees is $35,748 per year. A new retiree who just retired in fiscal year 2017-18 receives $40,596 per year.
  2. Overall, 63 percent of all CalPERS service retirees receive less than $3,000 a month. And only 3.6 percent of CalPERS service retirees receive pensions of $100,000 per year or more. (These retirees are usually executives who hold seats in either city or county offices, or are physicians, or are senior managers for police and fire departments.)
  3. Unlike the private sector, about 33 percent of CalPERS retirees don’t coordinate with Social Security for benefits, and their CalPERS pension may be their sole source of retirement income.
  4. The average retirement age for all service retirees is nearly age 60, while the average years of service is more than 20.
  5. Pensions are funded by investment returns and employer contributions, but a portion is funded by employees who contribute every month out of their paychecks. In fact, some employees currently contribute up to 15.25 percent of their paycheck to fund their own pension.

We’ll have more Fast Facts to share in the coming weeks, but you can always learn more about CalPERS pensions by reading Facts at a Glance Pensions & Retirement (PDF). You can also read our Facts at a Glance on Investment & Pension Funding (PDF), Health Benefits (PDF), and About CalPERS (PDF).