Whether you’re in your 20s, 30s, or further along, taking small steps today can make a big difference tomorrow. The sooner you understand your CalPERS benefits and other sources of retirement income, the better equipped you’ll be to make informed decisions about your career and your future.
Get CalPERS Smart
Access Your CalPERS Benefits
The myCalPERS member portal is your go-to resource for tracking your retirement progress and managing your benefits. You can view your total service credit (the time you’ve worked), purchase additional service credit, name or update your beneficiary, and run estimates to see what your future pension could look like.
Learn the Ropes: Take a Class
- CalPERS Benefits Education Events are designed to help you understand your retirement and CalPERS health benefits at any career stage. You can chat face-to-face with our experts at these free events held throughout California. Hear what our own team members, who are CalPERS members themselves, have to say.
- We also offer virtual, instructor-led, and self-paced online classes based on your career stage such as Your CalPERS & You, and Benefit Basics.
- CalPERS webinars focus on topics like service credit, how to obtain a retirement estimate, and how to apply for retirement.
Diversify Your Retirement Income
Consider Supplemental Savings Plans
Nearly 70% of active CalPERS members are now Public Employees’ Pension Reform Act (PEPRA) members, which fundamentally changed how CalPERS retirement benefits are administered. PEPRA members are encouraged to create another retirement income stream through additional savings plans such as:
- The CalPERS 457 Plan for public agency and school employees. This voluntary savings program allows you to set aside even small amounts from your paycheck automatically on a pre-tax and/or Roth after-tax basis (subject to annual limits).
- Savings Plus 401(k) and 457(b) plans for state and California State University employees. Enrolling in one or both can help you bridge gaps between what you’ll need in retirement and the amount that your pension, Social Security, and personal savings will replace.
Seek Financial Guidance
- A financial advisor can help create strategies for debt repayment or saving for long-term goals like buying a house and retirement.
- Active state employees can meet with a money coach for three 30-minute telephone consultations per topic, per year, through the CalHR Employee Assistance Program. You’ll need to enter the specific California agency you work for to access more information. These coaches have an average of 22 years of professional experience and several certifications.
Protect What You’re Building
Of course, none of these strategies matter if your assets aren’t protected. Safeguarding your benefits and your loved ones is an essential part of being financially savvy. Here are some important steps to consider:
- Name your beneficiary for your CalPERS benefits and keep this designation up to date.
- Name a CalPERS Special Power of Attorney in the event of the unforeseen. If you become unable to act on your own behalf, this person will be able to perform CalPERS business.
- Understand disability and industrial disability retirement in the event you suffer a disabling injury or illness that prevents you from performing your usual job duties with your current employer.
- Learn about reciprocity, or what happens if you move from CalPERS to another qualified California public retirement system. Under this agreement, you can move retirement systems within six months with no overlap in service without losing retirement and related benefits.
- Learn the pros and cons of taking a CalPERS refund in the event that you leave CalPERS-covered employment.