News & Events

Will COVID-19 Impact My Retirement Check?

" "

The COVID-19 crisis has had a profound effect on our communities and on the economy—around the globe, around the nation, and around our state. We know in these uncertain times you may have concerns about your retirement benefit payment. That’s why we’ve put together this list of frequently asked questions.

Will my check be the same amount?

There will be no change in your check amount due to circumstances related to COVID-19. Changes to deductions, such as taxes, could affect the check amount as always. If additional data is reported, an adjustment would be processed that could change your check amount.

Will I still get a cost-of-living adjustment this year?

Your Cost-of-Living-Adjustment, or COLA, is a benefit to ensure the value of money at retirement keeps up with the rate of inflation. The 2020 COLA was announced in late February and took effect on your May 1 retirement check.

Will pay cuts or furloughs impact my retirement check?

No. Pay cuts or furloughs will not impact your retirement check or CalPERS’ ability to issue the check. You will receive your retirement check as scheduled.

The state budget proposal changes employer contributions for the state and schools. Will this impact my retirement check?

No. The budget redirects supplemental funds provided to CalPERS earlier this year to pay the state’s unfunded liability obligations over the next two years. The budget also refocuses $660 million in existing state payments on behalf of school plans to achieving lower rates over the next two years. These changes will not impact your retirement check.

Will I continue to receive my benefit statement by mail?

Due to COVID-19, the State Controller’s Office (SCO) did not mail the April, May, or June benefit statement to CalPERS retirees enrolled in direct deposit. If you need to view or print recent benefit statements, log in to your myCalPERS account. If you have questions regarding when funds are placed in to your account, contact your financial institution.

How can I learn more about retirement checks?

For more information, including retirement check pay days and how to enroll in direct deposit, visit the Retirement Checks page of our website.

Stay Up-to-Date on CalPERS & COVID-19

We want to reassure you that your benefits are safe and that we’re fully operational. Despite the circumstances, we’re here for you. To get the latest updates on how we’re addressing the COVID-19 pandemic, visit:

Updated 7/7/20: This post was updated to reflect final budget impacts.