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CalPERS Benefits and Resources - California

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CalPERS Benefits and Resources
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Agenda
Website tipsRegional OfficesCalPERS RetirementAdditional Information & Resources
CalPERS Website
Enhanced searchEmployers tabPolicies and proceduresState Reference GuideForms and publicationsCircular LettersHealth plans and rates
CalPERS Website -continued
Email subscriptions are available to stay up to date with current pension and health informationSign up forEmployer BulletinMemberEducation bulletin
Contacting CalPERS
Telephone (888-225-7377)Confidential inquiry viamy|CalPERSallows employers to send a secure message. Most questions answered within 5 business days
Regional Offices
Eight Regional Office locations throughout California with the purpose of assisting members understand their benefitsGroup classes and one on one assistance is available at each Regional Office
Regional Offices –continued
Retiree assistance at regional officesHow life events can impact benefitsBeneficiary changesSpecial Power of AttorneyGeneral assistance questions
CalPERS Retirement
Three types of retirementServiceDisabilityIndustrialTo learn more, CalPERS offers specific publications available through website
Service Retirement
Service retirementKnown as “normal retirement”Age and vesting requirementsCalPERS lifetime benefit
Service Retirement Calculation
Three factors are used to calculate service retirementService CreditBenefit FactorFinal Compensation
Service Credit
Service credit is earned by fiscal yearJuly 1 to June 30During this time period, CalPERS members have an opportunity to earn one year of service credit
Earning Service Credit
Monthly paid employeesEarn one year service credit by working 10 full time months in the fiscal year
Earning Service Credit -continued
Daily paid employeesEarn one year service credit by working 215 days in the fiscal year
Earning Service Credit – continued…
Hourly paid employeesEarn one year service credit by working 1,720 hours in the fiscal year
Service Credit Purchase Options
Service credit purchase optionsIf member qualifies, they can purchase additional service credit which will increase their pension benefitPublication 12 contains information to make a election
Military Service Credit Purchases
Military service creditPublication 15Circular Letter 200-056-16Requires CalPERS employers to notify new and existing employees of their right to request military service credit
Benefit Factor
The benefit factorBased on your retirement formula and your age at retirement
Final Compensation
Final compensation (12 or 36)Determined by your membership date with CalPERSUses highest 12 or 36 months to determine averaged final compensation
Disability Retirement
Disability retirementFive years of service creditNo age requirementMembers who suffer from a mental or physical incapacity for the performance of their usual dutiesLifetime benefitDisability workshopsContact 916-795-2127
Industrial Disability Retirement
Industrial Disability RetirementSafety members who suffer from a mental or physical incapacity for the performance of their duties.No age or vesting restrictionsLifetime benefit
Additional Resources
CalPERS calculatorsRetirement Estimate CalculatorService Credit Cost Estimator
my|CalPERSPersonal Accounts
What canmy|CalPERSdo for you?View service credit and employee contributionsRetirement estimatesAccess health benefit informationManage and update beneficiariesForward questions to CalPERSMember Self Service video available through YouTube
Managing Life Events
Its important to understand that certain life events can impact your health and retirement benefits
Life Events
Birth/adoptionMarriage/divorceDomestic partnershipDeathLeave of absence
Beneficiary Designation
Death benefits are paid according to the valid beneficiary on fileIf no valid beneficiary designation is on file, benefits are paid to the statutory beneficiary according to order
CalPERS Special Power of Attorney
A CalPERS Special Power of Attorney allows you to designate a representative to conduct your retirement affairs if you become incapacitated
PowerofAttorney
By identifying a Power of Attorney and submitting the form to CalPERS you are allowing another representative to…Change your addresschange tax withholdingsendorse checksupdate beneficiary designation
Reporting Death of Active Member
If an employee passes awayContact CalPERS Call Center and provide contact informationCalPERS will ask for“Report of Separation For Death – Request for Payroll Information”
Imminent Death
CalPERS would also ask that you notify our Call Center when you have an employee who is experiencing imminent death. Please provide basic contact info and we will send a CalPERS representative to assist the family
Employer and Member Education
CalPERS offers employer training classes on a variety of topics, retirement laws, health benefits,my|CalPERSnavigation and even disability retirement trainingLog intomy|CalPERSto sign up
Thank you
We are pleased to serve those who serve California

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CalPERS Benefits and Resources - California