CalPERS

[PERSonalTime]

Is anyone a member of the CalPERS retirement plan? If so, how does it work and how do you like it? Did you have any problems when applying to retire? If you're already retired, do you have any problems getting your checks or anything? Just trying to get an overall impression of how things works under that retirement system.

[Radicalfil]

FIREd 5 yrs 10 months and haven't missed a payday. I am disappointed in the cola calculation, as my year of retirement(2008) is not getting a full 2%. Last cola adjustment 1.5% while others are getting the 2% cola adjustment.

Many options when setting up eventual retirement withdraw. Do your homework because the choices are permanent. You must plan to meet the officials face to face in order sort out all of the choices.

It took nearly 30 years to amass enough time in system to make it work for me.
I currently have the lion's share of the health benefit paid for, but I add in my part on a monthly basis.

If you are just now entering the system your benefit will be much different than the current retirees. Check out the CALPERS website and read carefully all intheir available PDFs that explain almost everything that you might encounter. There is currently a 2 tiered system.

One of the few disappointments I have is the inability to work for any other PERS entity and still receive my pension, I. E. Working part time in my local city's parks dept. for fun and profit, which is considered dbl dipping and illegal presently.

[PERSonalTime]

Radicalfil,

Thanks for the response. I think I read something about being able to work for a PERS agency as long as it's not for more that 960 hours per fiscal year. You might want to check this out.

Thanks again.

[Radicalfil]

That is what many people mistakenly believe. I thought the same thing until I actually read the pamphlet about working after retirement in a PERS job. The condition that allows any PERS employment has to be classified as TEMPORARY and not PART TIME. I had this confirmed by the Board and narrowly escaped sanction for working a part time city job. 960 hours is a qualifier, but not the only one. The retirement rules are being more strictly enforced due to the fiscal situation the state is in. There are heavy sanctions if you get caught. I bet there more than a few who will be surprised when they come to visit.

[PERSonalTime]

Quote:

Originally Posted by Radicalfil That is what many people mistakenly believe. I thought the same thing until I actually read the pamphlet about working after retirement in a PERS job. The condition that allows any PERS employment has to be classified as TEMPORARY and not PART TIME. I had this confirmed by the Board and narrowly escaped sanction for working a part time city job. 960 hours is a qualifier, but not the only one. The retirement rules are being more strictly enforced due to the fiscal situation the state is in. There are heavy sanctions if you get caught. I bet there more than a few who will be surprised when they come to visit.

You're right, you can't be employed in a permanent, part-time position for a PERS agency and still get your pension. The key is the temporary designation with the 960 hour limitation.