Calpers Retirees - Current and Future

[PERSonalTime]

Are there any current or future Calpers retirees out there? What are your experiences in the system? What do you think about the recent changes in retirement benefits? Will or has it affected you? Please share your thoughts/experiences on this topic.

 

[sanfanciscotreat]

Excuse my ignorance.
What is a calper?
Something to do with CA?

 

[FIREd]

CalPERS = California Public Employees' Retirement System

 

[LinCella]

I am current, two months in. There were no changes under my contract. I get full medical from the job I retired from. So far so good, check arrives in my bank on the date they say. My calpers online is great. I love retirement and am grateful for my pension, 70% of my job pay.

 

[PERSonalTime]

I am current, two months in. There were no changes under my contract. I get full medical from the job I retired from. So far so good, check arrives in my bank on the date they say. My calpers online is great. I love retirement and am grateful for my pension, 70% of my job pay.

Yep, it's wonderful!

 

[Options]

One of the reasons CA is broke is because I worked just two months for CA about 10 years ago and have about $800 coming to me, and growing. Not vested, but can roll the money over any time. What started at about $500 has been earning 6% interest annually. Guess I should be grateful.

 

[Accidental Retiree]

One thing that people don't always understand about CalPERS is that the employees put money into the system. It's taken from their checks just like Social Security is taken from others' checks. In fact, in some places, both PERS and SS are taken from employees' checks.

 

[Options]

One thing that people don't always understand about CalPERS is that the employees put money into the system. It's taken from their checks just like Social Security is taken from others' checks. In fact, in some places, both PERS and SS are taken from employees' checks.

Indeed they do. Most have been great public servants who deserve everything they get (I have two friends participating in this and another system--one a state psychologist and another a county paralegal; both are excellent employees and definitely deserve their pensions). I just don't think people like me, however, should have been earning 6% constant on my two months of contributions. LA Times just had an article this week on the terrible shape PERS is in. The pension abuses of the highest paid earners are documented and well known. Hopefully, current attempts at reform will support CA in continuing to meet its promises to its employees who deserve it.

 

[PERSonalTime]

One of the reasons CA is broke is because I worked just two months for CA about 10 years ago and have about $800 coming to me, and growing. Not vested, but can roll the money over any time. What started at about $500 has been earning 6% interest annually. Guess I should be grateful.

How can you ever vest in the Calpers system if you didn't work in the system at least 5 years?

 

[Gumby]

How can you ever vest in the Calpers system if you didn't work in the system at least 5 years?

Without having done a shred of research, I'd bet that he is talking about receiving his own contributions back. In many systems, that is the case. If you leave before vesting, you can get your contributions back with a specified interest rate.

 

[Options]

Without having done a shred of research, I'd bet that he is talking about receiving his own contributions back. In many systems, that is the case. If you leave before vesting, you can get your contributions back with a specified interest rate.

Exactly. I should add that state employees were harshly impacted after the economic meltdown in 08. Example, my state psychologist friend saw no annual increases for 3 (or 4) years in a row, had to take forced unpaid furlough days, all of which hurt her financially. She's served the people of CA for almost two decades and she and people like her absolutely deserve their pensions.

That stated, there has been pension abuse and overreach and cities from San Diego to San Jose are getting killed because of it. I wouldn't want to be managing their city budgets.

 

[wolf]

Just a comment. Unless the Pension is funded, in the future, it will be impossible to
maintain the current distribution. Simple math. This applies to most State, City, County pension plans. ie Detroit.

In California we have, Vallejo, Stockton, etc. bankruptcy.