Retirement

CalPERS RetirementRetirement Photo

The County of Lake participates in the California Public Employees' Retirement System (CalPERS). All full-time benefited employees are automatically enrolled in the CalPERS system. If you are an extra help employee your eligibility is based on part-time or intermittent employment of 1,000 hours of service within a fiscal year. Membership is mandatory for all eligible employees.

CalPERS retirement benefits are funded from three different sources:

  1. Employer contributions
  2. Employee contributions
  3. Earnings from investments of these funds

Retirement Eligibility

To be eligible for service retirement, you must have at least five years of CalPERS-credited service and be at least age 50, 52, or 55 depending on your retirement formula.

Retirement Benefit Classifications and Formulas
CalPERS uses three factors to calculate your service retirement pension:

Classifications

  • Classic Miscellaneous Member:  2.5% @ 55; which means you can retire at 55 and receive 2.5% x (years of service) x (highest 1-year salary).
  • PEPRA Miscellaneous Member: 2% at 62;  which means you can retire at 62 and receive 2% x (years of service) x (avg of highest 3 years' salary).
  • Safety Classic Member: 3% at 55; which means you can retire at 55 and receive 3% x  (years of service)  x (avg of highest 1 year salary).
  • Safety PEPRA Member: 2.7% @ 57; which means you can retire at 57 and receive 2.7% x  (years of service) x (avg of highest 3 years' salary).

CalPERS Handouts

Click the images below to open the document.

Welcome to CalPERSPlanning Your Service Retirement