Legislative leaders select a member to represent the public. The remaining four members — the state treasurer, the state controller, the director of the California Department of Human Resources and a representative of the State Personnel Board — serve ex officio.
Its makeup is supposed to ensure a diversity of views and balanced decision-making. In practice, the board is heavily influenced by organized labor. He was elected to the board by school employees. Two other board members elected by public workers, Michael Bilbrey and J. Jelincic, are former presidents of large public employee unions. Another, Theresa Taylor, is vice president and secretary-treasurer of the Service Employees International Union, Local , which represents 95, state workers.
Do you have a government-funded pension? What has been your experience? The board is fiercely independent of the Legislature and governor. In , after former Gov. In , Gov. Jerry Brown proposed adding two board seats, to be filled by people with financial expertise and no claim to a CalPERS pension or any connection to a public employee union.
Legislators rejected the idea. The Los Angeles Times is collaborating with CALmatters , a nonprofit journalism venture, and Capital Public Radio to explore the consequences of an historic expansion of retirement benefits for California public employees. Future articles will examine the impact of pension costs on local governments, the politics of pension reform and related subjects. Employees can retire as early as age 50 with five years of CalPERS pensionable service credit unless all service was earned on or after January 1, , then employees must be at least age 52 to retire.
There are some exceptions to the 5-year requirement. Classic members will retain the existing benefit levels for future service with the same employer.
PEPRA is a complex law that can generate many questions. Employees can view the applicable retirement benefit formula chart by choosing one of the membership benefit publications below. Employees uncertain of their benefit formula can contact their campus benefits office.
Note: Any unused sick leave is converted to additional service credit if the employee retires within days of separation from employment. Eight hours of sick leave equals one day.
It takes days of sick leave to receive one year of service credit. Employees can apply for service retirement online, in person, or by mail. It is recommended that employees begin planning for retirement one year before retirement. For step-by-step instructions on filling out a paper service retirement application, employees can review the Service Retirement Election Application PUB 43 or take the instructor-led or online Member Education class, Completing Your Retirement Application.
The difference between gross and net pay differs in retirement than it does for active employees. There are fewer deductions taken. The following are examples of deductions that are NOT taken from retirement checks:.
Also, all voluntary deductions cease. This can include life insurance, long term care, credit unions, and charitable contributions. Employees Eligible for Membership Full-time appointments that exceed six months. Half-time appointments 50 percent or more for one year or longer.
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