The California Public
Employees� Retirement System (CalPERS) offers a
3% at 50 retirement benefit plan for local safety
members. A number of agencies have already contracted
with CalPERS to provide this plan. Because of the
substantial benefits associated with 3% @ 50, this
page was developed to act as an informational
resource on this plan by providing a formula on how
to calculate an individual�s final compensation,
and displaying a graph listing the final percentage
of compensation depending upon years of service and
age at retirement.
We will be keeping
viewers of this page updated throughout the year on
the names of the agencies that have included this
benefit for their members. These names will be
updated as agencies are added. Listed below is a list
of the agencies who currently have the 3% @ 50
retirement benefit for their members:
As
of 8/28/00 TOTAL: 50 agencies
with 3% @ 50.
Arcata,
Auburn, Benicia, Brea, Brentwood, Buena Park, Chico,
Chino, Colton, Concord, Covina, Dos Palos, Downey, El
Cerrito, El Monte, El Segundo, Escalon, Folsom,
Garden Grove, Gardena, Hawthorne, Hayward, Hermosa
Beach, La Mesa, LaVerne, Lodi, Lompoc,
Mammoth Lakes, Milpitas, Modesto, Modoc County,
Montebello, Monterey Penninsula Airport, Oceanside,
Palm Springs, Petaluma, Placentia, Placer County,
Placerville, Roseville, San Buenaventura, San Diego,
San Leandro, Sonoma, Stockton, Vallejo, Ventura,
Walnut Creek, West Covina, and Westminster.
Requirements
The 3 % @ 50 benefit
is a negotiated benefit for all agencies who are
currently contracted with CalPERS. Safety members
must have at least five years of service to be
eligible for this retirement plan. There is no
minimum age requirement for local safety members.
There are some exceptions to the five-year
requirement. Your regional CalPERS office can tell
you if you qualify for this exception.
Estimating
Retirement Allowance
Retirement allowances
are estimated based upon years of service credit, a
benefit factor and final compensation. Your CalPERS
Annual Member Statement contains your current service
credit. Additional credit can then be added depending
upon a projection of your final retirement date.
The benefit factor is
the percent of pay you are entitled for each year of
service. Under this plan, the percentage of pay to
which you are entitled cannot exceed 85 percent of
your final compensation.
Final compensation is
your average monthly pay rate for the last employment
period of either 36 months or 12 months, depending
upon your employer�s contract with CalPERS.
Example
If you will be
retiring at age 50 with 18.5 years of service, your
percent of final compensation might look like this:
| 18.5 |
�x |
�3% |
�= |
�55.5% |
| Years of Service |
� |
Percent per year
�Based upon age
�at Retirement
(see table below) |
� |
�Percent of final
Compensation |
Age
|
50
|
51
|
52
|
53
|
54
|
55+
|
Benefit Factor
|
3%
|
3%
|
3%
|
3%
|
3%
|
3%
|
Years
of Service
|
5
|
15%
|
15%
|
15%
|
15%
|
15%
|
15%
|
6
|
18%
|
18%
|
18%
|
18%
|
18%
|
18%
|
7
|
21%
|
21%
|
21%
|
21%
|
21%
|
21%
|
8
|
24%
|
24%
|
24%
|
24%
|
24%
|
24%
|
9
|
27%
|
27%
|
27%
|
27%
|
27%
|
27%
|
10
|
30%
|
30%
|
30%
|
30%
|
30%
|
30%
|
11
|
33%
|
33%
|
33%
|
33%
|
33%
|
33%
|
12
|
36%
|
36%
|
36%
|
36%
|
36%
|
36%
|
13
|
39%
|
39%
|
39%
|
39%
|
39%
|
39%
|
14
|
42%
|
42%
|
42%
|
42%
|
42%
|
42%
|
15
|
45%
|
45%
|
45%
|
45%
|
45%
|
45%
|
16
|
48%
|
48%
|
48%
|
48%
|
48%
|
48%
|
17
|
51%
|
51%
|
51%
|
51%
|
51%
|
51%
|
18
|
54%
|
54%
|
54%
|
54%
|
54%
|
54%
|
19
|
57%
|
57%
|
57%
|
57%
|
57%
|
57%
|
20
|
60%
|
60%
|
60%
|
60%
|
60%
|
60%
|
21
|
63%
|
63%
|
63%
|
63%
|
63%
|
63%
|
22
|
66%
|
66%
|
66%
|
66%
|
66%
|
66%
|
23
|
69%
|
69%
|
69%
|
69%
|
69%
|
69%
|
24
|
72%
|
72%
|
72%
|
72%
|
72%
|
72%
|
25
|
75%
|
75%
|
75%
|
75%
|
75%
|
75%
|
26
|
78%
|
78%
|
78%
|
78%
|
78%
|
78%
|
27
|
81%
|
81%
|
81%
|
81%
|
81%
|
81%
|
28
|
84%
|
84%
|
84%
|
84%
|
84%
|
84%
|
29+
|
85%max
|
85%max
|
85%max
|
85%max
|
85%max
|
85%max
|
There are exceptions
to the general guidelines outlined above. Please
contact your regional CalPERS office or contact
CalPERS Retirement Program Services at 800-352-2238
for more detailed information.
