What types of retirement plans are offered by CalPERS?
Asked 6 months ago
CalPERS offers multiple retirement plans to its members. The main retirement plans include the Defined Benefit Plan, which provides a monthly lifetime pension based on salary, years of service, and age at retirement. This plan is available to state, school, public agency, and contracting agency employees. Additionally, CalPERS offers the Defined Contribution Plan, where members contribute a portion of their salary to individual investment accounts, with future retirement income dependent on investment performance. This plan is available for public agency and school members. Lastly, there is the Savings Plus Program, a tax-advantaged 401(k) and 457 Plan, available to all public agency, school, and state employees. It allows members to make pre-tax contributions and invest in a variety of traditional and Roth investments.
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