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retirement formula 2% at 60. The chart below shows how the benefit factor increases for each quarter year of age from 50 to 63. The chart on the next page shows the percentage of final compensation you will receive. 2% at 60 Retirement Formula — Minimum retirement age is 50 years
12 Δεκ 2022 · To see your benefit factor for each quarter year of age, choose your retirement formula below. Each PDF includes two charts. The first chart shows how the benefit factor increases for each quarter year of age. The second chart shows the percentage of final compensation you will receive.
We have included two charts related to the state miscellaneous and industrial retirement formula 2% at 62. The chart below shows how the benefit factor increases for each quarter year of age from 50 to 67. The chart on the next page shows the percentage of final compensation you will receive.
Their final compensation average is $4,500.00 a month. First, multiply the years of service credit by the benefit factor. Then multiply that result by the final compensation to get the unmodified allowance: 25 years × 2% benefit factor = 50%. 50% × $4,500.00 final compensation = $2,250.00 unmodified allowance or pension.
Once you know your retirement formula, go to our Benefit Factor Charts webpage to select the chart for your formula (you can view, print, or save your PDF document). You’ll see how your benefit factor increases for each quarter year of age, and the percentage of final compensation you will receive.
It’s simple to use the CalPERS Retirement Estimate Calculator to get an idea of what your monthly retirement benefit might be. If you use the calculator in your myCalPERS account, some of the fields will pre-populate from data your employer has already submitted.
Member Handbook. CalSTRS 2% at 60. The standard age factor is 2% at age 60. The age factor gradually decreases to 1.1% at age 50 if you retire before age 60 and gradually increases to 2.4% at age 63 if you retire after age 60.
