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We have included two charts related to the state miscellaneous and industrial 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.
12 Δεκ 2022 · Benefit Factor Charts. Understanding Your Benefit Factor and Final Compensation. Your benefit factor is the percentage of pay to which you are entitled for each year of service. It’s determined by your age at retirement and the retirement formula based on your membership date with each employer.
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.
RETIREMENT FORMULAS AND BENEFIT FACTORS. The chart below shows how the benefit factor increases for each quarter year of age from 52 to 67. 2% at Age 62 Benefit Formula. Minimum Age for Retirement 52 Membership Date on or After January 1, 2013. Age.
CalPERS Retirement Formulas. Your benefit factor is the percentage of pay to which you are entitled for each year of service. It’s determined by your age at retirement and the retirement formula based on your membership date with each employer.
Fiscal year – If you start working in July, it’s possible to earn one year of service credit by the end of April (10 months), as service credit is earned in tenths, not twelfths. Birthday quarter – For example, based on the classic 2% at 55 formula, you’re eligible to retire at age 50 with a multiplier of 1.1.
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.
