The California Public Employees’ Retirement System (CalPERS) is a retirement fund for California state employees. It provides retirement, health, and related financial programs to more than 2 million members. The plan allows for a retirement allowance of 2% of salary for each year of service at time of retirement.
In addition to CalPERS, the state of California also offers the Savings Plus Program, which provides additional opportunities to save for retirement with 401(k) and 457 plans. The Savings Plus 401(k) and 457(b) plans are available to most State of California employees who are eligible for membership in CalPERS, the Legislators’ Retirement System, or the Judges’ Retirement System. With Savings Plus, automatic payroll deductions from your paycheck are invested in funds you select from the Savings Plus portfolio menu. You are not taxed until you eventually withdraw it during retirement.
The California Public Employees’ Retirement System (CalPERS) administers health insurance coverage for state retirees. Retirees can choose from a broad range of health insurance plans. The state pays most of the premiums.