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CalPERS Pension on a $120,000 Salary

Estimated monthly pension at $120,000/year final compensation across major formulas and service-year scenarios

✓ Official benefit factor tables

A final compensation of $120,000/year (about $10,000/month) is a common planning target for many CalPERS members. Your pension is calculated as your benefit factor multiplied by your years of service multiplied by this monthly amount. The tables below show what $120,000 translates to in monthly pension across the most common formulas at their reference ages, across several service-year options.

Monthly Pension at $120,000/year — Service-Year Comparison

Each cell shows the estimated monthly pension at $120,000/year (about $10,000/month) final compensation, for the listed service years, using each formula's benefit factor at its reference age.

Formula10 yrs20 yrs25 yrs30 yrs
2% at 55State Miscellaneous & Industrial · ref age 55$2,000$4,000$5,000$6,000
2% at 62State Miscellaneous & Industrial · ref age 62$2,000$4,000$5,000$6,000
2% at 60State Miscellaneous & Industrial · ref age 60$2,000$4,000$5,000$6,000
2% at 55School · ref age 55$2,000$4,000$5,000$6,000
2% at 62School · ref age 62$2,000$4,000$5,000$6,000
2% at 55Local Miscellaneous · ref age 55$2,000$4,000$5,000$6,000

All estimates use each formula's benefit factor at its reference age (the full benefit factor). Retiring earlier than the reference age reduces the factor; retiring later raises it. The PEPRA compensation cap may apply at this salary for PEPRA formulas.

Calculator — pre-set to $120,000 salary

Loaded with the 2% at 55 (State Miscellaneous & Industrial) formula at its reference age, 25 years of service, and $10,000/month final compensation. Adjust to model your situation.

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$120,000 Salary — Frequently Asked Questions

What is the difference between School and State formulas?▾
School formulas apply to employees of K-12 school districts, community college districts, and county offices of education who are members of CalPERS. State formulas apply to state government employees. The benefit factors and retirement age ranges may differ between categories.
What is service credit?▾
Service credit is the years (and partial years) you have worked under a CalPERS or CalSTRS covered position. One year of full-time employment equals one year of service credit. Part-time employees earn proportional service credit.
What is a replacement rate?▾
The replacement rate is the percentage of your final compensation that your pension replaces. For example, a 2% benefit factor with 30 years of service gives you a 60% replacement rate, meaning your pension would be 60% of your final compensation.
How do I find out which CalPERS formula I have?▾
Your formula is determined by your employer, your job classification (miscellaneous, safety, etc.), and your hire date. Check your myCalPERS account, your most recent annual statement, your employer's retirement contract with CalPERS, or contact your HR/benefits office. The formula name will look like '2% at 55' or '2.7% at 57' followed by a category like State Miscellaneous or Local Safety.
What are the survivor benefit options?▾
CalPERS offers four retirement options: Unmodified (no survivor benefit, highest monthly payment), 100% Survivor (your beneficiary receives the same monthly benefit after your death), 75% Survivor, and 50% Survivor. Choosing a survivor option reduces your monthly pension. The reduction depends on your age and your beneficiary's age at retirement.
What is the minimum retirement age?▾
The minimum retirement age varies by formula. Most PEPRA formulas allow retirement at age 52, while classic formulas may allow retirement as early as age 50. Your benefit factor at the minimum age is typically much lower than at the reference age.

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Disclaimer: Estimates only. Actual final compensation calculations depend on whether you use the highest 12-month (classic) or 36-month (PEPRA) average and may be limited by the PEPRA compensation cap.