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CalPERS 2% at 62 Retirement Calculator

Local Miscellaneous

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52

Min Age

62

Reference Age

67

Max Factor Age

2%

COLA Cap

Use this free calculator to estimate your 2% at 62 retirement benefit under the Local Miscellaneous category. PEPRA local miscellaneous members hired on or after 1/1/2013. This formula applies to PEPRA members hired on or after January 1, 2013. Enter your planned retirement age, years of service, and final compensation below for an instant estimate with a full calculation breakdown.
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CalPERS 2% at 62 — Frequently Asked Questions

What is final compensation?▾
Final compensation is the average of your highest salary over a specific period, typically your highest 12 or 36 consecutive months depending on your formula. PEPRA members use a 36-month average; classic members typically use a 12-month average.
How much is one more year of work worth?▾
Working one more year increases your pension in two ways: you add a full year of service credit (one more multiplier in the formula), and your benefit factor goes up because you retire at an older age. Together, the marginal benefit of working one more year is typically larger than the simple service-credit bump alone, especially below the reference age. Use the sensitivity ranking in the calculator to quantify it for your exact inputs.
Does the day I retire affect my first COLA?▾
Yes. CalPERS pays the annual COLA each May based on retirees with at least one full year of retirement. Retiring before April 1 generally qualifies you for the next May's COLA payment; retiring after April 1 means waiting an extra year. This single timing choice can shift your first COLA by 12 months.
What is a benefit factor quarter-year cliff?▾
CalPERS benefit factors increase at quarter-year increments. Retiring three months later (e.g., at 55.25 vs 55.00) can raise your benefit factor by a small but non-trivial amount. Multiplied across your full years of service and decades of retirement, this can amount to thousands of dollars. The free CalPERS calculator on this site shows your exact factor at any quarter-year age.
Can I retire before the minimum retirement age?▾
Not for service retirement. If you separate from CalPERS-covered employment before reaching your formula's minimum retirement age, you can leave your contributions on deposit and begin drawing your pension once you reach the minimum age. Disability retirement has different rules. Service retirement requires at least 5 years of credit and reaching your formula's minimum age.

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Disclaimer: This calculator provides estimates for informational and educational purposes only. It is not financial, tax, or legal advice. All formulas are sourced from publicly available CalPERS documents. Formula factors verified against official CalPERS benefit factor tables. Last verified: 2026-05-26. View official source PDF