Public Pension Calculator

How Much Will My CalPERS Pension Be?

Walk through the formula step by step

CalPERS Pension Formula

Benefit Factor × Years of Service × Final Monthly Compensation

= Monthly Pension Benefit

Step 1 — Find Your Benefit Factor

Your benefit factor is a percentage assigned by your formula at your exact retirement age. For example, the 2% at 55 (Classic State Misc) formula assigns 2.000% at age 55, climbing to about 2.418% at age 63. The factor changes at quarter-year intervals — retiring three months later than planned can bump your factor by a small but compounding amount. Find your factor in the official benefit factor table for your formula, or use the embedded calculator below.

Step 2 — Count Your Service Credit

Service credit is the years (and quarter-year fractions) of full-time CalPERS-covered work you have accumulated. Part-time work earns proportional credit. Sick leave, vacation, and unused service-credit purchases can also add to this number — check your annual CalPERS statement for the official total. Reciprocity may include service from another California public retirement system in some cases.

Step 3 — Compute Final Compensation

Final compensation is the average of your highest pensionable salary over a continuous period. Classic CalPERS members use the highest 12-month average. PEPRA members use the highest 36-month average. The highest period does not need to be the final period of your career — it's the highest qualifying span anywhere in your CalPERS-covered employment. PEPRA also caps the compensation that counts.

Step 4 — Multiply, Then Apply Survivor Option

Multiply the three values together to get your monthly pension benefit at the Unmodified option. If you choose a survivor option (100%, 75%, or 50% continuance), your monthly check is reduced by an actuarial percentage based on your age and your beneficiary's age. The unmodified amount pays the highest monthly check but ends at your death; survivor options pay less monthly but continue payments to your beneficiary.

Worked Example — Classic 2% at 55, Age 55, 25 Years, $8,000/Month

  1. Benefit factor at age 55 under 2% at 55: 2.000%
  2. Years of service: 25
  3. Final monthly compensation: $8,000
  4. Calculation: 0.020 × 25 × $8,000 = $4,000/month (Unmodified)
  5. Annual benefit: $4,000 × 12 = $48,000/year
  6. Replacement rate: 25 × 2% = 50% of final compensation

Worked Example — PEPRA 2% at 62, Age 62, 25 Years, $8,000/Month

  1. Benefit factor at age 62 under 2% at 62: 2.000%
  2. Years of service: 25
  3. Final monthly compensation (36-mo avg): $8,000
  4. Calculation: 0.020 × 25 × $8,000 = $4,000/month
  5. But: PEPRA reached this same $4,000 only by waiting until 62; the Classic member got there at 55 — a seven-year head start.

Try It With Your Numbers

Calculator below uses the 2% at 55 (Classic State Misc) formula. Change the formula via the CalPERS hub or any specific formula page.

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How Much Will My Pension Be? — Frequently Asked Questions

Am I in CalSTRS or CalPERS?▾
If you are a certificated K-12 teacher, community college instructor, or certain administrator, you are likely a CalSTRS member. Most other California public employees — including school classified staff, state workers, and city/county employees — are CalPERS members. Some careers (e.g., switching from teaching to administration) may build credit in both systems; reciprocity rules then apply at retirement.
Is final compensation my last paycheck or an average?▾
It is an average. Classic CalPERS members use the average of their highest 12 consecutive months of compensation. PEPRA members use the average of their highest 36 consecutive months. The highest period does not have to be the final period — it is the highest qualifying span anywhere in your career.
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.
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.
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.
Should I retire at 55 or 57?▾
It depends on your formula. For 2% at 55 (a classic formula), the benefit factor is already at 2% by age 55 and continues to rise slowly through age 63. For 2% at 57 (a PEPRA safety formula), the benefit factor is still climbing at 55 and reaches 2% at 57. Waiting from 55 to 57 also adds two more years of service credit. Use the side-by-side calculator on /calpers/should-i-retire-at-55-or-57 to see the exact spread for your salary and service.

Related Guides

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Classic vs PEPRA — Side-by-Side

Compare Classic and PEPRA benefit factors at the same inputs

→

When Can I Retire? — Eligibility by Formula

Minimum retirement age for every CalPERS formula

→

Best Day to Retire — Date Optimization Guide

COLA timing, age-factor cliffs, leave cashout, fiscal year

→

Should I Retire at 55 or 57?

Side-by-side calculator comparing two common retirement ages

→

CalPERS Calculator Hub

All 32 CalPERS retirement formulas

→

CalPERS 2% at 55 Calculator

The most common Classic formula

Disclaimer: Worked examples are illustrative. Your actual pension calculation may include factors not shown here, such as PEPRA compensation cap, reciprocity, prior-service buybacks, or employer-specific provisions.