What Kind Of Retirement Plan Is Calpers?

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    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    CalPers is a defined benefit pension plan.  Most defined benefit pension plans are employer paid, CalPers is a combination or hybrid plan with both the participant and the department employing them contributing to the plan.  Participants do not have individual accounts but the retirement benefit is calculated by a formula that is basically years of service, age and highest income.  CalPers has several plans, though and so benefits differ.
    Answered on May 27, 2014
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