Public Pension Calculator

CalPERS 2% at 62 Retirement Calculator

School

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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 School category. PEPRA school 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.
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.
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.
Why does the benefit factor change every quarter year?▾
CalPERS publishes benefit factors at quarter-year intervals (e.g., 55.00, 55.25, 55.50, 55.75). This means your exact retirement date within a year affects your benefit factor. Retiring even three months later can increase your benefit factor and monthly pension.
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.

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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