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Author Topic: Not quite vested in CALPERS...  (Read 11010 times)
New member
Posts: 1

« on: February 09, 2013, 3:15:08 pm »

I am thinking about leaving my current job but feel locked in because I won't be vested until this December. What all do I need to weigh before I decide whether to leave or stay until I'm vested at 5 years?

Would it benefit me to find another position on the CALPERS plan so I can continue to accumulate time, and if so, would I still lose the employer contribution from my existing position? It reads on the CALPERS site that my current balance can remain with them and that I still have the potential to continue earning time through another employer on the CALPERS system... what is NOT clear is if the employer contributions are withdrawn period if I leave before I am vested. 

Is it just a dumb idea to consider leaving now, when I am so close to that 5 year mark?
Distinguished Senior Member
Posts: 44,524

Prytania, the Foracle

« Reply #1 on: February 11, 2013, 12:13:57 am »

In a word, yes.

I'm not a narcissist. I'm just angry and violent.
Doing laundry.
Distinguished Senior Member
Posts: 18,893

« Reply #2 on: February 11, 2013, 2:10:24 am »

Call CalPers and see if you can talk to an actual person, or better yet an appointment to talk in person.

Light up the corners of your neighborhood with disco balls matched with dancing green and violet beams.
Senior member
Posts: 551

« Reply #3 on: May 18, 2013, 7:24:18 pm »

What melba-frikins said.  Contact the CalPERS officer on your campus.  Unless you're miserable in your job, I don't see why you would leave at this point.  Supposing you work in the CSU and were hired prior to 2011, your benefit is defined according to the 2% at 55 formula, with a maximum factor of 2.5% per year at 63, calculated on a 1 year highest compensation.   I'm guessing you cannot accrue factor years beyond age 67.

So I'd say you need to do a cost-benefit analysis, see if it's best to collect the money you've accrued thus far (remember it will be taxable income), or, rather, wait until you're fully vested.  If you're retiring from CalPERS at age 63 and expect to live at least 10 years after retirement, my bet is on the latter. 

Finally, it's best never to take free financial advice.  That said, diehards.org is far, far more solid for financial discussion than chronicle.com, where advice is doled out most liberally by someone who had to defer her own retirement for financial reasons.  My 2, anyway.
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