I pay 1% of my salary into the CALPERS SYSTEM and the City Council picks up the other 7%...
So assuming I stay here for 5 years to get vested ... here's the pretty formula:
2.7% Multiplied by my years of service (a max of 38 years) = percentage I get once I hit 55 of my largest annual salary. I'll get that amount for the number of years i've worked for the city.
Assuming I make 36,000 this year [which would be my highest annual salary]:
2.7% x 1 year of service= $972 in retirement. I'd recieve this for one year.
When January rolls around and I find out my actual yearly income is, i'll add the pension to my networth. =)
Remember, I also have that pretty Roth Ira at ING that I drop $100 a month into, plus my 2 extra paychecks.
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