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California State University, Long BeachCalifornia State University, Long Beach

California Public Employee Retirement System (CalPERS)

The California Public Employees' Retirement System (CalPERS) is a defined benefit retirement plan for State employees, classified school employees, and employees of local public agencies that contract with CalPERS for retirement plan administration. CalPERS provides lifetime benefits based on members' years of service, age, and final compensation. This contrasts with other retirement plans such as defined contribution plans, in which the benefits are determined not by a formula but by contributions (both employee and employer) and the investment performance of these contributions.

In addition, CalPERS provides benefits for disability, death, and payments to survivors or beneficiaries of eligible members.