Can you explain the impact of different retirement ages presented under the Governor’s pension reform proposal?
Under current CalSTRS-offered benefits, the normal retirement age is age 60, and the minimum retirement age is generally attainable at age 55 with at least five years of service credit. If an educator has 30 years of service credit, he or she is able to retire even earlier at age 50.
However, the Governor’s 12-Point Pension Reform proposal seeks to impose an increase in the full retirement age for new members to age 67. The Governor’s proposal also seeks to increase the minimum retirement age to 57 with five years of service credit.