Calpers and - no notice retirement

[2sleepy]

Originally Posted by matt fe2o3

Thanks folks, great replies. The timing of first check and cash flow is not an issue. This is a close relative's issue, not my own, however I also work for the same state agency but in a different section. The issue is within a transit police department department that has really major issues from weapons custody to hiring felons (I kid you not) to pressuring people in the non-sworn background positions to ignore rap sheets and clear people for work for the police department that would otherwise not be qualified. Refusal to break the law for supervisors comes at a price (e.g., not being a team player) and I think the relative in question has simply had enough and its time to go rather than to continue to refuse to be the bag-holder. The agency is one of the most notoriously substandard departments in California, shooting civilians, each other, etc., thus probably better to close that chapter for dear relative (as is my suggestion) sooner and move on.

let me guess....BART Police (no need to acknowledge or deny, it's just my hunch)

[matt fe2o3]

Meh, does not matter which agency - many are all the same in a lot of ways - one thing California has right now is disaster within police departments, everywhere you look.

Anyway the mechanics of retirement as far as I can tell all basically indicate any time. I suppose that's part and parcel to being in an at-will state. There are certainly questions around unused sick time % - there have been changes on how that works and that is worth the question to the benefits section. I think taking terminal vacation out to an exit date is pretty standard.

[Curmudgeon]

Proceed at your own risk. My wife gave two weeks notice and retired. She'd filed with CalPERS a month prior and her first pension was direct deposited the month after she left. I gave about four months notice to my employer to provide for succession planning as I held a very specialized, management position. No one was assigned to be trained by me until the week before my retirement was scheduled and I told my agency to go pound sand. Too little, too late. No regrets and I, too, received my first pension direct deposit the following month having applied three months earlier and, if memory serves, my accrued annual leave about two weeks later. It was all eight years ago. What I do recall with clarity is that I had grown weary of the agency for which I worked and the internal politics so while retiring two years before I had planned to, it was a great relief to do so. So, too, was leaving California nine months later.

Best of luck to you. Just make sure you too leave with no regrets.

[ansible90]

Originally Posted by Curmudgeon

Proceed at your own risk. My wife gave two weeks notice and retired. She'd filed with CalPERS a month prior and her first pension was direct deposited the month after she left. I gave about four months notice to my employer to provide for succession planning as I held a very specialized, management position. No one was assigned to be trained by me until the week before my retirement was scheduled and I told my agency to go pound sand. Too little, too late. No regrets and I, too, received my first pension direct deposit the following month having applied three months earlier and, if memory serves, my accrued annual leave about two weeks later. It was all eight years ago. What I do recall with clarity is that I had grown weary of the agency for which I worked and the internal politics so while retiring two years before I had planned to, it was a great relief to do so. So, too, was leaving California nine months later.

Best of luck to you. Just make sure you too leave with no regrets.

I had the same experience. Gave several months notice. They didn't get anyone to take over the work until several months AFTER I left. Then they called me to come in for an hour to explain everything. They did offer to pay for the hour but I just went in for the meeting and didn't ask to be paid.

[matt fe2o3]

Originally Posted by Curmudgeon

Proceed at your own risk. My wife gave two weeks notice and retired. She'd filed with CalPERS a month prior and her first pension was direct deposited the month after she left. I gave about four months notice to my employer to provide for succession planning as I held a very specialized, management position. No one was assigned to be trained by me until the week before my retirement was scheduled and I told my agency to go pound sand. Too little, too late. No regrets and I, too, received my first pension direct deposit the following month having applied three months earlier and, if memory serves, my accrued annual leave about two weeks later. It was all eight years ago. What I do recall with clarity is that I had grown weary of the agency for which I worked and the internal politics so while retiring two years before I had planned to, it was a great relief to do so. So, too, was leaving California nine months later.

Best of luck to you. Just make sure you too leave with no regrets.

Thank you - noted. I think their plan as well is to move out of California in the next 2 years anyway, so while two years is 4% pension compound lost, it is offset by the two years of pension payments received and nothing really prohibits them for working in the commercial or out of State government markets if they so choose, although I doubt that would happen.

As I mentioned earlier the one thing they really need to look at is how sick is treated. There have been changes to what %, etc., is allowed to be put into deferred or what-have you. At over 1000 hrs or so it is not insignificant unless it becomes inapplicable.

[kauailover]

I use the calpers website a few times a year to run retirement estimates and explore options. Everything they'll want to know can be found through the calpers.Gov website. A pre-retirement class might be a good idea, they can also be done online.