The CalPERS Golden Handshake is a contractual benefit offering an early retirement incentive to eligible employees. Ask your employer if they offer this type of … www.calpers.ca.gov 9 Golden Handshake Your employer may offer additional service credit as an incentive to retire. The 180-day waiting period applies without exception if you receive a Golden Handshake or any other employer incentive to retire. Certificated staff members will often ask specifically for the California State Teachers’ Retirement System (CalSTRS) Golden Handshake program, where the employer can pay the cost of two years of additional service credit in order for the member to retire early. Be sure to review our Employment After Retirement publication (PDF) for specific guidelines and restrictions. Phone: 888-225-7377 | TTY: (877) 249-7442 | Intl: +1 916-795-3000 Active Members & Retirees; Employers & Business Partners; Contact; Privacy Policy; Conditions of Use; Accessibility; 0 9 • • Golden Handshake. Source: Calpers. Your employer may offer additional service credit as an incentive to retire. The State Worker from the Sacramento Bee provides the latest news that affects workers in California's government and state agencies, including the DMV, Caltrans, Cal Fire, CalPERS and Corrections. CalPERS Golden Handshake Benefit Procedures "02-32" 06/03/2002 (PDF) Employer Rates 2020-2021 Employer Rates - STRS, PERS, Social Security, and Medicare 01/11/2021 (PDF) This is known as a golden handshake. The official video channel of the California Public Employees' Retirement System. Current law allows for a Golden Handshake to provide an additional two years of service credit. A "Golden Handshake" is an early retirement incentive that can be offered by your employer. The Retirement Incentive Program is a program provided by employers that would increase the service credit used in calculating the CalSTRS service retirement benefit. CalPERS treats such a shortfall as long-term debt rather than recouping it quickly. This is known as a golden handshake. Which helps explain why, even though the Great Recession ended more than a decade earlier, CalPERS … You must retire within a specific “window period” to be eligible. In order to offer a Golden Handshake, there must be an impending layoff and your employer can demonstrate that enough savings can be realized to pay for the Golden Handshake benefits. Summary of Tentative Agreement with Bargaining Unit 6, July 3, 2020 through July 2, 2022 Summary of Agreement with Bargaining Unit 6 with Bargaining Unit 6, 7/3/2020 to 7/2/2022 (PDF) 2020 … Ask your employer if they offer this type . www.calpers.ca.gov. A spokeswoman said the “decision supported the strategic goal to improve long-term health of the pension plan.” CalPERS does not issue a report of the number of golden handshakes and the amounts, unlike a state law requirement for CalSTRS. In 2013 CalPERS cut the time for paying off golden handshake debt from 20 years to five years. To be eligible, you must retire within … of retirement incentive. You must retire within a specific “window period” to be eligible.

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