Calpers has conducted two new research studies analyzing the effects of California's Public Employees' Pension Reform Act of 2013 on public employee compensation.
The Emerging Role of Defined Contribution Plans for California Public Employees study found that in general, new Calpers members need to save between $373 and $1,480 more each month or work 2.5 to 5 years longer to retire with the same income as Calpers members who were hired before the pension reform act went into effect.
The study showed that with careful retirement planning and the use of a Defined Contribution plan, which allows employees to supplement their pension, new members can achieve the same retirement results as members that were hired before January 1, 2013.
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