Do you lose your current pension if you switch agencies?

[ptatohed]

I was considering applying for an opening at a different city closer to home (getting kind of tired of my 30 mile, 45 minute commute).  But the CalPERS retirement formulas have all been reduced considerably.  So, I am grandfathered in at 2.7% @ 55 but I would go to 2.0% @ 60 if I were to change cities.  I did a quick calc and that equates to about a $20,000/yr loss in retirement pension.  That's tough to give up.  Anyone else feel stuck at their current agency due to post-recession pension restructuring? 

 

[snickerd3]

as long as i didn't move to the prison system or teacher system i would keep the same.  the prison system is more, the teacher system is less.

 

[EhmayWuntee P.E.]

If you leave before the 20 years where I am and go to another city in the same retirement system then the clock starts over and could potentially require 25 years depending on the city. Age I think is the same everywhere so as long as you are vested, or perhaps there is like a 10 year minimum.

If you already completed a requirement (20 years) and then move to another city, I believe you are good to retire whenever as long as they don't have a higher requirement (25 years). If they have 25, I forget if you can put in 5 more, or just have to wait on age.

 

[jeb6294]

Nice thing about Fed is that everything goes with me.  When I moved from the USACE to the VA, all my retirement, leave and time in service went with me.  There were a lot of confused people when I got my 10-year pin at my 2nd monthly staff meeting.

 

[MaxDefl]

I currently work in local government in Virginia.  If I go to any other local government position in Virginia, or go to work for the Commonwealth, I can keep my pension.  Should I leave Virginia, since I am vested, I can move the money I put in into an IRA, or I can leave it in and get some minute amount later in life.  Maybe 5-10 dollars a month.