California state employee retirements jumped 15% last year, as employees dealing with pandemic-related stress chose to leave the workforce, a pension fund spokesperson with the California Public Employees’ Retirement System (CalPERS) confirmed.
About 12,300 state workers in the state retirement system retired last year, up from roughly 10,700 the year prior, according to CalPERS data, which was first reported on by the Sacramento Bee. It’s a major spike from the prior two-year period, when state retirements fell 1.8% from 2018 to 2019.
Overall, retirements in the entire CalPERS system—which includes state workers, as well as public agency employees and non-teaching school personnel—increased just 4% in 2020, data shows. The prior year, the number of retirements in the whole pension fund fell 1.4%.
Author(s): Sarah Min
Publication Date: 23 February 2021
Publication Site: ai-CIO