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It pays to know how your pension is calculated, so stay tuned while we cover the three Retirement Calculation Factors in todays quick tip. Your CalPERS pension is a defined benefit plan, meaning your pension amount is based on a formula, not on how much you contribute to the system. The three factors in that formula are your Service Credit, Benefit Factor, and Final Compensation. Service Credit is your total time spent on the job with all CalPERS-covered employers. Your Benefit Factor is the percentage of pay youre entitled to for each year of service credit youve earned. Its based on the retirement formula contracted by your employer and your age at retirement. Final Compensation is an average of your highest monthly pay rate. Multiplying these factors together determines the highest amount you can receive when you retire. So how is this information beneficial to you? Well lets consider how you might maximize your pension amount in the following ways: When it comes to Service Cre