CalPERS retirees express concerns over pension formula and application changes

The Retiree Town Hall meeting held on June 20, 2025, featured discussions led by CalPERS Board Member Yvonne Walker, addressing concerns from retirees regarding their benefits and retirement processes. The meeting provided a platform for retirees to voice their issues and seek clarification on various topics.

The first significant concern raised was about the retirement formula, which is capped at a 2 percent increase. A retiree expressed frustration over this limitation, especially in light of higher Social Security adjustments during the COVID era. The retiree highlighted that the 2 percent increase often does not keep pace with rising health insurance premiums, effectively negating any financial relief. Walker clarified that the retirement formula is established by law, and any changes would require legislative action. She encouraged the retiree to engage with local legislators to advocate for a review of the formula.

Another retiree, Floyd, raised an issue regarding a change made to his retirement application without his consent. He explained that his effective retirement date was altered, resulting in a delay in receiving his cost-of-living adjustment. Walker acknowledged the concern and promised to investigate the matter further, ensuring that Floyd would receive a more detailed response.

Janet, another participant, inquired about health coverage as she and her husband approach Medicare eligibility. Walker provided guidance on the process, explaining that while her husband would receive a notification from CalPERS about Medicare enrollment, Janet should refer to the CalPERS website for additional information and FAQs regarding their specific situation.

The meeting concluded with Walker assuring attendees that their concerns would be addressed and encouraging them to reach out for further assistance. Overall, the Town Hall served as an important forum for retirees to discuss their challenges and seek support from CalPERS representatives.