Considering a career with the state? Whether you seek out our help on getting a job or not, you should know that you are making great steps towards a lucrative career. Consider the following major benefits:
The state of California offer a pension system that will guarantee you a percentage of your highest income multiplied by a number of years worked. Employees starting today as State Miscellaneous members can expect a 1.75% return per year worked when they retire at 63.5. For simplicity’s sake imagine you begin your state career at 33.5 and work for 30 years with a max income of $100,000. After 30 years multiplied by 1.75 you would earn 52.5% of your high pay, or $52,500 per year in retirement. This is in addition to any social security benefits you will be eligible for.
An even more positive indicator when it comes to pensions is that the state has increased benefits to those who are working for the state in the past. That means once hired your pension even has the potential to increase to 2% or hire which would take you to $60,000 a year or more in retirement. Even if things change and you do not work an entire career with the state, you still become vested in your pension and due some reward after only five years of employment.
Your income is also nearly guaranteed to grow as MSAs or Merit Salary Increases are given annually at 5%. With no change in job duties, your pay could increase 20% in just four years. This is outside of the COLAs or Cost of Living Increases that are often negotiated by the union such as this year and last which have seen 4% increases in pay for many classifications.
Benefits for health, dental and vision are also excellent. After 20 years of employment medical benefits are covered in retirement. That huge benefit means that while you’re receiving your pension you will no longer be paying for medical benefits, but still receiving them.
Your time at work is sure to be comfortable with the varied schedule opportunities such as RDO or Regular Day Off. That 9/8/80 schedule means you receive one day off every other week. And in the event it falls on a Holiday, you get the day off and receive a future credit for that holiday.
The state currently observes 12 holiday’s a year as seen here. In addition to receiving sick and vacation time that increases in its speed of accrual over time worked. Not only does vacation roll over from year to year allowing you to save it and take longer amounts of time off, it also is paid out at the end of your career. If, you were to have 1,000 hours of vacation saved when you retired in the above scenario making 100,000 per year, you would be paid a bonus of $48,000! And any sick time you had saved would be credited to time worked, at a rate of 2,000 hours per year. So, with 2,000 hours your service credit would increase to 31 years even while retiring at 63.5 bringing up your annual pension payment to $54,250.
Student Loan Forgiveness:
Finally, did you know that the state offers student loan forgiveness? In as little as 10 years it is possible to have remaining federal student loan forgiven.
Curious about all these benefits? Feel free to check them out on CalHR!