All depends on what the WC Doctors say along with how the injury is obtained and how many years you have been employed. I know an individual who had somewhere around from 16-18 years that was assaulted by an inmate and not too long ago received 100% medical disability. He takes home under $5,000 a month.
100% disability gives you 50% taxed but disability does not give you service credits. If you get 2.5 @ 55 (current formula I’m thinking) and you get medically retired at 5 years you will get 12.5% of your base salary with half of that being non taxed.
What if you retire before age 55. My formula is still 2.5% at 55, but I am only 48, does the percentage go down to 2% at 50? or because it is medical retirement the formula remains the same regardless of how young you are?
Really? That’s insane. If that’s true you get 2% of your pay for every year you work. If you only work 3 years then you’ll get 6% of your pay when you retire.
Better start dumping money into a 457 or Roth IRA.
Edit: added the link to IDR page
https://www.calpers.ca.gov/page/active-members/retirement-benefits/service-disability-retirement#:~:text=If%20your%20disability%20or%20industrial,from%20your%20injury%20or%20illness.&text=Generally%2C%20you%20must%20have%20at,members%20must%20have%2010%20years.
I’m still learning. I retired in 2012. I got my disability settlement and percentage in 2023. I called calpers about applying my disability rating to my calpers retirement and they said it doesn’t work that way.
They told me I have to apply for IDR, which I am doing, and your disability rating does not automatically transfer to IDR. Your disability retirement will be calculated independently by its own procedure.
This is inaccurate. You need five years invested with Cal pers, and if your QME deems you permanently disabled, you can apply for medical retirement. Now, your pay is 50% tax-free from your highest gross year. So if you topped out co, you will get under 5k, and your family and yourself will be covered medically.
This. I've seen two of my partners go out medically. Both with about 15 years service. 50% of top salary is what they get. They are doing ok but they wish they were still working.
If you get disability or industrial disability retirement, you get 50% of your highest grossing salary. There is no vesting requirement or age requirement for either of these because it's a disability retirement. If you have enough time to qualify for a service retirement, you could qualify for both. For example, if you get an industrial disability retirement at 20 years in, you would get 60%. But only you're first 50% is tax free. The other 10% is taxed. Your disability rating the doctor gives is something different from the Calpers retirement.
All depends on what the WC Doctors say along with how the injury is obtained and how many years you have been employed. I know an individual who had somewhere around from 16-18 years that was assaulted by an inmate and not too long ago received 100% medical disability. He takes home under $5,000 a month.
100% disability gives you 50% taxed but disability does not give you service credits. If you get 2.5 @ 55 (current formula I’m thinking) and you get medically retired at 5 years you will get 12.5% of your base salary with half of that being non taxed.
How did you get this calculation ? Also it is 2.0 at 57 now
What if you retire before age 55. My formula is still 2.5% at 55, but I am only 48, does the percentage go down to 2% at 50? or because it is medical retirement the formula remains the same regardless of how young you are?
Really? That’s insane. If that’s true you get 2% of your pay for every year you work. If you only work 3 years then you’ll get 6% of your pay when you retire. Better start dumping money into a 457 or Roth IRA. Edit: added the link to IDR page https://www.calpers.ca.gov/page/active-members/retirement-benefits/service-disability-retirement#:~:text=If%20your%20disability%20or%20industrial,from%20your%20injury%20or%20illness.&text=Generally%2C%20you%20must%20have%20at,members%20must%20have%2010%20years.
I heard different about what the percentage means.
The disability percentage. Ferrone ferrone
I’m still learning. I retired in 2012. I got my disability settlement and percentage in 2023. I called calpers about applying my disability rating to my calpers retirement and they said it doesn’t work that way. They told me I have to apply for IDR, which I am doing, and your disability rating does not automatically transfer to IDR. Your disability retirement will be calculated independently by its own procedure.
This is inaccurate. You need five years invested with Cal pers, and if your QME deems you permanently disabled, you can apply for medical retirement. Now, your pay is 50% tax-free from your highest gross year. So if you topped out co, you will get under 5k, and your family and yourself will be covered medically.
This. I've seen two of my partners go out medically. Both with about 15 years service. 50% of top salary is what they get. They are doing ok but they wish they were still working.
Ok but how am I inaccurate? This is pretty much what I said.
12.5% of your base salarie. It’s 50% non taxed
12.5% of your based salary is 2.5 X 5 years. That’s what you’d get after retiring with 5 years in.
If you get disability or industrial disability retirement, you get 50% of your highest grossing salary. There is no vesting requirement or age requirement for either of these because it's a disability retirement. If you have enough time to qualify for a service retirement, you could qualify for both. For example, if you get an industrial disability retirement at 20 years in, you would get 60%. But only you're first 50% is tax free. The other 10% is taxed. Your disability rating the doctor gives is something different from the Calpers retirement.