Legislators' Retirement System Retirement Benefits
Administered by CalPERS, the Legislators' Retirement System (LRS) was established in 1947 and covers members of the Legislature serving prior to November 7, 1990, elected Constitutional Officers, and Legislative Statutory Officers. (Under Proposition 140, members of the Senate and Assembly first elected on or after November 7, 1990 participate in the federal Social Security program and no other retirement system.)
The LRS offers a "defined benefit" plan which provides benefits that are calculated using a defined formula, rather than contributions and earnings to a savings plan. Retirement benefits are based three separate formulas that are totaled together to determine the retirement benefit amount. The formulas are based on the member's years of service and salary.
There are two types of retirement offered:
- Service retirement or "normal" retirement
- Disability retirement for members who can no longer perform their jobs due to illness or injury.
The LRS also provides death benefits for active and retired members paid to eligible beneficiaries or survivors.