Many CalPERS retirees know they can work for a school district or any other CalPERS-covered agency up to 960 hours per fiscal year (July 1 through June 30) and still collect CalPERS retirement benefits. However, many retirees and employers don’t know that post-retirement jobs can only be in temporary or substitute positions. You cannot work in a permanent short-hour position (such as a regular 2-to-3-hour-a-day position) even if the hours add up to less than 960 per fiscal year.
Once CalPERS finds out that you are working in a regular position, you will be notified that you are violating CalPERS regulations and you may be forced to return the retirement money you received while also working in that post-retirement position.
CalPERS is required to enforce the rules set forth in the California Government Code and must take action to protect the integrity of the system.
If you choose to work in the private sector or are self-employed, there is no restriction on how much money you can make or how many hours you can work. Other rules apply if you are on disability retirement and under 55 years of age. Be sure to contact CalPERS before accepting employment.
If you collect Social Security before reaching full Social Security retirement age, there are restrictions on how much you can earn from a post-retirement job each year. Once you reach full Social Security age, you can collect Social Security and earn as much as you wish without restrictions.