Calpers Golden Handshake 2024. As of june 2024, calpers' income over the last 20 years demonstrates that every dollar spent on public employee pensions comes from the following sources: The city and the union agree to jointly establish a committee to study the cost, savings and feasibility of implementing the calpers “golden handshake” program to provide incentives.

Until a pension reform six years ago, calpers and calstrs members could boost their pensions by buying credit for up to five years of service without doing the work,. To issue a golden handshake, calpers employers are expected to show cost savings and must certify the added service credit avoids “mandatory transfers, demotions and layoffs” and at least one resulting position vacancy is.