R.I.P. D2 football in California And this is why I hesitated, and probably should have resisted, getting into public employment retirement plans.
Like so much in life, particularly in the age of social media, there are a lot of rumors and stories out there. Years ago my wife and I sat at a dinner table with an elderly couple from a town in the Sierras. They ran a little B&B place, and were not big fans of local government, taxes, regulations, etc. as one might expect. That's fine. They said that in their county all of the jobs were given to friends and relatives of one family and that employees were able to retire after 5 years with a full pension. That is highly unlikely. I looked up the county later. The county's retirement plan is managed by CalPers. No one is getting a pension of 20% per year.
As Dr. Mike noted, most pensions involve three factors: salary, length of service and an age related multiplier. That was the same for the local government for which I worked for over 35 years. As you get older the multiplier increases, but 2.5% sounds about right for people in their 60s. Safety employees...think peace officers and firemen,...get a little better deal, with something like 3% at 50 (or 55?) years of age...and where I worked they maxed out at 90% of their highest salary, so there was no incentive to work beyond 30 years.
Also you probably don't get to start work in your 20s and retire in 5 years and collect a pension of any size. Usually you have to work a certain number of years, say 10, or be a relatively high age, like over 60, to collect retirement. Even in the former case you cannot collect the pension until you reach a certain age, say 50. You may start at 20 and "retire" from that job after 10 years at 30, but you cannot collect your pension until you are 50...and the multiplier for retiring at age 50 is pretty low.
3% per year, for employees other than safety personnel sounds very high. Even at that, coming to California to scoop up that enticing pension...3% for 5 years would give you a pension of 15% of your salary. Not the gold mine at the western end of the rainbow that people seem to think it is.
But, I digress.