This article talks about the retired faculty members from different types of institutions around the country that were interviewed to find out how well their preparations for retirement are serving them now. Like other state employees in California, faculty members at public institutions participate in the California Public Employees' Retirement System (CalPERS), a defined-benefit retirement program. Individual retirement benefits are calculated according to a formula that takes into account years of service, age at retirement, and final compensation. CalPERS also provides health-care plans; more than two-thirds of retired state workers are enrolled in the HMO option. Employers contribute to the retirees' monthly premiums, and the retirees cover the difference between the employer's contribution and the actual premium amount.