I'm receiving a monthly CalPERS pension but am shy of 59.5, wonder if I'm being penalized and if so does it change when I reach 59.5?

You will not have to penalty after you are 59 1/2.

If you receive pension or annuity payments before age 59½, you may be subject to an additional 10% tax on early distributions, unless the distribution qualifies for an exception.  The additional tax does not apply to any part of a distribution that's tax-free or to any of the following types of distributions:

• Distributions made as a part of a series of substantially equal periodic payments that begins after your separation from service
• Distributions made because you're totally and permanently disabled
• Distributions made on or after the death of the plan participant or contract holder, and
• Distributions made after your separation from service and in or after the year you reached age 55