I'm not sure the OP understands the math here. You have a balance in your CalPERS account. On paper, it's a combination of your contributions, your employer's contributions, and the "interest" credited by CalPERS, which is loosely based on their investment returns. If you have worked long enough to be vested, you have a right to your employer's contributions as well as your own if you take the money out when you sever employment. You are also entitled to the accrued interest "credited" to the account.
You are probably not losing out to inflation if you leave the money in the account when you move on. As long as CalPERS compounds the money at a rate exceeding inflation, you are winning that battle. The question is, can you roll this money over and do better than CalPERS' crediting rate? If you think your compound rate of growth will greatly exceed the CalPERS crediting rate, you can purchase a better annuity or otherwise do a better job of achieving your SWR, AND that the balance you expect based on your compound rate of growth will be the day you retire, then maybe you want to take the money and run. However, if you need the money and the market has just suffered a 20-50 percent decline, you will have to be able to deal with that. Keep in mind that CalPERS pays your pension even if the market drops. The balance in your account will loosely track the principal needed to pay the contracted annuity, but if the balance is too low to fund the annuity, you still get paid.
In your shoes, I would leave the money in the system and let it grow. I would watch CalPERS' health and especially the crediting rate. If the wheels appear to be coming off at some point in the future, then roll the accumulated balance, and thank CalPERS for the many years of steady growth. In the interim, I would invest in whatever retirement accounts or pensions came my way, plus in taxable vehicles.