Retirement Calculations

How to Calculate your Estimated Retirement Benefit
 
To better understand how your retirement is calculated all you need to know is your salary, age and number of years worked in the system.
 
Each one of our jobs is classified as Group 1, 2 or 4.
 
  • Group 1 includes officials and general employees including clerical, administrative and technical workers, laborers, mechanics, and all others not otherwise classified.
  • Group 2 includes certain employees with hazardous occupations, such as ambulance attendants, licensed electricians, and mental health hospital attendants.
  • Group 4 consists of public safety officers, officials, and employees, such as police officers, firefighters, correction officers and electrical linemen.
If you are a long way off and just daydreaming of when you can retire, you can get an idea of what your retirement benefit will be by selecting your appropriate group below. Or, if you prefer a worksheet, that is provided below as well.
 
Calculate Your Pension
 
Age: Using your age as of your last birthday, look at the age factor chart and use the corresponding percentage to determine your benefit rate. For instance, if you are currently 55 your benefit rate is .015. In order to determine age factor %:
 
  • Add 5 years to age for Group 2 members  
  • Add 10 years to age for Group 4 members
  • All Group 1 members should use actual age as of last birthday.
Length of creditable service:  You are considered eligible for retirement if you have twenty years of credible service or you are age 55 with at least 10 years of creditable service. Creditable service is earned by contributing employees working at least 20 hours or more per week.
 
Benefit Rate Percentage Chart
Age
Factor %
Age
Factor %
Age
Factor %
45
.005
52
.012
59
.019
46
.006
53
.013
60
.020
47
.007
54
.014
61
.021
48
.008
55
.015
62
.022
49
.009
56
.016
63
.023
50
.010
57
.017
64
.024
51
.011
58
.018
65+
.025

Salary Level: Your pensionable salary is based on normal compensation, which includes base pay, education incentives, longevity, shift differential, and stipends. Overtime is not charged retirement and thus is not used in your retirement calculation. To figure out your average annual rate of compensation, add your three highest consecutive years compensation and divide by three.

Figuring it all out...
 
Now that you have figured out your age, your length of creditable service, and your salary, you can calculate your approximate allowance under Option A. For more information on Options, see the ABCs of Retirement
 
To Calculate Your Pension
Enter your age factor from benefit Rate Percentage Chart
1.________________
Enter your years of service
2.________________
Multiply line 1 and line 2 and enter percent (%)
3.________________
Enter your highest 3-year salary average
4.________________
Multiply line 3 by the line 4 and enter amount
5.________________
 
Option A Pension

* This worksheet is designed solely for estimates.
Actual pension amounts will be calculated at time of retirement.

To Use An Online Retirement Calculator, Click Here