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Instructions - Benefit Estimator
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| This page describes the basic steps in the process of calculating
a benefit estimate through this website. |
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FAQ's |
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Glossary |
1. ELIGIBILITY
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Retirement Benefit Eligibility:
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| Regular Members |
Police/Fire Members |
| 5 years of service credit at age 65 |
5 years of P/F service credit at age 65 |
| 10 years of service credit at age 60 |
10 years of P/F service credit at age 55 |
| 30 years of service credit at any age |
20 years of P/F service credit at age 50 |
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25 years of P/F service credit at any age |
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30 years of service credit at any age |
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2. TERMS
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Service Credit: Your service credit is the total number
of years, months, and days of credit that you have earned in
the system. You will receive 2.5% for service credit earned
or purchased prior to July 1, 2001 and 2.67% for service credit
earned or purchased after July 1, 2001. If you have 5 years of
credited service, you may purchase up to a maximum of 5 years
additional service credit.
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Average Compensation: The monthly average of the highest
consecutive 36 months of salary reported by your employer.
This includes base pay, call back pay, shift
differential and longevity, but not overtime.
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Service Retirement Allowance: Your monthly benefit when you have
attained the age and earned the service credit needed to
establish full retirement eligibility as listed above.
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Early Retirement Reduction: You may draw your monthly
benefit prior to reaching your full retirement age with an
early retirement reduction. Your benefit will be reduced 4%
for each full year or .33% for each month you are under your
retirement eligibility age.
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Maximum Benefit: If you were hired on or after July 1,
1985, you may earn up to 75% of your average compensation. If
you were hired prior to July 1, 1985, you may earn up to 90% of
your average compensation.
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3. CALCULATION FORMULA
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Service Credit Earned Before July 1, 2001 x 2.5% = Service Time
Factor 1
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Service Credit Earned On or After July 1, 2001 x 2.67% =
Service Time Factor 2
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Service Time Factor 1 + Service Time Factor 2 = Total Service
Time Factor x Average Compensation = Service Retirement Allowance
(Your benefit when you are fully eligibile to retire based on service
credit and age.)
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