Service Retirement Estimate Worksheet
This worksheet will guide you in estimating the monthly service retirement allowance which you may be eligible to receive. The example below is of an employee in the Miscellaneous Tier One category of membership who retires at age 56 with 25-1/2 (25.5) years of credited service and a monthly final compensation of $4,000.00. The monthly benefit estimate is $2,038.09. First follow the example and review the information on page one and page two of this guideline. Then proceed to estimate your allowance. An extra column is provided for a second estimate.
Estimate Your Second
Estimate 1. Retirement Age 56
Total Service at
Corresponding To Age at Retirement 2.060%
***Dollar Reduction Factor
Corresponding To Age at Retirement $2.475
Allowance 7. Multiply your total years’ service by
the percentage factor; then multiply this number by your monthly
final compensation 25.5 x 2.060%=
52.53% x $4,000.00= .5253
2,101.20 Reduction Amount 8. Multiply your total years’ County service with Social Security coverage (in most cases the years since 1/1/56), by the dollar reduction factor 25.5 x $2.475= -63.11 Benefit Estimate (Unmodified allowance) 9. To determine your estimated monthly retirement allowance: from the basic allowance in #7 subtract the reduction amount in #8, above $2,101.20 – $63.11= $2.038.09
* Final compensation for members of the Safety Tier One or Miscellaneous Tier One categories is defined as the highest average annual compensation earnable by a member during any one year elected by a member at the time (s)he files an application for service retirement. Because retirement allowances are paid monthly and for purposes of this estimate, if you are a Miscellaneous Tier One or Safety Tier One member, divide the final compensation in item #3 by 12 and enter the monthly final compensation as item #4. If you are a Safety Tier Two, Miscellaneous Tier Two or Three category member, use three years instead of one year, then divide the final compensation by 36 and enter the monthly final compensation as item #4. Compensation earnable basically includes regular base pay plus shift differentials, other differential allowances, incentive allowances and special pay allowances.
** and ** Use the percentage factors and dollar reduction factors corresponding to age at retirement from the appropriate table (i.e., Miscellaneous or Safety).