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SCERS WEBSITE HANDBOOK
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.
| Item
No. |
Descriptive
Information |
Example |
|
Your
Estimate |
Your
Second Estimate |
| 1. |
Retirement Age |
56 |
|
|
|
| 2. |
Total Service at Retirement |
25.5 |
|
|
|
| 3.* |
Final Compensation |
$48,000 |
|
|
|
| 4. |
Monthly Final Compensation |
$4,000.00 |
|
|
|
| 5. |
**Percentage Factor Corresponding
To Age at Retirement |
2.060% |
|
|
|
| 6. |
***Dollar Reduction
Factor Corresponding To Age at Retirement |
$2.475 |
|
|
|
| BENEFIT
CALCULATION |
| Basic
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%=
or 52.53%
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).
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