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How Retirement Benefits are Calculated

[Music] as a vested member of the skurs defined benefit program you're entitled to a guaranteed lifetime monthly benefit when you retire this benefit is calculated based on a formula made up of three factors your age service credit and final compensation age factor is a percentage determined by your age at retirement in years and months for example the benefit age factor is two percent at age 62 for a pepra miscellaneous member the age factor increases every quarter year up to age 67.

service credit is the number of full and partial years you've worked and contributed to scurs since becoming a member full-time employees earn one year of service credit for each year of work final compensation is your highest average pensionable income for 36 consecutive months for pepra members this is your base pay and does not include incentives bonuses or overtime here's how the formula is calculated to determine your monthly retirement benefit meet jan who's been working full time for 22 years here are her highest annual compensation amounts earned for three consecutive years or 36 months skurs adds these amounts together and divides by 36 to determine jan's final monthly if jan retires with 22 years of service credit at age 62 years and 9 months with an age factor of 2.075 percent and a final compensation of 6 800 she will receive a lifetime monthly retirement benefit of 3 104 while working jan can add to her benefit by increasing any one of the three factors of the formula for example working one more year increases jan's age factor raises her total service credit to 23 years and may increase her compensation that's about 400 extra a month for life use the benefit calculator at to estimate your own lifetime retirement benefit [Music]

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Florida Retirement

Posted in Retire Wealthy, Retirement Planning

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