Your pension calculation is based on several criteria including your schedule type, your years of creditable service, your Final Average Salary, and the retirement option you select.
While the simplest way to estimate your future pension benefit is by logging into your account on the ERSRI Member Portal and using the Pension Projection Tool, this page provides you with information to help you understand how your benefit is calculated.
Your schedule is determined by your employer, the date you were hired, and the number of years of service you had at certain points in time. Use the link below to learn more about schedule types and retirement eligibility.
Service Credit Factor
Each year you work for a participating employer, you accrue a percentage of your salary (your accruals) which are added together to determine your service credit factor. For example, if you had a 1% accrual per year and worked for 30 years your Service Credit Factor would be 30%. For more information on the annual accrual percent by schedule type, use the link below.
Final Average Salary (FAS)
Depending on the schedule that applies to you, ERSRI will use the average of your highest 3 or 5 consecutive years of salary to calculate your pension benefit. This value is known as your Final Average Salary (FAS).
Annual Pension Benefit Calculation
ERSRI multiplies your Service Credit Factor by your Final Average Salary to determine your annual pension benefit amount. Depending on your schedule, the maximum percentage of your Final Average Salary (FAS) you are able to receive as a service retirement benefit will be either 75% or 80%.
Benefit Payment Options
At time of retirement, you have several benefit payment options to choose from:
|Payment Option||Amount||Spouse / Beneficiary Amount||Allowed to Switch Options One Time?|
|Service Retirement Allowance (SRA) (State, Teachers, COs, General MERS)||Full benefit paid monthly to the member||None||No|
|Service Retirement Allowance (SRA) (Police and Fire only)||Full benefit paid monthly to the member||Spouse will receive 30% of your final salary plus 10% for each child under age 18 to a maximum family benefit of 50% so long as the surviving spouse does not remarry||No|
|Option 1: Joint and Survivor 100%||Reduced benefit||Spouse or beneficiary receives same monthly benefit after member’s death||Yes - to Option 2 or SRA|
|Option 2: Joint and Survivor 50%||Reduced benefit||Spouse or beneficiary receives 50% of the monthly benefit after member’s death||Yes - to Option 1 or SRA|
(applies to Schedule A and AB only)
|Higher benefit prior to age 62. Reduced pension after 62.||None||No|