Computing Your Retirement Benefits
Which Tier are you?
- TIER I: Hired Before September 30, 2005
- TIER II: Hired on or after October 1, 2005
Note: TIER II will be implemented on January 1, 2011
A member shall receive a service retirement annuity, payable semi-monthly, and computed as follows: The average of the five (5) highest salaries in the last ten (10) years multiplied by the applicable retirement factor as provided in the table below and multiplied by the number of years of credited service equal the estimated annual annuity.
If the member is under age 60 and has less than 30 years of service, the annual annuity is reduced by .325 for each month the member is under age 60.