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Retirement Worksheet
1. Compute Total Final Compensation Salary
| Bi-Weekly Salary | |
No. of Pay Periods (26 Tier 1 or 78 Tier 2,3,4) | Total |
|---|---|---|---|
| $ | X | $ | $ |
| $ | X | $ | $ |
| $ | X | $ | $ |
| $ | X | $ | $ |
| $ | X | $ | $ |
| $ | X | $ | $ |
| $ | X | $ | $ |
| $ | X | $ | $ |
| Total Final Comp Salary |
1. Compute Monthly Salary.
| Total Final Compensation Salary | $ | ________________ |
|---|---|---|
| Divide by 12 if Tier 1 or 36 if Tier ll, III, IV | $ | ________________ |
| Total Monthly Average Salary | $ | ________________ |
2. Compute Monthly Allowance Before Social Security Reduction.
| Total Monthly Average Salary | $ | ________________ |
|---|---|---|
| Multiply by Factor (from Charts and Tables Section) (Tier IV Miscellaneous Members insert 2.5% X Years of Service, Tier IV Safety Members insert 2.7% X Years of Service) |
X | ________________ |
| Monthly Allowance (Before Social Security Reduction) | $ | ________________ |
If you are not
interested in the Social Security Option stop here.
3. Compute Social Security Reduction Amount.
| Reduction Factor (from charts and tables section) | $ | ________________ |
| Multiply by Years of Service Credit | X | ________________ |
| Total Social Security Reduction Amount | $ | ________________ |
4. Compute Monthly Allowance After Social Security Reduction.
| Monthly Allowance (Before Social Security Reduction) | $ | ________________ |
| Subtract Total Social Security Reduction Amount | - | ________________ |
| Estimated Monthly Retirement Benefit | $ | ________________ |